• My wife and I are planning to start our own SMSF. Are we able to have a joint superannuation fund together?

    Yes, you can both be in the one self-managed superannuation fund (SMSF). An SMSF is one that meets the following criteria: AAA AAA
    • It has four or less members;
    • No member of the fund is an employee of another member of the fund, unless they are related;
    • Each member is a trustee, and no trustee of the fund receives any remuneration for their services as trustee, or;
    • If the fund uses a corporate trustee, each member of the fund is a director of the company. Each director must also be a member if there is more than one member;
    • Neither the corporate trustee nor its directors receives any remuneration for their services as trustee or director in relation to the fund;
    For further details on Corporate Trustees Vs Individual Trustees click here
  • Can I be in a self-managed superannuation fund by myself?

    Yes, it is possible for you to set up your fund with only one member. There are two choices regarding the trustee of the fund.
    • If you have a corporate trustee, you need to be either the sole director of the trustee company; or
    • Be one of only two directors that is either of the following
      • Related to the other director
      • Not an employee of the other director
    • If you choose to have individual trustees, you must choose another individual to act as trustee with you (i.e. there must be at least two individual trustees) You would be the member and the other person needs to be one of the following:
      • A person related to the member; or
      • Any other person who does not employ them
    • A trustee or director cannot be paid for their services as a trustee or director in relation to the fund.
    For further details on Corporate Trustees Vs Individual Trustees click here.
  • Is there anyone that cannot be a trustee of an SMSF or director of the corporate trustee?

    Yes, a ‘disqualified’ person is not allowed to be a trustee or be a director of the trustee company. A person is considered to be ‘disqualified’ if any of these apply:
    • They have ever been convicted of an offence involving dishonesty;
    • They have ever been subject to a civil penalty order under the SIS Act;
    • They are an undischarged bankrupt;
    • They have been disqualified by a regulator
    In addition to this, a company cannot act as trustee of an SMSF if;
    • A responsible office such as a director, secretary or executive office of the company is disqualified.
    • A receiver, official manager or provisional liquidator has been appointed; or
    • Action has commenced to wind up the company
  • How long does it take to set up an SMSF?

    The paperwork to establish your fund can be available electronically within a few hours of sending us the instructions. We prefer to provide you with the full bound copy of your deed and the supporting documentation in a binder and this service is included in our pricing. We aim to have the documents to establish your fund leave our office by Express Post ( Australia Post ) no later than the day following receipt of your order and payment. After you have signed the deed and the other documentation to establish your fund we apply to the tax office to obtain a Tax File Number (TFN) and an Australian Business Number (ABN) and you can arrange for a bank account to be opened and for rollovers or contributions to be made into your fund.
  • Does my SMSF Trust Deed need stamping ?

    This is a very good question and the requirements in relation to stamping a deed establishing a SMSF differs from state to state. Presently, the only jurisdictions in Australia that require stamping are Tasmania and the Northern Territory. None of the other jurisdictions require a new SMSF trust deed to be stamped.


  • We have two members in our fund. Neither of us have a pension and we are both still contributing to the fund. How much will this cost?

    Our fixed fee cost for this fund would be:
    Annual administration $    950.00
    Independent audit $    395.00
    Total $ 1,345.00
  • Our fund has several share investments and a residential rental property and we are considering the purchase of another property using a Limited Recourse Loan. How much will this cost?

    Our fixed fees are not dependent on the number or type of investments that you have in the fund. If the fund is still in the accumulation phase, the annual administration fee is $950.00. If there is a pension or lump sums being withdrawn from the fund the fee would be $1,210.00. Plus the independent auditor’s fee of $395.00 and actuary report if needed
  • I’m taking a pension from our SMSF but my wife is still in accumulation. Will we be charged $1,210.00 per annum for my portion and $950.00 for hers?

    No, the annual administration fee is just the $1,210.00. The fee structure is based on the whole fund and whether or not there is a pension in it, not based on the individual accounts. An actuary report would be needed to support the exempt pension income calculation. The cost for that is $240.00 The complete annual administration fee, including the audit, would be:
    Annual administration (for funds in pension mode) $ 1,210.00
    Independent audit $   395.00
    Actuary report $   240.00
    Total $1,845.00

SMSF Rules

  • Does my SMSF need to have an Investment Strategy?

    Yes. The SIS legislation requires funds to have an investment strategy. There is no prescribed format for an investment strategy, and it will vary from fund to fund based on things such as:
    • The composition of the fund's investments
    • Risk profile of the members
    • Liquidity & cash flow needs
    • Age of members
    From the 7th of August 2012, the trustee of an SMSF must consider insurance for its members as part of the fund’s investment strategy. This does not mean that you must have insurance within the fund, but it does mean that you need to consider it. We have a free investment strategy template that you may wish to use to assist you with documenting your fund’s investment strategy. Click here.
  • Does the Investment Strategy have to be prepared by a professional advisor?

    No, there is no requirement for you to seek professional advice to prepare your fund’s investment strategy. Many trustees utilise the services of a professional financial advisor to assist them with investment decisions and an investment strategy is often offered as part of that service. However, if you have undertaken the responsibility for the investment decisions in your fund or a strategy has not been provided by your advisor you will need to ensure that one is completed. We offer a free investment strategy template that you may wish to refer to when documenting your fund’s strategy. Click here.
  • I have reached age 65. What do I need to do to continue to make contributions to my super fund?

    Once you have turned 65 you must then satisfy a work test in order to continue to make contributions to super. In order to satisfy this work test you must be gainfully employed i.e. work for a financial reward, for at least 40 hours in a 30 day period during the financial year the contributions are made.
  • I’ve turned 65. Do I have to start taking a pension?

    No, there is no requirement for you to commence a pension or start withdrawing funds from you super fund merely because you’ve turned 65. Your benefits will automatically become unrestricted non preserved which means that you have access to them at any time, but you are able to leave them in the accumulation phase if you wish. However, if you commence a pension, there is a tax exemption for income that is earned by the fund on assets that support the pension which could result in a considerable tax savings to your fund. Under current legislation, the pension payments to people aged 60 and over are tax free, so it may be in your best interest to commence a pension at age 65 or even before then depending upon your circumstances.