As an SMSF trustee, you can accept contributions and rollovers for your members from various sources but there are some restrictions, mostly depending on the member’s age and the contribution caps.
You need to properly document contributions and rollovers, including the amount, type and breakdown of components, and allocate them to the members’ accounts within 28 days of the end of the month in which you received them.
From 1 October 2021, to rollover any super to or from your SMSF, you will need to use SuperStream.
Find out about
- Contributions you can accept
- SuperStream Rollovers v3 guide for SMSFs
- SuperStream rollovers and release authorities for SMSFs
- Contribution caps
- Personal contributions – deductions
- Re-contribution of COVID-19 early release superannuation amounts
- Tax on income - assessable contributions