Self Managed Superannuation - SMSF
It's your money. Your choice!
Do you want to manage your own superannuation? Wealth Within provides a comprehensive self managed superannuation fund (SMSF) package to support you in setting up a DIY Super Fund right through to the ongoing accounting and auditing requirements.
Establishment of your SMSF
We support you through every stage of the process and provide you with the full documentation necessary for the establishment of a complying fund for up to 4 members, according to legislative requirements while being flexible enough to suit your individual needs.
The establishment fee is a fixed fee of $660 (for individual trustees inclusive of GST) and includes:
- arranging for the establishment of a complying trust deed
- registration of a Tax File Number and Australian Business Number
- lodgement to become a regulated super fund
- notice of consent to act as a Trustee
- resolutions to establish the fund
- binding death benefit nomination
- establishment of a bank account
- establishment of insurance cover under your SMSF
- arranging for the establishment of a new company to act as Trustee for your super fund if required instead of individual Trustees*
* A separate company establishment cost of $650 (GST inclusive) applies.
Special Offer
Open a self-managed superannuation fund and receive a FREE guide to developing your investment strategy for the fund valued at $220.
Client Information Pack
Click here now
Free Call
The first step is to download a Client Information Pack.
Got a question?. Read our FAQs.
To speak to a Client Services Consultant regarding the establishment of your SMSF call 1300 742 738.
Alternatively you can send us an Email
Annual Compliance Package
This is an optional service we provide for our clients. We are not directly involved in the preparation of accounts or the auditing process - this service is outsourced to a specialised professional accounting firm. Compliance fees start from $770 (inc GST) and include:
- financial statements
- income tax and regulatory returns
- members statements
- preparation of fund minutes
For more information about the Annual Compliance Package download our Client Information Pack.
Frequently asked questions
- What is a SMSF?
- What are the benefits of setting up a SMSF?
- Is a SMSF suitable for me?
- How long does it take to set up a SMSF?
- How much is required to start a SMSF?
- What funds are used to create a SMSF?
- What are the costs to establish a SMSF?
- Who can be a trustee of a SMSF?
- How many members can be included in a SMSF?
- Can employer contributions be included in my SMSF?
- What investments can the fund invest in?
- Can the fund provide insurance?
- What are the ongoing costs of a SMSF?
What is a SMSF?
A SMSF is a small superannuation fund, where control is kept in the hands of the members. The members decide how the fund will operate and what investments the fund will invest in.
What are the benefits of setting up a SMSF?
The benefits of operating a SMSF include:
- Control - a SMSF provides you with an opportunity to make the decisions as to how your funds are invested and how the fund is to operate. You have the flexibility to alter the fund's investment strategy as and when required to meet the changing needs of the members or any changes in the economic climate.
- Investment Choice - your fund can invest in a large range of investments including shares, bonds, property, cash or any other asset you feel suits the investment objectives of the fund (provided it meets the sole purpose test).
- Low taxation - Tax concessions are available for SMSF, consequently DIY super funds have become a powerful wealth creation vehicle enabling ordinary Australians to maximise their income and lifestyle in retirement.
- Protection - the assets of the SMSF are protected from bankruptcy and other legal claims up to a certain threshold. This can be a relief when unfortunate events occur.
Is a SMSF suitable for me?
There are certain regulatory responsibilities placed on trustees of SMSF, therefore when setting up a fund it is important to consider various issues including:
- Will I have the time to manage and administer the SMSF?
- Will there be sufficient funds in the SMSF to make the administrative costs worthwhile?
- Will the other trustees of the fund be suitable co-investors?
How long does it take to set up a SMSF?
Once your signed application is received by Wealth Within, it generally takes around 1 week to establish a new fund.
How much is required to start a SMSF?
Ideally, when setting up a SMSF a minimum of $100,000 is required. If you have more than one member, the total combined assets can be transferred to meet the minimum requirements. If you decide to set up a SMSF with less than $100,000, you need to weigh up the ongoing administrative costs to see if it will be worthwhile.
What funds are used to create a SMSF?
There are 3 ways of transferring money or assets into a fund:
- make a contribution to the fund
- roll over existing superannuation benefits into the fund
- purchase assets by the trustee of the fund
Another benefit of a SMSF is the ability to consolidate your superannuation (particularly if you have a range of super funds). Consolidating your funds can save on the high fees you pay for managed funds to manage your money.
What are the costs to establish a SMSF?
We charge a flat fee of $660 (including GST) to support you in establishing a fund with up to four members. Additional charges are applicable for a corporate trustee.
Who can be a trustee of a SMSF?
The trustee can be either an individual or a trustee company. Individual trustees are generally the most common. Where the individual option is chosen every member must also be a trustee. A fund cannot have a sole individual as a trustee, there must be more than one person as trustee if the individual option is chosen. To overcome this, a single member fund can appoint a second trustee provided the member is one of the trustees and the member is not an employee of the other trustee (unless they are relatives) or they can appoint a company as trustee. Where a trustee company is appointed, all members must be directors of the trustee company.
How many members can be included in a SMSF?
A SMSF cannot have more than 4 members and all members must be Trustees of the fund. Therefore, you have a choice as to who becomes a member of the fund which may include your partner, members of your family, a business partner or friends. This means that the super balances of each member can be consolidated into SMSF.
Can employer contributions be included in my SMSF?
Yes. With the introduction of superannuation choice, you can instruct your employer to pay your superannuation contributions into your SMSF.
What investments can the fund invest in?
The range of investments that a fund can invest in is quite broad including listed shares, cash and fixed interest securities, managed investments, private unit trusts, direct property, artwork and other collectable's. It is important to understand that there are certain regulatory limitations placed on SMSF; for example, a fund cannot borrow money to invest in assets such as property or shares. A fund cannot also acquire assets from related parties of the fund or invest in in-house assets; for example the fund could not purchase your assets (such as your house) from you. Other restrictions placed on the fund include the inability to lend funds to members or their relatives or to provide the assets of the fund as security for personal borrowing.
As part of our service, we can provide you with access to a range of investments for your SMSF.
Can the fund provide insurance?
Yes, with a SMSF you can organise life and total and permanent disablement cover to insure the members of the fund. The SMSF pays the cost of the insurance and claims it as a tax deduction, which makes the costs of insurance more tax effective.
We can assist you in selecting the best insurance options for your SMSF.
What are the ongoing costs of a SMSF?
This is an optional service we provide for our clients. We are not directly involved in the preparation of accounts or the auditing process - this service is outsourced to a specialised professional accounting firm. Compliance fees are paid by the fund and start from $770 (Inc GST). A full list of the fees is outlined below.
| Description | Cost (Inc GST) |
| Base Administration Charge* (Accounting and Taxation) | $770 |
| Audit Fee (Basic Fund) | $440 |
| Additional Investment | $66 per investment |
| Real Estate Property | $330 per property |
| Additional Members | $165 per member |
| Pension Fee | $165 per pension |
| Existing Fund Takeover (Once off charge) | $330 per fund |
*Base Administration Charge covers up to two members and up to 10 investments held during the year and includes:
- Preparation of financial statements
- Preparation and lodgement of income tax and regulatory return
- Preparation and lodgement of superannuation surcharge statements
- Preparation of member's statements
Take control of your future
Download a Client Information Pack.
Remember, once you open your SMSF you will receive a FREE guide to establishing your investment strategy for the fund valued at $220.
To speak to a Client Services Consultant regarding the establishment of your SMSF call 1300 742 738. Alternatively you can send us an Email.
