What happens after you submit an SMSF transfer request

The following steps occur after you submit an SMSF transfer request:

  1. We manually review the information you supply in the transfer form
  2. We set up the SMSF in our system. This includes:
    • Adviser Portal
    • Document Management System
  3. We provide you with a 'transfer pack' which includes the following items:
    • SMSF administration agreement and direct debit authority (where we collect fees from client CMA)
    • Superstream Electronic Service Address (ESA) notification form for the clients to provide their employer / payroll office (Our ESA is "SMSFDATAFLOW" for all our SMSF clients)
    • An ASIC form 362 which appoints Superfund Wholesale as the ASIC registered agent for their trustee company (where applicable)
  4. We send an ethical letter to the previous accountant / administrator
  5. Upon receipt of all necessary documentation (including historical CGT information) we set up the SMSF in our specialist accounting platform Class Super
  6. We add the SMSF to our tax agent list and if applicable appoint ourselves as the registered agent for ASIC purposes
  7. We will provide you will any data feed authority forms and other documents your clients need to sign to have their SMSF administration undertaken by Superfund Wholesale
  8. Via our Portal we will request any additional documentation required to either bring the SMSF up to date (current financial year) or provide a list of the information required to complete the previous financial year.

The above list is NOT exclusive but it is indicative of the steps that happen after you submit the transfer request.

If there is any reason whatsoever that we should NOT undertake or delay any of the above steps, you need to contact us immediately to provide further instruction. 

It may take us up to 8 weeks to fully transfer an existing SMSF across to our system and a further 2-4 weeks to bring the fund up to date.  

Factors that impact how long it takes to transfer an existing SMSF include:

  • The period of time it takes the outgoing administration / accountant to respond to our ethical letter and provide any requested information (this is the most important factor determining how long it takes to complete the transfer process).
  • The accounting system (if any) used by the outgoing accountant (BGL, Class, SuperMate)
  • The complexity of the investment register of the SMSF - especially the cost base history
  • The responsiveness of you and your support staff in regards to the provision of any requested reports / information

 

 

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