This overview walks clients through the process of initiating and/ or responding to a rollover received in the SMSF Hub portal for their SMSF. Only rollovers that are processed using the wrkr ESA will be received - the SMSF Hub portal is not compatible with any other ESA for rollovers.
This overview assumes that the following have been completed prior to initiating or responding to a rollover. If the following mandatory steps are not completed before a rollover is initiated, any rollovers attempted will fail.
Rollovers checklist:
Mandatory:
The ESA of wrkrSMSF has been provided to the ATO
SMSF bank account details are recorded and up to date with the ATO
For clients processing a roll out, it is also mandatory for the Software ID (SSID) to be provided to the ATO. For clients processing a roll in, the Software ID is not mandatory. For more information on finding your Software ID and updating it with the ATO please see here.
Appropriate members have been created within the SMSF Hub portal - please see our guide here.
For more information regarding rollovers including rollover timeframes and what rollovers can be processed through wrkr please see our Rollovers Overview.
Initiating a rollover
Initiating a rollover means starting the rollover process. Initiating a rollover within the SMSF Hub portal means that you are starting the rollover process within the SMSF Hub portal, however rollovers can also be initiated through the ATO via the mygov portal and in most cases, the other superfund as well. The overall rollover process will depend on the direction of the rollover needed - if a roll in or a roll out is required.
A roll in describes the direction of a rollover where monies are being rolled INTO your SMSF, from another superfund. In this scenario, your SMSF is the receiving superfund, where you will be receiving superannuation INTO your SMSF from another superfund - the transferring superfund.
A roll out describes the direction of a rollover where monies are being rolled OUT of your SMSF to another superfund. In this scenario, your SMSF is the transferring superfund, where you will be transferring superannuation OUT of your SMSF to a receiving superfund, who will receive the superannuation monies.
The requirements for a roll in and a roll out are different. Please jump to the relevant section below to see how to initiate and process both kinds of rollovers.
Processing a Roll Out Rollover
Initiating a Roll In
1. Click on the 'Rollovers' menu - this is where all rollovers initiated to and from your SMSF will be stored.
2. Click on the '+New Rollover Request' button and choose 'Roll In' from the drop down options:
Clients will be directed to complete a form called New Roll In Request. This form is mandatory as it ties in all the information a superfund will require to process a rollover to your SMSF.
3. Under 'Member details' please select the appropriate member from the dropdown. This assumes that the member has already been created under the Member and Trustees/ Directors menu. If the appropriate member is not displayed please create see our guide to create them in the SMSF Hub portal. The member details are used for ATO verification and identification purposes by the transferring superfund receiving this request.
4. Under 'Transferring fund details' please search and select the superfund that will be making payment. In this scenario the transferring fund is the superfund that will be sending the rollover monies to your SMSF in the roll in. This means that the transferring fund isn't your SMSF - it is the superfund that will be transferring the rollover to your SMSF.
When searching for the superfund we strongly recommend that you search using the USI and not the fund name. We have seen many clients select the wrong superfund by searching the fund name - ie choosing a SMSF called Australian Super instead of the APRA-regulated industry superfund called Australian Super. Searching via the USI ensures you will choose the correct superfund.
5. Under 'Payment details' please select if you are processing a full rollover or a partial rollover.
If full rollover is selected, this will mean that you are requesting all monies held with the superfund for the member to be rolled into the SMSF. This means that there will be no monies remaining with the transferring superfund within the member's account after the rollover is completed.
If partial rollover is selected, you will be requested to enter an amount that you want to roll into the SMSF. This will not be all the superannuation held with the transferring superfund for the member- it is only a partial amount that will be rolled out.
6. Under 'SMSF account details', please enter the bank account that will receive the rollover monies. The bank account provided must be the SMSF bank account - it cannot be a personal account or third party account.
Please ensure to double check the bank account details provided. If they are wrong, there is a risk that the transferring superfund could process the rollover to the incorrect account. ATO verification will also occur against the bank account details provided so if there is a discrepancy between ATO records and what is provided in the rollover request, the rollover request will fail.
7. Click 'Submit' to submit the rollover request. The ATO will verify the rollover and if no issues are found, the rollover will be successfully submitted to the receiving superfund. If there is an issue, an error will be returned and the rollover will not be forwarded to the receiving superfund.
Initiating a Roll Out
1. Click on the 'Rollovers' menu - this is where all rollovers initiated to and from your SMSF will be stored.
2. Click on the '+New Rollover Request' button and choose 'Roll Out' from the drop down options:
Clients will be directed to complete a form called New Roll Out Request. This form is mandatory as it ties in all the information a superfund will require to process a rollover from your SMSF.
3. Under 'Member details' please select the appropriate member from the dropdown. This assumes that the member has already been created under the Member and Trustees/ Directors menu. If the appropriate member is not displayed please create see our guide to create them in the SMSF Hub portal. The member details are used for ATO verification and identification purposes by the transferring superfund receiving this request.
4. Enter the 'eligible service period start date' in a dd/mm/yyyy format. Eligible service period start date is typically the date which the member in question joined the SMSF. Please hover over the (i) symbol for more information.
5. Under 'Proof of Identity', verification of the member's identity must be conducted. Please click the More info arrow to see what this requires.
Please do not send any identification documentation for members to wrkr - this process is an internal check that is done by you.
6. Under 'Receiving fund details' please search and select the superfund that you will be making the payment to. In this scenario the receiving superfund is the superfund that will be receiving the rollover monies from your SMSF within the roll out process. This means that the receiving superfund isn't your SMSF - it is the superfund that will be receiving the rollover from your SMSF.
If a SMSF is selected, you will need to also provide the relevant ESA for the SMSF and the bank account information for the SMSF receiving the rollover.
When searching for the superfund we strongly recommend that you search using the USI and not the fund name. We have seen many clients select the wrong superfund by searching the fund name - ie choosing a SMSF called Australian Super instead of the APRA-regulated industry superfund called Australian Super. Searching via the USI ensures you will choose the correct superfund.
7. The 'Rollover details' section walks through the payment and tax figures required for the receiving superfund to accept this payment. It isn't sufficient to simply enter an amount that you would like to pay - the receiving superfund requires the breakdown of Preservation Amounts and Tax Components to accept and process the rollover accordingly.
Under 'Amount to transfer' please select if you are processing a full rollover or a partial rollover.
If full rollover is selected, this will mean that you are requesting all monies held for the member to be rolled out of the SMSF. This means that there will be no monies remaining within the SMSF on behalf of the member after the rollover is completed.
If partial rollover is selected, you will be requested to enter a specific amount that you want to roll out the SMSF. This will not be all the superannuation held within the SMSF for the member- it is only a partial amount of the overall superannuation held for this member.
For a partial rollover, please tick the box for 'This member still has remaining benefit in this SMSF' as this won't apply for a full rollover.
Under 'Preservation amounts' please enter the total of the superannuation rollover that need to be paid. Superannuation amounts may be entered in one or all of the following fields:
- Preserved amount
- Restricted non-preserved amount
- Unrestricted non-preserved amount
The sum/ total of the amounts entered across this section MUST equal the overall amount being paid for the rollover otherwise the rollover will fail to be initiated. We are unable to provide assistance on how to complete this section. Please hover over the (i) symbols next to each field for an explanation for each instance and if further help is required on how to complete this section please refer to your financial professional.
Under 'Tax components' please enter the total of the relevant tax or tax free components as applicable. Tax amounts may be entered in one or all of the following fields:
- Tax free component
- Taxed element
- Untaxed element
The sum/ total of the tax components entered MUST equal the amount of superannuation being rolled over - ie, the total of the preservation amounts entered. If this section is left blank or the total entered does not match the total of the rollover, the rollover will fail to be initiated. We are unable to provide assistance on how to complete this section. Please hover over the (i) symbols next to each field for an explanation for each instance and if further help is required on how to complete this section please refer to your financial professional.
8. Under the 'Other' section, all tick boxes should be left blank if not relevant to your rollover.
If the roll out is related to insurance for the member, please complete the appropriate fields:
- Death cover
- Permanent disablement cover
- Income protection cover
If the roll out is related to KiwiSaver for the member, please complete the appropriate fields:
- Preserved amount
- Tax free amount
9. The 'total amount' will be displayed at the end of the rollover which should equal the amount wanting to be paid for the rollover. If the amount displayed is incorrect please review the amounts entered.
Before clicking 'Submit', please review the following:
All figures are correct and the overall rollover amount displayed under 'total amount' is correct.
If the tax components section has a total of $0.00 it will cause the total amount calculation to be incorrect so please ensure that this section has been completed correctly.
The tax components section overall equals the same amount as the preservation amounts section. Any discrepancy will cause an error when initiating the rollover and the attempt will fail.
The USI/ superfund information is correct to ensure the rollover is sent to the correct superfund/ superfund division.
10. Clicking 'Submit' will initiate the rollover request, where the rollover will undertake ATO validation and provided this is successful, the rollover will be submitted to the receiving superfund.
Provided the rollover has passed ATO validation, the bank account and PRN (payment reference number) will be displayed. Clients need to process the exact amount of the rollover to the bank account provided, using the PRN displayed. Wrkr does not have authority or access to your SMSF bank account and will not be making the payment on your behalf - you will need to process the payment through your normal banking method.
Clients are welcome to verify the banking details with the superfund before making payment.
Please ensure to use the PRN displayed when making the rollover payment. Failure to not use the PRN may result in delays in the rollover being processed or it can be rejected by the receiving superfund.