13 Self-Managed Super Funds
Accepting Rollovers and Contributions
Rollovers
Members may wish to transfer (or rollover) existing superannuation accounts in full or in part to their SMSF.
Often the fund that is making the rollover will require the SMSF to provide evidence that it is a complying super fund.
Importantly, if you are rolling over balances from other super funds you should check existing tax considerations, and any insurance held in these funds before you close the account and rollover funds into a SMSF.
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Tip If you hold life insurance in an existing superannuation fund and you are looking to move your super account across into a SMSF, you need to be aware that once your super fund is closed, you will lose your insurances held inside of that super fund. If you wish to retain the insurance cover, consider whether you may need to leave a small balance in the existing fund (say $10,000), when rolling over funds into a new SMSF, so that your insurance cover is maintained. This is an important consideration as it may not be possible to obtain similar coverage:
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