FAQs

Moving the accounting and administration of your SMSF can be a big change. While it may seem daunting at first, we’re here to help simplify the process and ensure a smooth transition. We will contact your existing provider and obtain the necessary information to make the transfer on your behalf.

An SMSF is a type of superannuation fund that is managed by the members themselves (in their capacity as trustees) as opposed to other industry funds or schemes that are managed by an unrelated board of trustees.

SMSF’s have gained in popularity because of its ability for you to have control and visibility over your desired investment strategy for your superannuation savings.

SMSFs are regulated by ATO whereas industry funds are regulated by APRA.

If you’re someone who is looking for more control and flexibility over your superannuation an SMSF might be the right choice for you.

One of the key requirements of having an SMSF is lodging a tax return each financial year. This can be done yourself, however having a dedicated SMSF accountant preparing these will simplify the complex process and ensure a timely and compliant completion.

We work with several approved SMSF auditors to review the financial statements for your SMSF each year ensuring everything is compliant and up to date.

We will monitor your pension drawdowns and advise you of the minimum requirements each financial year. If you would like assistance arranging payments, we will work with you based on the structure of your SMSF.

Preparation of all establishment documents can be done within a day if all information needed has been provided. Once the documents are signed, typically it can take up to 28 days for the SMSF to be registered with the ATO, a bank account to be opened and able to accept contributions and rollovers.

An SMSF can have between 1-6 members. This might be beneficial if a family group wants to combine their super balances to invest larger amounts. However, it may be difficult to come to a consensus on what to invest in when members are at different stages of life.

There can be occasions where a member of the SMSF can no longer be a member. This may be due to a death, relationship breakdown or other changes to their situations.

The action required will depend on the situation, however, as we keep track of the member balances it is easy to identify how much will need to be paid out or rolled over into another superfund at the time.

There are a few extra steps depending on the structure, but we can step you through this.

You may be able to make a personal concessional contribution into super. These types of contributions are tax deductible in your personal tax return.

If you are over 60 and can access your super benefits the income you receive from your superfund is non-assessable non-exempt income. This essentially means that it is tax free income for you.

The assessable income generated by your superfund is taxed at a maximum of 15%. If you only have pension accounts in your superfund the tax rate is 0%.

The two main types of contributions are concessional and non-concessional contributions.

Concessional contributions are taxable contributions, which include your super guarantee payments from your employer, salary sacrifice amounts or personal contributions you make that you want to claim a deduction on.

Non-Concessional contributions are after tax contributions, they go into the superfund tax free and no deduction can be claimed on them.

There are a few others too including spouse contributions, downsizer contributions and the government’s Co-Contribution & Low Income Super Contribution.

Depending on your SMSF trust deed, you could invest in listed Australian or International shares, unit trusts or other managed funds as well as cash, term deposits, bonds, and property.

There are some restrictions when it comes to property, collectables, and other unlisted investment types so it’s best to check before investing.

Yes, even if you combine your super balances with other members to have a larger pool of super to invest with, we’ll always keep track of who’s balance is who’s. These balances will grow or decrease with market movements proportional to your balance.

Likewise, your individual balance will grow or decrease with any contributions or withdrawals you make.

In short, yes, commercial property can be held in an SMSF and leased back to a related party.

There are some additional and annual requirements to ensure that owning the commercial property remains compliant, such as ensuring lease payment are at market rates.

Owning and using an investment residential property isn’t possible within an SMSF.