Once your SMSF has been established and you have insurance in place, you can roll over your existing superannuation balance into your Macquarie CMA.
How to roll over some or all of your superannuation into an SMSF
You should seek professional advice about the appropriateness of your insurance before closing any superannuation fund.
If you plan to roll over the entire balance, Six Park can provide you with a pre-filled rollover form, with all your SMSF’s details. All you need to do is enter your existing fund’s details, get a certified copy of your driver’s licence or passport and send it in to your fund. Money will either be deposited directly into your Macquarie CMA or you will receive a cheque in the mail, which you can deposit into your Macquarie CMA.
Some people prefer to partially roll over their balance and keep a portion in their current superfund. The main reason for this is to keep their insurance in place rather than taking out a separate policy. You must ensure the balance is adequate enough to cover your insurance premiums.
To partially roll over, you will need to download a rollover form from your existing fund’s website, fill it in and post it, along with a certified copy of your driver’s licence or passport.
Direct any employer contributions to your SMSF
The next step is to direct your employer contributions to your SMSF. Your employer may have a form that you need to complete and return. You will need to provide your employer with:
- The SMSF name;
- ABN of the fund (also referred to as a USI or Unique Superannuation Identifier);
- Bank account number and BSB of the fund;
- SuperStream Code – if you are using Heffron for SMSF administration, please use Heffron’s electronic service address, which is: smsfdataflow. If your employer wants a form confirming the electronic service address, download the form here.
- If you are not using Heffron for SMSF management, please use Macquarie’s electronic service address, which is: MACQUARIESMSF. This is a free service if your SMSF has a Macquarie CMA Bank Account. If your employer wants a form confirming the electronic service address, download the form here.
Take Six Park’s risk assessment
Six Park’s proprietary risk assessment collects vital information about your risk appetite, risk capacity and investment horizon. Based on this information, Six Park will recommend an investment strategy for the funds you are looking to invest with us.
Implementing your investment strategy
Once your funds have cleared your Macquarie CMA and you have told us how much you want to invest with Six Park, we will establish your diversified portfolio. You may also wish to invest outside of the Six Park platform. Please review the investment strategy before investing.
When you die, your superannuation balance and any insurance benefits are not automatically covered by your will. Your will only ever becomes relevant for your super benefit if the trustee of your fund pays the benefit to your estate.
There are steps you can take to guide or instruct the trustee of your SMSF on how to deal with your superannuation and insurance benefit upon your death:
- A non-binding death benefit notice. This is an expression of your wishes and is not legally binding on the trustee. It could be a letter or minute saying what you’d like to happen in the event if your death.
- A binding death benefit notice. If the trustee is given a valid binding death benefit notice, they are required to follow your instructions.