FAQ
Everything you need to know about SMSF. Can’t find the answer you’re looking for? Please reach out to our expert team.
Contact Us Today
A self managed super fund is a private superannuation fund that you manage yourself. You can use your super to invest, setting yourself up for a better future.
We can get your fund open in one business day.
You’ll be able to start investing in about 2 weeks, after we submit a roll out document to your existing fund. The timeframe will depend on the fund you’re leaving.
Setting up company trustees allows you to clearly separate your assets, making it easier for members to come and go if your circumstances change. You can also have a one member fund with a company and not an individual.
Yes:
- ASIC Annual fee – $59
- ASIC ATO Annual Fee – $259
These fees are charged by ASIC and the ATO and are subject to change.
Yes.
Yes. You can have any mix of assets you like.
Yes you can be a member of multiple SMSFs and public funds. There is no limit to how many accounts you have.
No. In some circumstances, there may be benefits to keeping your current super fund. For example you may want to continue to access an insurance policy attached to your fund. You can also take a portion of your funds from your existing super fund and put them into your SMSF, allowing you to experiment with a SMSF while still keeping funds in a traditional superannuation fund.
Yes. If you need to close your SMSF, we will help you close it down, including completing a final tax return. We can also send your funds to another complying superannuation fund.
No. There is no minimum balance required. You can open an SMSF with $1!
No. You can move a portion (big or small) of your existing superannuation into an SMSF, add more or transfer some back into your traditional super fund, you can do this as many times as you like, you are not stuck in one place.
Yes. You can access life insurance, TPD and income protection through your SMSF.
These can be paid for using your existing super balance.
You can. Just like any other asset, you can leave what’s inside your self managed super fund to your family via a binding death nomination. You can also have your will deal with the distribution of your assets once you pass.
A member of the fund must be a director of the trustee, and each director of the trustee must be a member of the fund. A member cannot be an employee of another member – unless they are relatives. Members must be fit and proper person. As long as you are not a disqualified person you can be a member. See the disqualified person checklist to make sure you’re eligible.
The SMSF continues to exist, the member’s legal personal representative takes over the obligations of being the trustee until the assets have been distributed to the beneficiaries either by a binding death nomination or a will.
Children under the age of 18 can be Members of an SMSF but, as minors, they cannot be Trustees. A parent or guardian usually acts as trustee in place of an underage child. In certain cases, a legal personal representative may be appointed to the position.
Once the money is in super, you will not be able to access it until you reach your preservation age, have retired or reach the age of 65. Find out more here.
Your fund can have up to 6 members and only needs at least one. All members must be directors of the corporate trustee and eligible to be a trustee. Find out more here.
Unless you have reached your preservation age, have retired or are over 65, you can’t use the money in your SMSF for personal expenses. This would breach the sole purpose test, and you could face penalties of up to 45% of the value of the fund if you use the super funds for personal purposes.
Once you have paid off assets in your SMSF, you can’t use any of its equity to secure other debts inside or outside your SMSF. If you want to purchase another property inside your SMSF you need another Bare Trust (one per property), a new loan, deposit, etc. We can help you set up these requirements.
When you create an SMSF with us, we will give you access to our app. This app lets you:
- Know your balance real time
- See how much your assets are worth
- See how much extra you can add to your SMSF
- Know how much you need to take out (if you’re on a pension)
- Know your tax position
You can also call our team or contact us through the app with any questions.
Your assets would typically be valued at market value. The ATO has put together comprehensive guidelines for valuations of assets within the self managed super funds. Find out more here.
We have two locations you can book an appointment to discuss your SMSF journey.
SMSF Wizard Gold Coast Office 2, 6 Motorway Circuit, Ormeau, QLD, 4208
SMSF Wizard Sydney
Level 35, 100 Barangaroo Avenue, Barangaroo, NSW, 2000
