Changes to the registration process for new Self Managed Superannuation Funds (SMSF) came into effect in January 2010 which will increase the time it takes to rollover member benefits from other superannuation funds.

David Sim, a self managed superannuation fund accounting specialist, and Principal of GiffardSim Accountants, advises that it will now take seven days for a new SMSF be assessed by the Tax Office and appear on Super Fund Lookup. This slows down the rollover process, as a large fund will not process a request to roll super into a SMSF while it is not listed on Super Fund Lookup.

In addition, large funds may then seek additional information from the requesting member to confirm the identity of the member and the legitimacy of the fund. They may request copies of trust deeds, investment strategies and/or bank account establishment documentation. New trustees should make sure that these documents are on hand in order to quickly satisfy queries from the rollover fund and expedite the rollover process.

Ensuring that details provided to your existing super fund on the rollover request form match exactly the details on Super Fund Lookup will assist in speeding up your rollover.

Mr Sim said that this may catch some trustees investing in assets with contractual timeframes. The additional time it may take to access your existing super will need to be taken into account when planning future SMSF investments.