Key takeaways
- A rollover moves your existing super into your SMSF; it is not a contribution and does not use your contribution caps.
- Rollovers run through the ATO's SuperStream system and usually take a few business days once details are verified.
- Check your insurance before rolling out, as default cover in your old fund generally ends when the balance leaves.
- Your SMSF must be registered and verifiable on Super Fund Lookup before a rollover can be processed.
A rollover is the transfer of super you already hold in another fund into your SMSF. It is different from a contribution: you are moving existing retirement savings, not adding new money, so rollovers do not count against your contribution caps.
Before you roll over
A few checks save real pain later:
- Insurance. Default life, TPD or income protection cover in your existing fund usually stops when the balance leaves. If you rely on that cover, arrange replacement insurance before you roll out, not after.
- Exit fees and timing. Some funds charge fees or sell investments to fund a rollover, which can have tax or market-timing consequences.
- Fund registration. Your SMSF must be registered and appear on Super Fund Lookup, or the paying fund cannot verify it.
How the rollover works
Rollovers are processed electronically through SuperStream, the ATO's standard system for moving super between funds. In practice you request the rollover, the paying fund verifies your SMSF and your identity, and the money is transferred to the fund's bank account, usually within a few business days of verification.
You can roll over your whole balance or part of it, and you can keep more than one super account if you choose, for example leaving a small balance and insurance in your old fund.
Partial vs full rollovers
A full rollover moves everything and typically closes the old account. A partial rollover keeps the old account open, which is useful if you want to retain insurance there. Decide deliberately rather than by default.
After the money arrives
Once funds land in the SMSF bank account, the trustees invest them in line with the fund's investment strategy. The rollover is recorded against the relevant member's balance. The ATO's guidance on SMSF rollovers and SuperStream sets out the process in detail.
Frequently asked questions
- Does rolling over super use my contribution caps?
- No. A rollover moves existing super between funds and does not count as a contribution, so it does not use your concessional or non-concessional caps.
- How long does an SMSF rollover take?
- Usually a few business days once the paying fund has verified your SMSF and identity through SuperStream. Delays most often come from unverified fund details or identity checks.
- Will I lose my insurance if I roll over?
- Generally yes for default cover, which ends when the balance leaves the fund. Confirm and replace any insurance you need before rolling out, because cover in a new fund depends on your age and health.
