How to Transfer Your Existing SMSF to SMSF Australia
For clients who already have an established Self Managed Super Fund but are looking for a new provider, we have a simple straightforward process to transfer your existing SMSF from another accountant or administrator over to our team. We do not charge anything for this onboarding process and as part of it we double check your documentation, ensure your fund is compliant and assist you with any missing foundational documents.
Can I transfer my existing SMSF to SMSF Australia?
Yes, new clients are welcome to transfer their existing SMSF over to SMSF Australia. This is regardless as to whether you are currently administered by another accounting firm, an online provider, a DIY platform like eSuperfund etc. To transfer across there is no need to close and reestablish your fund as it is a quick and easy process to change accountants. Your SMSF will keep its existing Tax File Number, Australian Business Number, corporate trustee and bank accounts/investments. SMSF Australia becomes your nominated SMSF accountant and registered tax agent without impacting your day to day activities within the fund.
Why transfer your SMSF to SMSF Australia?
Why trustees move their SMSF to SMSF Australia
Anecdotally new trustees often tell us they are transferring their SMSF because they are looking for a specialist provider, transparent fixed fee pricing, proactive communication and a streamlined process. Self Managed Super Funds can be difficult to manage especially when they get behind and sometimes trustees struggle to get responses to basic questions. Our team takes away that stress by providing ongoing specialist support to our clients.
Specialist SMSF focus
SMSF Australia is not a jack of all trades but instead focuses solely on SMSFs rather than treating funds as an add on service. Our team provides support directly to trustees as well as white labelling for other accounting firms and is proactive in our support for clients.
Transparent fixed fee pricing
We offer transparent, fixed fee pricing packages designed to ensure trustees know up front what they are up for in terms of cost. These fees including the audit organised via an independent audit firm from our audit panel, the biggest of which is ASF Audits.
The basic package costs $1,300+GST per annum, payable after we complete the work, which includes funds with data fed investments like bank accounts, term deposits, publicly listed shares either Australian or International, wrap accounts, managed funds etc.
For funds with investments that require manual entry such as bullion and other precious metals, commercial or residential property, cryptocurrency or simple collectables they will be on our complex pricing tier of $1,600+GST while funds with unlisted and private assets are $2,000+GST.
Data-feed driven administration
One of the reasons we can keep our pricing tiers competitive is that we utilise the Class Super platform which is the largest and most automated SMSF software available. It includes hundreds of data feeds which helps to avoid manual processing and the associated cost along with the potential for human error. On top of this platform we have built our own tools to quickly and easily sort documents and keep funds up to date.
Independent SMSF audit coordination
All self managed super funds require an independent audit prior to lodgement of the fund tax return with the Australian Tax Office. This is something we organise on behind of our clients having achieved excellent wholesale pricing due to the volume of funds we provide to auditors on our panel with a cost of only $300+GST to our clients, which is well below the standard audit rates. Along with volume discounts we are able to achieve this pricing due to the consistent quality of our work and our bespoke automation tools allowing us to present audit files quickly and correctly the first time without endless back and forth.
We are still human
Our team of SMSF accountants are available to speak to our clients and support them from the onboarding process to the ongoing SMSF lifecycle. While basic questions are always best emailed for a quick response our team is happy to jump on a phone or Zoom call with trustees to make sure you are confident managing your fund.
How the SMSF transfer process works
The step by step process is:
- Providing us information on your fund, we confirm which fixed price package your fund falls under and provide you with an engagement letter to sign.
- Once engaged we then write an ethical letter to your previous accountant or administrator to take over the file. We generally give the last provider seven days to respond and handover any files prior to proceeding with the onboarding.
- During this process you are able to appoint us as the new registered tax agent of the fund by nominating us with the ATO.
- Once we have your files our team will review them and check for anything missing or any compliance issues and let you know what we need to do to bring it back up to date.
- As part of this process, we will also setup data feed for your new fund to reduce the amount of manual entry and help us keep your fund up to date as we go. Keep in mind it is a one way data push from your bank through to the software system, there are no risks associated with it from a banking access perspective.
- At this point you are fully onboarded and your fund is slotted into the workflow for us to get up to date. Our staff will remain on hand throughout the process to support clients and ensure you know where we are up too.
If for any reason your previous accountant has not kept the funds lodgements up to date and the fund has overdue returns or compliance issues, we will work with you to get your fund back up to date.
What information do we need?
What do I need to transfer my SMSF?
Although we cannot write an exhaustive list that will apply to every single SMSF (as they all have different investments and compliance histories) the information we will generally need include: the fund name, ABN, corporate trustee and member details, the current accountants’ details, the SMSF Deed, investment strategy and latest financial statements. We will also need the prior auditors report, investment statements, bank statements, pension documents and any contravention reports or other compliance documents.
The majority of these documents are usually provided by the last accountant as part of the professional handover but do not worry if you don’t have everything! We have worked to help funds missing huge amounts of documents to get things back on track.
Do I need to sell investments or close my SMSF?
Absolutely not, this is one of the biggest misconceptions out there. Changing SMSF accountants does not mean closing your SMSF, changing your ABN or being forced to sell any investments. You are the trustee and in charge of your fund and can choose to change the professional adviser supporting you without penalty.
ATO client-to-agent linking
How do I nominate SMSF Australia as my SMSF tax agent?
This is an ATO mandated process which applies to all companies, trusts and self managed super funds looking at changing accountants. The trustees of the existing SMSF are required to nominate SMSF Australia as the funds new registered tax agent via the ATO platform called “Online Services for Business.” This process is known as the client to agent linking process and helps to protect funds tax information to ensure that only agents you have authorised can access your fund data.
It is a really simple process, and we have developed step by step instructions we provide to trustees to guide you through the steps. Once you have completed the process we then have 28 days to add your SMSF to our ATO portal although in practice this is done the same day you complete the nomination and tell us you have done so. Again, there is no cost to this process.
What if my SMSF is behind or messy?
We are happy to help you get your SMSF mess cleaned up and any overdue returns back up to date. The sooner we takeover the sooner we can help you get the fund back on track to minimise the risk of contraventions and ATO penalties. We have helped clients with a decade of overdue lodgements before and successfully got them back up to date with the ATO so whatever your situation we are here to support you, there is nothing you can show us that we haven’t seen before.
Frequently Asked Questions
How much does it cost to transfer an existing SMSF?
SMSF Australia does not charge a transfer fee to onboard your Self Managed Super Fund. The only fees you need to be aware of are our annual package fees discussed earlier and available on our Pricing Table. If you are looking for a fixed price for your SMSF then reach out to one of our friendly team today who will be happy to confirm which fee package your fund will fit into.
Is transferring my SMSF the same as rolling over my super?
No, these are totally separate processes. Transferring your fund to SMSF Australia is a change of service provider for your ongoing accounting and compliance works. It does not mean rolling your super out of the SMSF or close the fund.
Do I need to wind up my SMSF to change accountant?
No, the existing fund is moved across and keeps its existing tax file number, ABN, trustee structure, investments and bank accounts.
How long does it take to transfer an SMSF?
The transfer is done within a day the majority of the time but sometimes can take up to a week depending on the transferring accountant and any contraventions or other compliance issues that need addressing.
Do I need to tell my current accountant?
It is entirely up to you, some clients choose to call their previous accountant to give them a heads up while others are happy for us to just send an ethical letter to commence the professional handover process.
What records are needed to transfer an SMSF?
Ideally the records we will need include the SMSF Deed, last set of financial statements, tax return, audit report and the current investment records, bank statements and any pension commencement documents.
Who nominates SMSF Australia as tax agent?
Generally any trustee, or director of the corporate trustee, is able to nominate SMSF Australia via the ATO Online Services for Business using the client to agent linking instructions we provide as part of the onboarding process.
Can SMSF Australia take over if my SMSF has overdue tax returns?
Definitely, we will be able to assist you to review the fund and work out the most effective way to bring your fund back up to date and help you regain compliant status with the ATO.