One of your trustee obligations is to manage SMSF rollovers in accordance with law. SMSFs often receive rollovers from their members shortly after the fund has been established or when a new member has joined. It’s a legal requirement for rollovers to be processed electronically, using a data message and a separate payment transfer.

Before a member initiates a rollover, there are some steps you need to take to ensure it’s successful. Check your fund and member details are up-to-date and accurate, this includes ESA, ABN, Super Fund Lookup status, and financial institution account details.