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Preparing Rollover forms to roll from an SMSF to an industry fund. If we roll now can we use the 30 June 2022 member balances to calculate a partial rollover today. How up to date must the figures be
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Hi Robert
If you were doing a full or partial rollover at today's date then yes the accounts of the Fund should be revalued at today's date to calculate the rollover amount. There may have been contributions, insurance payments, tax paid, income or benefit payments that have affected the member account value and the components (eg tax free amounts).
I would also recommend having a look at the Fund's trust deed to see what it states in terms of calculating a member's benefit.
From a practical perspective if the 30/6/2022 value is still close to the value of the assets at the current date then yes that value could be used to do a full or a partial rollover.
In part it will depend on the Fund's assets & the transactions as to what is appropriate. As an example if the Fund has mainly ASX listed investments then I would expect accounts to be brought up to date pre a rollover occuring.
Thanks
SMSF AAA