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Re: Contributing to a SMSF

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We are looking to close off our personal super funds and begin adding employer and personal contributions to the cash account within our SMSF, what iis the process for this? 

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Devotee

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You need to roll the funds in from the industry/retail fund. You should contact the admininstrator / trustee of your SMSF. 

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Devotee

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You need to roll the funds in from the industry/retail fund. You should contact the admininstrator / trustee of your SMSF. 

Devotee

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@Lenk1 

What @TaxedoMask  has suhhested for rolling over existing balances is true, However I would like to add that you will need ESA (Now a days most of the industry funds will ask for ESA to transfer your balances to your SMSF)

Howerver be mindful of the eixsting insurance policies in super (seek an advise what happens to them, & can you continue them etc, you don't want to lose your exclusion period or pre-existing condition T&C)

 

For the contributions coming into your SMSF from your employers, You will need to register for Electronic Service Address aka ESA in order for SMSF to receive Employer contrinutions, You will need to provide that ESA form to your employer when you nominate your fund for ESG (Employer super guarantee amount)

 

There are free ESA providers, some times your accountant also provides one with the Management software so please check this before chaning your contributios to your SMSF