Initiating one-off withdrawals and rollovers to your clients

You can initiate online withdrawal and rollover payments from your client’s super accounts. Withdrawal payments can be paid out either to your client’s nominated account or to another account of their choosing. Rollover payments can be paid out to either a self managed super fund (SMSF) or an APRA-regulated super fund.

Please ensure relevant tax deduction claim forms have been submitted where your clients wish to claim a tax deduction before the withdrawal or rollover is submitted.

If the withdrawal results in your client accessing restricted/preserved benefits, you’ll need to select the early release of super declaration that applies for your client and upload supporting documents.

How to initiate a superannuation payment

To start the process, simply click the Make a payment button from your client's account in Adviser Online.

Limits on adviser initiated payments

  • You can initiate a single withdrawal of up to $500,000, or a single rollover for any amount. The amount left in the account after the withdrawal or rollover must meet the minimum balance requirements.
  • Once you’ve initiated a payment, you'll be able to initiate another online payment after three days.
  • There must be sufficient available cash in your client’s account for the payment to be made without any delays. If there isn’t enough cash available to make the payment, you’ll need to lodge asset sale orders before requesting the payment.

Approval for withdrawal and rollover payments

Your clients will need to approve all withdrawal or rollover payments from their super account via the print, sign and upload method.

Please note you can make one payment every three days.

To submit a withdrawal request

Please note, if you want to make a tax deduction for your client, please submit the deduction request before submitting a withdrawal request.

  1. Log in to Adviser Online
  2. Search for the client’s account using the global search bar
  3. Click Account Overview
  4. Click Make a payment
  5. Click the checkbox ‘I do not wish to claim a tax deduction for my client or if I do, I have already submitted one that has been processed by the Fund.’
  6. Click Next
  7. Select the payment type of Partial withdrawal
  8. Select the account to pay to, or enter new account details
  9. Enter the payment amount
  10. If accessing restricted/preserved benefits, select the early release of superannuation declaration that applies, and upload supporting documentation (if applicable)
  11. If the account contains funds transferred from the UK, enter any required details
  12. Click Review
  13. Confirm payment details then click Submit.

To submit a request to rollover to SMSF

Please note, you must use an approved SuperStream messaging provider for rollovers to an SMSF.

  1. Log in to Adviser Online 
  2. Search for the client’s account using the global search bar 
  3. Click Account Overview 
  4. Click Make a payment 
  5. Click the checkbox ‘I do not wish to claim a tax deduction for my client or if I do, I have already submitted one that has been processed by the Fund’. 
  6. Click Next 
  7. Select the payment type of Partial rollover 
  8. Select to rollover into SMSF 
  9. Enter the SMSF details including the account name, BSB, account number, ABN and electronic service address. For more information search “Electronic Service Address” on the ATO website.
  10. Click Verify. This will verify the SMSF details against the details held on file with the ATO 
  11. Enter the payment amount 
  12. If the account contains funds transferred from the UK, enter any required details 
  13. Click Review 
  14. Confirm payment details then click Submit.

To submit a request to rollover to APRA-regulated fund

  1. Log in to Adviser Online 
  2. Search for the client’s account using the global search bar 
  3. Click Account Overview 
  4. Click Make a payment 
  5. Click the checkbox ‘I do not wish to claim a tax deduction for my client or if I do, I have already submitted one that has been processed by the Fund’. 
  6. Click Next 
  7. Select the payment type of Partial rollover 
  8. Select to rollover into APRA-regulated super fund 
  9. Enter the Unique Superannuation Identifier (USI) of the APRA fund and click Search. The details of the APRA fund will be populated. 
  10. Enter the client’s account / policy / membership number 
  11. Enter the payment amount 
  12. If the account contains funds transferred from the UK, enter any required details 
  13. Click Review 
  14. Confirm payment details then click Submit.

Approvals via print, sign and upload

When you submit the request, the consent form will be automatically downloaded to your device.

You can also re-download the consent form from Request Centre.

You’ll need to print the form, get your client to sign it, and then upload the signed form to Request Centre by following these steps:

  1. Log in to Adviser Online 
  2. Navigate to Request Centre 
  3. Search for the request using approval ID, account name or account number
  4. Expand the request accordion
  5. Drag and drop or browse for the signed print, sign & upload document
  6. Click Submit.

Note, if the print, sign and upload document has been signed by an approved electronic signature, please ensure the certificate of completion is also uploaded to the request.

View status of approvals

You can view the status and progress of payments in Request Centre.

Tax on adviser initiated super payments

For clients under the age of 60, tax may apply on payments. All amounts selected will be net of any applicable tax.

In other words, the amount you choose will be the amount they receive in their bank account. This means the amount that is withdrawn from their account may be higher.

If your client is aged 60 or over at the time of the payment, tax is not applicable.

How long it takes for your client to receive the funds

If there is enough available cash in the account to make the payment, your clients will generally receive the funds in one to three business days. This may be impacted by your client’s financial institution.

In some instances, the amount of available cash at the time of the request will be higher than when we attempt to make the payment. This could happen if an investment trade is placed around the time of the payment request. 

In this situation, it will take longer for your client to receive the proceeds as we’ll need to wait for cash to become available again. 

We recommend not placing any trades if you intend to initiate these payments to avoid any delays.

Amend or cancel an adviser initiated payment

Payments cannot be amended after they have been created. If you want to cancel a payment created via Adviser Online, you can do this from Request Centre while the request is ‘Awaiting approval’.

To cancel a payment: 

  1. Log in to Adviser Online
  2. Navigate to Request Centre
  3. Search for the request using approval ID, account name or account number
  4. Expand the request accordion
  5. Click Cancel Payment.

The payment will be cancelled.

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