Skip to main content Skip to log on Skip to search Accessibility at CommBank

Brighter / SMSF education & tips / How to roll over your super and make contributions to your Self-Managed Super Fund

How to move your super and make contributions to your SMSF

Learn how to move your super into a self-managed super fund (SMSF) and begin making contributions.

  • Moving your super into a Self-Managed super fund (SMSF) involves setting up an SMSF cash account and registering the fund with the ATO. 
  • Before rolling over super from another fund, your SMSF must have an Australian Business Number, Tax File Number, bank account and Electronic Service Address (ESA) set up. You will need the ATO to confirm your fund’s status, as other funds won’t transfer money to your SMSF until they can see your fund listed on the official register of all super funds as confirmed. 
  • Once your SMSF is ready, you can add money through rollovers and contributions, and invest in line with super rules.  

What is an SMSF cash account?

Learn how to move your super into a self-managed super fund (SMSF) and begin making contributions.

Moving your super into a Self-Managed super fund (SMSF) involves setting up an SMSF cash account and registering the fund with the ATO.

Before rolling over super from another fund, your SMSF must have an Australian Business Number, Tax File Number, bank account and Electronic Service Address (ESA) set up. You will need the ATO to confirm your fund’s status, as other funds won’t transfer money to your SMSF until they can see your fund listed on the official register of all super funds as confirmed.Once your SMSF is ready, you can add money through rollovers and contributions, and invest in line with super rules.

Once your SMSF is ready, you can add money through rollovers and contributions, and invest in line with super rules.

Rolling over super into your SMSF

What is a rollover?

A rollover is the transfer of existing super from one super fund to another, such as from an industry or retail fund into an SMSF.

What needs to be in place before a rollover

Before a rollover can be processed, the SMSF must be correctly set up and visible on ATO systems. This generally includes:

  • Being registered with the ATO as an SMSF and having a status of either Registered or Complying
  • Having an Australian Business Number (ABN) and Tax File Number (TFN)
  • Having your SMSF recorded with the ATO
  • Having an active Electronic Service Address (ESA) that supports rollovers.

Your SMSF administrator or accountant will usually do this for you.

If any of these details are missing or inconsistent, rollover requests could be delayed or rejected.

Important: Check your insurance before rolling over.

Rolling over from an industry or retail super fund may mean you lose any insurance cover attached to your account, such as life, total and permanent disability or income protection insurance.

Before initiating a rollover, review any existing insurance policies and other benefits you have in your current super fund. These can’t be transferred to your SMSF, so you may need to arrange new cover separately or leaving some of your super in your old fund (known as doing a “partial rollover” because you only partially transfer your super to your new SMSF). Make sure you check with your old fund to see if there’s anything else you need to do to keep your insurance. 

How a rollover is initiated

When you are prepared, you can request a rollover from your existing fund.

You can start the process through your MyGov account, or by contacting your previous fund directly (partial rollovers cannot be done by MyGov and needs to go through the existing fund to action).

For detailed guidance, visit the Australian Tax Office guidance on rollovers.

Making contributions to your SMSF

What is a contribution?

A contribution is money added to a member’s superannuation balance. There are three main ways to contribute and each one comes with its own rules and limits. If you’re unsure about these you should speak to your accountant, financial adviser or other professional:

  1. Employer contributions – an employer can pay super contributions directly into an SMSF. They will need the fund’s ABN, bank account details, and ESA to make compliant payments.

  2. Personal contributions
- a member can contribute their own money into the SMSF from personal savings or income. Contributions must be paid directly into the SMSFs bank account and clearly identified as a super contribution.

  3. Spouse contributions
- a spouse can contribute to the SMSF on behalf of a member.

Types of contributions

Contributions are generally classified as either:

  • Concessional contributions (before tax): typically employer contributions and salary sacrifice amounts, generally taxed at 15% and subject to the relevant contribution caps.

  • Non-concessional contributions (after tax): contributions made from after-tax money and have separate caps.

Important

  • Check contribution caps and eligibility: confirm you are eligible to contribute and that the amount stays within the contribution caps to avoid excess contributions as these can involve extra tax.
  • Record and report the contribution: keep records of all contributions and ensure they are correctly classified and reported in the SMSFs annual return. Your accountant or SMSF administrator will manage this for you.

Transferring money into SMSF cash and investment products

What is a cash transfer?

A transfer involves moving money from the SMSFs cash account to another account or into an investment product. This may occur either within the same financial institution or between different financial institutions.

How transfers typically occur

Cash transfers are generally initiated through a financial institution’s platform, for example via internal transfers or direct debits.

An SMSF cash account may also be used to access investments through a financial institution’s trading platform or investment service. In these cases, the cash account typically acts as the settlement account for investment transactions.

When your SMSF is making investments it’s important cash is transferred directly from the SMSF’s bank account to a trading account in the name of the SMSF. 

Final tips and resources

  • Keep accurate records of all contributions and rollovers.
  • Ensure your SMSFs bank account is used solely for fund transactions.
  • Running an SMSF involves ongoing legal and administrative responsibilities and is not suitable for everyone. Consider seeking professional advice prior to transferring money into or out of an SMSF. 

Be wary of unsolicited advice: If you're ever contacted by someone encouraging you to roll your super into an SMSF, or invest in a specific opportunity, treat it with extreme caution. If in doubt, visit ASIC's MoneySmart website, or speak with an independent, licensed adviser.

Rules and duties of SMSF trustees

Read more

Related articles

Tags

Distributed by Commonwealth Bank

Things you should know

This article is intended to provide general information of an educational nature only. The information may include general advice but does not take into account your individual objectives, financial situation, needs or tax circumstances, and so you should consider the appropriateness of the advice having regard to your circumstances before acting on it. Where applicable, you should obtain and read the relevant Product Disclosure Statement (PDS) and other important disclosure documents before making a decision about acquiring or continuing to hold a product. You should consider seeking independent professional financial, tax and/or legal advice before making any decision based on this information.

The above information is not tax advice. Taxation laws are complex and subject to change. Commonwealth Bank does not provide tax (financial) advice under the Tax Agent Services Act 2009 (Cth). You should consider seeking independent tax advice from a registered tax agent, accountant or adviser before you make any decisions based on this information.

The information in this article and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this article.

Past performance is no guarantee of future performance. Investing carries risk.