This guide is an important document which
we recommend you read, when choosing any
services provided by My SMSF Property. In it
we highlight some important considerations,
when setting up a SMSF, operating an SMSF
and buying property in a SMSF. When you
obtain related services from us you are
Before setting up a SMSF you
should consider the following:
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• Life Insurance
Will I lose Insurance cover when I change funds? Am I able to be re-insured elsewhere?
• Management Costs
How do the fees and charges of your current provider compare to an SMSF
• Can I rollover my Super
Some super funds may charge you an exit or transfer fee upon transferring your super.
• Investment Choice
Does your fund provide investment choice and a style that is suited to your needs. How will you handle the responsibility of investing your super savings in a SMSF
• Investment Performance
How does your provider compare for performance, what is your strategy to grow your retirement nest egg in a SMSF?
• Time, expertise and service
Is all information clearly explained and easily accessible, do you have sufficient time to manage your funds investments and operate the funds accounts
SUPER FUND CHECKLIST
FEES
Do you pay for your fees and can you deduct your fees?YES/NO
What additional benefits do you receive? Is your insurance paid using your 9 employer contributions and is it sufficient cover?
Do you currently receive Health fund and gym membership benefits?
Are you happy with the returns in your current superannuation fund? Do you receive financial advise, or assistance with your account?
BENEFITS
YES/NO
YES/NO
RETURNS
YES/NO
My SMSF Property is a general advice service;
we do not provide personal advice on the
suitability of setting up a SMSF, or any advice
on super rollovers or super contributions. You
should consult a licensed financial adviser if
you need advice on the benefits and costs of
operating a S.M.S.F and the consequences of
rolling over super and making salary sacrifice
contributions.
As the corporations act does not recognise
property as a financial product, financial
advisers cannot recommend property. Only
a licensed buyer’s agent can provide advice
on the best location to purchase property and
complete a sale or purchase of a property.
Regulatory rules for
SMSF members
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Make sure the SMSF complies with the sole purpose test at all times ( section 62 SISA)
Make sure you developed an investment strategy that you regularly review.
Ensure your investment strategy takes into account the retirement goals of your members.
Take into consideration the risks involved in certain investments.
Consider the operating expenses of your SMSF and allow enough funds to meet these costs.Remember, the purpose of setting up your SMSF is to provide for your retirement. It is illegal to set up an SMSF to gain early access to your funds. If benefits are unlawfully released, significant penalties including fines and jail terms of up to five years can apply to you, your fund and the recipient of the early release. A.T.O
DOWNLOAD and read the ATO’s “Setting up a self managed Super Fund’ Booklet
Before you make a decision, take some time to consider your financial position and needs. A financial adviser, who is licensed to provide financial advice, can assist you with your SMSF investment decisions. If your answer was NO to most of these questions then you could potentially benefit from Investing your Super in a Self managed super fund service.
Consider diversifying your SMSF’s investments.
Consider insurance within your SMSF
Have a separate bank account for your SMSF to invest and to pay the operating expenses of your fund
Do not mix your SMSF money with other money.
Do not have the assets of your SMSF in another entity’s name.My SMSF Property
Administration Requirements
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It is a requirement that you provide us with a list of documents
at tax time in order for the appointed accountant and auditor to
complete your SMSF’s tax return and audit
These are some of the most important documents we require
BANK STATEMENT - clearly identifying income and expenses Income
EG: rental income from property
Super contributions: identify the member for each contributionExpenses
Property management fees, setup fees, legal fees, advice fees
Insurance costsASSETS: Property, Shares, Collectables, Managed Funds
A valuation report for a property or a share or managed fundportfolio report for the 12 month period
Copy of all transactions for the 12 month period (referred to as contract notes for shares)
Copies of receipts for all SMSF expensesPROPERTY
Contract of sale
Settlement letter (obtained from your conveyance solicitor)
Depreciation schedule (optional, if one was purchased)SUPER ROLLOVERS
Benefit Rollover Statements – where super rollovers were initiated by client
Copy of ABN/TFN numbers – where the client elected to apply for this serviceThese are some of the most common required supporting documents; we will inform you of any others that are
Required to complete your super funds tax return and audit.
Using our SMSF Lending service
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Common ASIC & ATO Fees
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These fees are payable annually and you will receive an invoice from ASIC for the first two fees which we will forward via email. The ATO fee is deducted from your tax return where tax is payable, where it is not, you will need to pay the ATO this fee. An invoice will be forwarded to you with payment instructions.
ASIC SMSF Corporate Trustee Company Annual Fee $44
ASIC corporate Trustee Company Annual Fee $236
ATO Superannuation Supervisory Levy - $321 ( deducted from your tax return when in accumulation phase)These fees are payable annually and you will receive an invoice from ASIC for the first two fees which we will forward via email. The ATO fee is deducted from your tax return where tax is payable, where it is not, you will need to pay the ATO this fee. An invoice will be forwarded to you with payment instructions.
If you refinance your loan within 2 years of using our services, the lender will claw back the commission fee paid to us. We will therefore issue you with an invoice to make payment of these fees for the service we provided you. For SMSF commercial and NRAS loans we charge a fee of $550 which is payable by you or by the lender on your behalf.
If you do not proceed with lending after signing a credit quote, we will charge you a fee of $550 for the time spent placing your loan application, obtaining a loan pre-approval and for selecting an appropriate lender.
The lenders we provide finance through
How we are paid and what we are paidSMSF Setup and rollover
services
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When setting up your bank account, incorporating a company, establishing a trust deed or when rolling over your super, we rely on the accuracy of the information you provide. We will not be held responsible for inaccuracies and incorrectly completed forms. We cannot guarantee the time taken to rollover your super as each provider can take between 14-30 days and longer depending on the information provided.
Remuneration paid by service
providers to My SMSF Property
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Where My SMSF Property, arranges for your fund to apply for financial products and services, My SMSF Property may receive remuneration from the provider of the financial product or service. This remuneration is paid by the provider of the financial product or service, it is not an additional fee paid by you, or by your Fund. Service Amount
Commonwealth Bank 0.2727% of account cash holding balance Australian Money Market (AMM) Term deposits Up to 0.1% of
Cancelation of our services
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You are able to inform us of your intention to cancel our service, via email or letter. If our administration services are cancelled before our appointed accountant and auditor completes your first years audit and tax return, we will charge you $990 for the time taken to setup your super fund and provide all of the related setup services.
No Lock in Periods
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There is no lock in periods for our administration service. We do charge a cancellation fee if you do not complete the first years tax return and audit.
No investment Restrictions
SMSF Services
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The SMSF Residential Fund
Has some investment limits given the extra time and information required to complete the administration work
2 properties
A portfolio of 30 holdings (shares, managed funds or ETF’s) and 30 transactions or trades
Cash investments Premium SMSF Fund This fund has a maximum fee of $2,200 and allows
Allows up to 5 properties
Collectables ( Art, physical gold, cars etc)
Unlimited shares and transactionsYou are required to provide us with a list of all transactions and complete valuation report for your investment portfolio, in order for us to complete your tax returns and fund audit.
Commencing lending or
Administration Services, whilst
purchasing a new property
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If you are already in the process of purchasing a property in your super fund before engaging our services, we will only provide general guidance on matters of
Correct structuring of entities
Contracts entered into,
Options for securing property before a SMSF is setupIf you don’t follow the rules,
you risk one or more of the
following Consequences
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Your SMSF being deemed non-compliant and losing its tax concessions
Getting disqualified as a trustee
Prosecution
PenaltiesFor details on your obligations as a trustee visit the ATO website at www.ato.gov.au or Download the ATO’s Running a Self Managed Super Fund Booklet
These service guidelines help us manage your service expectations and inform you of your responsibilities and obligations, where you engage us to provide a service. It is very important that you adhere to these requirements. As a business focused on providing the highest level of service and care, we will always endeavour to inform you of any missing information and your responsibilities by email or phone.
