Full Transfer Process

The process to transition an Existing SMSF to SUPERVISION SMSF is detailed below.

Step 1: Complete Form

Complete our online application form

To transition an Existing SMSF you simply need to complete the online application form and submit your application.  You will be required to select “Existing SMSF” under “SMSF Type” and one of the Supervision SMSF package options that suits your current needs.

Timeframe:  You can submit an online application in as little as 10 minutes.

Step 2: Application approved

Application approved by SUPERVISION SMSF

All current and future Investments made by your SMSF must be allowed investments under the SUPERVISION SMSF “Allowed Investments” list which are detailed here.  On submitting your online application SUPERVISION SMSF will review your current SMSF Investments (which are requested to be provided in the online application).  If the investments are Allowable Investments for the service package chosen your application will be accepted.  Alternatively if the investments are NOT Allowable Investments for the service package selected then you will be contacted by a Supervision SMSF team member to discuss your options.

Timeframe:  You will be notified within 24 hours if SUPERVISION SMSF is unable to accept your application.

Step 3: Transition

Transitioning Existing SMSF to SUPERVISION SMSF

On approving your Online Application, SUPERVISION SMSF will forward to you all documentation necessary to transition your Existing SMSF to SUPERVISION SMSF. Unlike other SMSF administrators we do not require you to complete any application forms yourself.  The documentation provided must be signed and returned to our office.

Timeframe: A “Transition Package” will be mailed to you in 1-2 business days after submitting the online application.  We request that you review, sign and return this documentation within 7 days.

Step 4: Transition Bank Account

Transition to a Compulsory Bank Account

Documentation to establish a Compulsory Bank Account is included with the documentation forwarded to you when you submit your online application to transition your SMSF.  By using the compulsory Cash Management Bank Account as the preferred Transaction Bank Account for our clients, we are able to ensure that our services are provided at a fee significantly below the market.  This is because we are able to electronically access the transactions made by your SMSF in order to attend to the SMSF Ongoing Compliance requirements.  At the end of each day, your bank will send to SUPERVISION SMSF an ongoing data file of all your SMSF Transactions.  No records are required from you as we already have access to the data.  It is important to understand that only electronic data files are provided to SUPERVISION SMSF.  We have absolutely no access to your Transaction Bank Account and cannot actually login to your online banking account, we have our own view only platform.  For more on the Transaction Bank Accounts click here.  It must be noted that all Existing Transaction Accounts held by your SMSF must be closed by you and the proceeds transferred to one of our compulsory bank accounts.

Timeframe:  Your selected bank will forward to you directly your Transaction Bank details including login and passwords in approximately 1 to 2 weeks from the date you return the signed SMSF documentation to our office.

Step 5: Transition to CMC Markets

Transition to CMC Markets as your SMSF Trading Account

Documentation to establish a Compulsory CMC Markets Share Trading Account is included with the documentation forwarded to you when you submit your online application to transition your SMSF to SUPERVISION SMSF.  Your SMSF must have a CMC Share Trading Account to buy and sell CHESS Sponsored Australian Shares.  On receipt of the signed setup documentation, SUPERVISION SMSF will arrange for the Compulsory CMC Share Trading Account to be established for your SMSF. It must be noted that your SMSF’s existing Share Trading Account must be closed.   If you currently have a CMC Account a New CMC Account will be established.

By limiting the Trading Platforms to our Preferred Brokers, SUPERVISION SMSF is able to ensure that our services are provided at a fee significantly below market.  This is because we are able to electronically access the Trading transactions made by your SMSF in order to attend to the SMSF Ongoing Compliance requirements.  That is at the end of each day, your chosen Broker will send to SUPERVISION SMSF an ongoing data file of all your SMSF Transactions.  No records are required from you each year as we already have access to the data.  It is important to understand that only electronic data files are provided to SUPERVISION SMSF.  We have absolutely no access to your Broker Account and cannot actually login to your Account to access the required data.  For more on the Share Trading Account click here.

Timeframe:  Your chosen Broker will forward to you the CHESS Holding Identification Number (HIN) for your SMSF Share Trading Account in approximately 2 to 3 weeks from the date you return the signed SMSF documentation to our office.  Account and Password details will also be sent to you.

Step 6: Transition to Deposit Account

Transition to Australian Money Market Term Deposit Account

Documentation to establish a Compulsory AMM Term Deposit Account is included with the documentation forwarded to you when you submit your online application to transition your SMSF to SUPERVISION SMSF.  Your SMSF must have an AMM Term Deposit Account to invest into approved deposit taking institutions listed on the AMM menu.  On receipt of the signed setup documentation, SUPERVISION SMSF will arrange for the Compulsory AMM Term Deposit Account to be established for your SMSF.  It must be noted that your SMSF’s existing Term Deposits must be closed at maturity.   If you currently have an AMM Term Deposit Account a New AMM Term Deposit Account will be established.

Step 7: Confirmation of Transition

Confirmation of Transition to SUPERVISION SMSF

Once we have transitioned your SMSF to SUPERVISION SMSF, a Final Transition Package will be forwarded to you.

Timeframe:  The “Final Transition Package” with all the SMSF Setup details is mailed to you in approximately 4 weeks from the date you return the signed SMSF documentation to our office.

Step 8: Close Existing Accounts

Close all Existing Transaction Accounts

Once you have received documentation confirming your SMSF has been transitioned to SUPERVISION SMSF including the Transaction Bank Account details you will need to immediately close all other SMSF Transaction accounts and transfer the proceeds to your new SMSF Bank Account.  Remember that you are permitted to have Term Deposits within the AMM Term Deposit Platform Account in addition to your choice of two compulsory Transaction Accounts. Transferring Shares to the new CMC Trading Account will be attended to by CMC Markets.

Step 9: Invest your Super

Investing your Super once transitioned to SUPERVISION SMSF

Once your SMSF is transitioned to SUPERVISION SMSF all future Investments for your Existing SMSF must be permitted within the SUPERVISION SMSF menu.  For more on the Investments Allowed under each SUPERVISION SMSF service package click here.

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