This page is designed to assist you in finding the answers to questions in relation to managing your SMSF.
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- What is an SMSF?
A Self Managed Superannuation Fund (SMSF) is a saving vehicle, regulated by the ATO, for the sole purpose of funding your retirement, and/or death benefits.
- Advantages of an SMSF?
Trustees have full control of their superannuation allowing you to invest in a wider range of investments. Managing an SMSF can be more cost effective based on set fees rather than a % of your super balance.
- Who is responsible for ensuring the SMSF is properly run?
Trustees of the SMSF are responsible for ensuring the SMSF is properly run. The role of trustee or director imposes legal obligations on you.
- What are the penalties if something goes wrong?
The ATO decides on the course of action required if a fund has not complied with super law. The ATO can impose various sanctions including: education; enforceable undertakings; rectification orders; administrative penalties; disqualification of a trustee; civil and criminal penalties; winding up of the SMSF; notice of non-compliance; and freezing assets.
- How do I set up an SMSF?
Choose the professionals you require to assist you in this process (professionals must be licensed with ASIC and provide a Statement of Advice if recommending to establish a SMSF). Choose either individual or corporate trustee. Appoint your trustees. Create the trust and trust deed. Register your fund and get an ABN. Open a bank account. Prepare an Investment Strategy.
- Who can be a trustee or a member?
All members of the fund must be individual trustees or directors of the corporate trustee. Anyone 18yrs or over can be a trustee or director of a super fund as long as they are not under a legal disability (such as mental capacity) or a disqualified person.
- When can I lodge my annual return?
Once your financials have passed an internal review they will be sent to an independent SMSF Auditor for audit. Once the SMSF has passed the audit, you will be asked to review your Financials and Annual Return before authorising the lodgement of the return.
- What is included in the Super Services administration fee?
Processing all transactions and journals throughout the financial year. Reviewing transactions to ensure they match trustee strategies and/or identify potential strategies available for trustees or issues that need to be addressed in a timely manner. Preparation of Financial Statement and Annual Return, lodgement of the Annual Return.
- Does Super Services' fee include the audit of the SMSF?
As the SMSF must be audited by an independent auditor, you will receive a separate invoice from the auditor payable direct to them when you receive the Financial Statements and Annual Return. Fees are based on the complexity of the SMSF in that year.
- Can an SMSF borrow to purchase investments?
Yes, through a Limited Recourse Borrowing Arrangement (LRBA). For more information, please read our LRBA Fact Sheet.
General Advice Warning
The information provided is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a licensed financial adviser.