Things you should consider before a super rollover

Things to Consider Before a Super Rollover

  1. Insurances
    Rolling over your super could cause any attached insurance policies to lapse, leaving you uninsured. Consult a financial advisor to review your insurance needs and consider alternatives, such as partial rollovers, to maintain coverage during the transition. It’s also wise to review your insurance if it’s outdated or your life circumstances have recently changed (e.g., marriage, a new family member or property purchase).
  2. Notice of Intent (NOI)
    If you’re planning to claim a tax deduction for personal super contributions, submit a valid NOI form to your current fund and receive acknowledgement before rolling over. Once the rollover is processed, you won’t be able to claim the deduction.
  3. Payment Timing and Details
    For SMSFs, rollover payments must be completed within three days. Use the Payment Reference Number (PRN) in the transfer description to ensure proper allocation.
  4. Bank Daily Limits
    Check your bank’s daily transfer limits if rolling over from an SMSF. If the limit is insufficient, request a temporary increase or coordinate multiple transactions with your accountant.
Additional Considerations:
  • pdico-checkbtn Fees: While super funds can’t charge exit fees, other costs like buy/sell spread fees may apply.
  • pdico-checkbtn Investment Options: Compare the investment options and returns of your new fund with your existing one.
  • pdico-checkbtn Lost Benefits: Check for member perks (e.g., discounted advice) that may not transfer to the new fund.
  • pdico-checkbtn Timing: Be mindful of market conditions, as fluctuations can affect your final balance.

If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions. 

From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax. 

Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us. 

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