Transfer FAQ

We advise that SUPERVISION SMSF clients are required to use a Compulsory Bank Account as the main transaction account for your Fund. All Existing Transaction Accounts held by your SMSF must be closed by you and the proceeds transferred to one of your choice of transactional Bank Accounts.

A compulsory bank Account must be used as your Fund’s Transaction Bank Account unless you are electing the ‘Total Peace of Mind’ package which allows you to choose the account of your choice.

We advise that SUPERVISION SMSF clients are required to use the CMC Markets Share Trading Platform to trade ASX Listed shares, unless you are electing the ‘Total Peace of Mind’ package which allows you to choose the account of your choice.

Accordingly, shares held in your current Share Trading Account have to be transferred via a Broker-to-broker transfer to the CMC Markets Share Trading account.

The investments you hold or wish to continue holding will determine which package you will be eligible for. Investments allowed under the SUPERVISION SMSF service packages are detailed here.

When your SMSF is transitioned to SUPERVISION SMSF, a deed of variation and a replacement deed will be provided to you. A new deed will be provided as Supervision SMSF requires that all clients use the same Trust Deed to ensure that your Fund has a complying Deed in the event of an ATO audit.

Yes, you can transition an SMSF in pension mode to SUPERVISION SMSF. The additional compliance requirements associated with the ongoing pension administration are all attended to by SUPERVISION SMSF ensuring your SMSF continues to receive Tax Free Income and Realised capital gains. Importantly the additional compliance requirements are attended to by SUPERVISION SMSF absolutely FREE!

During the transition period, SUPERVISION SMSF will send a Checklist to request information required to enable SUPERVISION SMSF to establish your SMSF account and to build the data feeds to enable the daily administration of your SMSF. This checklist will include bank statements, rollover documentation, contribution details, share contracts, dividend, managed fund distribution statements and so on.

Once the shares held with your previous broker have been transferred to the new CMC Share Trading account, you will be required to contact the share registries directly to update the banking details. Dividends should be deposited into the Compulsory Bank account established by SUPERVISION SMSF.

SUPERVISION SMSF will require a copy of the following documentation once your 2014 Annual Compliance has been completed and lodged with ATO:

• 2014 Annual Return
• 2014 Statement of Financial Position
• Investment Summary Report
• Asset Register Report detailing the acquisition date and cost of fund assets
• Members Information Statements detailing the taxation components and preservation components
• Trial Balance

As part of the transition process, SUPERVISION SMSF requires a copy of the Pension Establishment documentation with trustees’ signature detailing the following information:

• Type of Pension (i.e. Transition to Retirement Pension/Simple Account Based Pension)
• Member Commencing the Pension
• Pension Commencement Date
• Member Benefit at Commencement Date
• The Member requests in writing for the Fund Trustee to commence paying a Pension
• The Trustee Minutes the request, confirms the date of commencement of pension payments, reviews of the Investment Strategy and commences the pension.

Your previous administrator should supply all of the above information in the pension establishment pack, so please refer to it. If not please contact Supervision SMSF for a solution.