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rollover from SMSF to industry fund

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My wife and I have a SMSF and we wish to transfer (rollover) to an Industry Fund.  Can this be done bit-by-bit as existing Term Deposits in the SMSF mature?  Or must it all be done at once?

In the SMSF we have separate contributions.  Does this mean that we each need to open separate new Industry Funds, and if so, how do we determine how much goes into each new fund?

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Devotee Registered Tax Practitioner

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Can this be done bit-by-bit as existing Term Deposits in the SMSF mature? 

 

Yes  -  each transfer is a rollover to your new fund.

 

In the SMSF we have separate contributions.  Does this mean that we each need to open separate new Industry Funds, and if so, how do we determine how much goes into each new fund?

 

Just as you have separate member accounts in the SMSF, each person will have a separate account in the new fund.

 

how do we determine how much goes into each new fund?

 

Your SMSf should prepare financial statements up to date before each rollover  -  this will provide the correct amounts for the rollover forms.

 

 

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Best answer

Devotee Registered Tax Practitioner

Replies 1

Can this be done bit-by-bit as existing Term Deposits in the SMSF mature? 

 

Yes  -  each transfer is a rollover to your new fund.

 

In the SMSF we have separate contributions.  Does this mean that we each need to open separate new Industry Funds, and if so, how do we determine how much goes into each new fund?

 

Just as you have separate member accounts in the SMSF, each person will have a separate account in the new fund.

 

how do we determine how much goes into each new fund?

 

Your SMSf should prepare financial statements up to date before each rollover  -  this will provide the correct amounts for the rollover forms.

 

 

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ATO Certified

Community Support

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Hi @Super_Song99

 

Thanks for your question.

 

All of the information provided by @Bruce4Tax is correct.

 

For more information about your SMSF's rollover requirements, refer to the rollovers page on our website.

 

Hope this helps.

 

Thanks,

 

ChrisR