Issue Rolling funds into my SMSF

Hi all!

I have a complying SMSF set up - now I just need to get my wife's and my super money into the fund from our respective "employer funds" so we can start investing.

I sent off the paperwork a week ago and received a letter from my old super fund today, stating:

Government legislation requires us to transfer your money to a complying fund. To help us confirm the status of your new fund, please provide us with:

* An ATO 'letter of compliance' for the fund you want to transfer to
* An ATO trustee letter
Searching the ATO website doesn't reveal anything. I might have to call the tax office up and ask someone.

Searching http://abr.business.gov.au reveals that the ATO thinks my SMSF is compliant.

I thought that the letter of compliance is issued after the SMSF has been audited and submitted a tax return (ie, the SMSF has been running for some time).

I have the Australian Business Register paperwork (one page) that details the trustee's ABN and details - is this the ATO trustee letter?

Question: For those who have recently (last 12 months or so) successfully set up their own SMSF and completed the rollover process - you must have had your old super funds ranting and hollaring for the above bits of paperwork. How did you go about it? Did the old super funds drag the chain a bit?

Comments appreciated, as always.
 
You'll need a letter from the ATO saying that your fund is regulated.
I've got 1 of those ATO letters in my SMSF folder

However, I don't recall if it was mailed to my home address or if it was sent to my accountant and he put it in my SMSF folder.

Maybe you've already got it so have another look.
Otherwise check with your accountant, if he hasn't got it
then call the ATO and they'll mail you a replacement.
 
My accountant set up my SMSF on a turnkey basis.
They provided me with the ABN, TFN docs in addition to the letter of compliance. From memory, the compliance letter was a printed webpage from the ATO site.
I don't have it with me at the moment, sorry, so can't help much more.
I'll see if I can find it tomorrow.
 
Thanks Bill and Rob!

The Australian Business Register page I have here states:

ABN Status: Registered
Type of Entity: Regulated Self Managed Super Fund

So... that has to be the letter saying that it's registered. I could print the output from the ABR website off and send it as that says it's complying....

Still not sure about the ATO trustee letter though...
 
Thanks Bill and Rob!

ABN Status: Registered
Type of Entity: Regulated Self Managed Super Fund
So... that has to be the letter saying that it's registered. I could print the output from the ABR website off and send it as that says it's complying....

I don't believe that you can just print them out.
Australia super wanted the copies certified so I took them to the post office and they stamped them.

I don't know what the ATO trustee letter is
I'd give them a call.
From memory I had to fill out a form they sent me and I also had to send them a certified copy of the deed docs because I think they wanted to see that the SMSF would accept contributions or something like that
 
I've just found mine.
It's an online printout from business.gov.au (Super Fund Lookup)
It basically says it's a complying fund.
"This extract is based on information supplied by the superannuation entities to the Commissioner of Taxation."
I think you just punch in your ABN to find the compliance statement.
I've used it a few times to rollover super and have employer contributions paid into my fund.
 
I just rang the super fund - they need *either* one of:

* An ATO 'letter of compliance' for the fund you want to transfer to
* An ATO trustee letter

Their letter didn't state this. The ATO trustee letter is just the ABN paperwork from the tax office. I think these guys are just inventing terms that suit them.

I'm going to the post office to get these certified, then off to the post. Let's see what they come back with. :)
 
We went through variations on this theme with several of our funds recently. The "ATO Trustee Letter" bit is probably asking for another piece of correspondence from the ATO.

Basically, there has been a spike in people stealing identities and then rolling over into real, but shortlived, SMSFs. Then the thieves clean the money out and, if they have any brains, leave the country.

Super funds have responded to the fraud risk IMO the wrong way. What they should be doing is turning up the heat on checking the identity of the person requesting the rollover. What they're actually doing is turning up the heat on investigating the SMSF, which is stupid, because the SMSFs are legitimately registered.

Some funds are asking for copies of the trust deed. We protested to the two funds who asked for ours that it was 80 pages, an unreasonable demand, invasion of privacy, commercial in confidence etc, but were told "we ask for that because identity thieves won't have a trust deed." I said, "Uh...you do know you can buy an SMSF deed on the internet for $100, don't you?" In the end, of course, we sent the document because we wanted the money out.

You'll probably have to present the information, but if you want to at least make your rollover go faster when you do send it, call the super fund's complaints line. Say you're being messed around, there was no request for this info on the original form (if applicable), you feel you're being impeded in legitimately withdrawing your super to another fund, and if you can't agree on a solution today you're going to complain to the Superannuation Complaints Tribunal and the Privacy Commissioner and the Office of Fair Trading (or local equivalents). You'll probably be escalated to someone else, and that person will probably tell you to send the required documents to them personally. Some funds will accept them by fax but some will require them posted.

Good luck. You'll get the money out of them eventually.
 
Thanks for the detailed post, deejay - at this point, they don't want the SMSF deed; not sure if my wife's super fund will ask for it. I think they are just trying to cover their arses in light of these SMSF scams going around - if they can prove that they followed the law to the letter in regards to the rollover, they can't get sued.
 
Follow up to this thread - finally, after 1 1/2 months, I have my funds rolled over into an SMSF. :)

I basically just threw all the paperwork at the Super Funds, including the trust deed, the trustee paperwork, ABN and so on, and they posted the roll over cheques. :)

So, anyone going down this path - be prepared to be asked for "more information" and for the super funds to drag their feet. :)
 
6 weeks is ok..........rememember that your current fund has to cover one hundred and one issues to make sure they dont end in strife with the authorities

You are "only" you, and likely many funds need to protect thousands or even hundreds of thousands of members

In addition a cash redemption at a time wher this might be tough isnt seen as a big priority...............yeah I know its YOUR money !

ta
rolf
 
Granted, but I don't care how big or ugly they are. If they have hundreds and thousands of members, they need a system that will support it. If they don't - well, tough.

The problem I see is the amount of security and checks they do to ensure that some scammer isn't trying to off some poor soul's super $$$, that it slows everything down, as deejay mentioned in a previous post here.
 
truly 6 weeks isnt bad, I know in the real world wed like this to be like maybe a 3 day cheque clearance, but aint gonna happen, bugger all resources provided to the outgoing side of that channel

compare that with some mortgage providers whose money you WANT to give back ASAP...........6 weeks can sometimes be quick

ta
rolf
 
Nah, in my world, all transactions would be electronic and have instant clearance. :cool:

Not in theirs

When I was rolling over my super I filled out the section for electronic bank transfer but they conveniently ignored it and sent me a cheque in snail mail instead so they kept my money in their account even longer
 
When I was rolling over my super I filled out the section for electronic bank transfer but they conveniently ignored it and sent me a cheque in snail mail instead so they kept my money in their account even longer
Don't forget the adage "never attribute to malice that which can be adequately explained by stupidity". ;)
 
This is what the super fund wants:-

Name of the Superannuation Fund
member address suburb, state - postcode

TO Existing Fund
Existing Fund Address

Dear Sir or Madam:

Re: Certificate of Compliance — Name of the superannuation fund

Member Name : Given name of Member Surname of member
Date of birth : Date of Birth of member
Address : Address of member, Suburb of Member, State of member, Postcode of member

As trustees of the above Name of the superannuation Fund. We certify that:

1 Name of the Superannuation fund is a regulated and complying superannuation fund as per Sec 42A of Superannuation Industry Supervision Act 1993.
2 The above named person is a member of Name of the Superannuation Fund.
3 The trust deed of the Name of the Superannuation Fund allows the fund to accept contribution and rollovers on behalf of Given name of Member Surname of member.
4 Given name of Member Surname of member has consented (see below), as per SIS Regulation 1994 6.28(i)(b) to rollover the benefits in Name of the Superannuation Fund

Signed for and on behalf of the Trustee(s)


Signature of Trustee:
Given Name of 1st Trustee Surname of 1st Trustee

Date

Member’s rollover Consent

I, Given Name of 1st Trustee Surname of 1st Trustee, consent to the rollover of my benefits into the Name of the Superannuation Fund.


Signature of Member
Given Name of 1st Trustee Surname of 1st Trustee

Date


Manoj Abichandani
SMSF Specialist Advisor
SMSF Specialist Auditor
 
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Not in theirs

When I was rolling over my super I filled out the section for electronic bank transfer but they conveniently ignored it and sent me a cheque in snail mail instead so they kept my money in their account even longer

They don't do EFT. Talk about stone age.

One cheque went to my accountant in Melbourne. The other cheque went to our home address. I guess it depends on the lackey who's sitting behind the desk. :confused:
 
This is what the super fund wants:-

Hi Manoj,

You can write all the letters in the world and it won't matter. They want *documentary proof* that the SMSF is complying (ie, smsf paperwork - all of it), as well as proof of identification, as well as everything you've mentioned here. :)

-- MJ.
 
Call me a cynic, but the SMSF industry is booming, and the major funds are making it harder and harder to transfer your money to an SMSF. It seems to me to be some type of stalling ploy, and it's a rubbish way to do business.

It's no wonder people are turning to SMSF's.
 
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