Frequently Asked Questions

As a trustee, you must:

• Ensure compliance with super laws and the trust deed

• Act in the best interests of members

• Maintain records and documentation

• Lodge annual returns with the Australian Taxation Office

Once you start filling-up the form, keep these handy:

1. Passport/Birth Certificate of all members

2. TFN of all members

3. Director Id of all members, if opting for Corporate Trustee

We guide you through each step to ensure nothing is missed. See the following link for creating Director id, if you don’t have one:

https://www.abrs.gov.au/apply-your-director-id-online

An SMSF must have a separate bank account in the name of the fund. This account is used to receive contributions, rollovers, investment income, and to pay expenses. It must not be mixed with personal accounts.

You are free to choose the bank from the following list (as these banks can be connected with data feed to our accounting software) and get your bank account open. We provide a service for opening ANZ V2 Cash Management Account.

We don’t receive any commission or benefit from ANZ Bank for opening these accounts, but we only provide as a service to our clients so they don’t have to spend time and effort on this task. Please refer to the following link for their current interest rates and fee structure:

https://www.anz.com.au/personal/adviser-services/our-products/cash-account/

List of Banks which can be connected to our accounting software:

o Adelaide Bank

o ANZ

o Bank of Melbourne

o Bank of Queensland

o Bank of South Australia

o Bendigo Bank

o Commonwealth Bank

o DDH Graham

o HSBC

o Hume Bank

o Macquarie Bank

o National Australia Bank

o Rabobank

o Sandhurst Trustees

o St George

The cost of establishing an SMSF is typically paid by the members upfront. Once the fund is setup, a bank account is opened, and funds are received through contributions or rollovers, the member may reimburse themselves for the setup costs from the SMSF.

If the amount is not reimbursed, it can be treated as a contribution to the fund, and the member may be eligible to claim a personal tax deduction for that contribution, subject to eligibility rules.

Please note that the SMSF must be established with the initial fee paid upfront. In practice, many clients pay this fee via credit card and reimburse themselves once the fund receives transferred super balances.

On average, setting up an SMSF takes around two weeks. The establishment of the fund structure, including the trust deed, trustee arrangements, and related documentation is usually completed quickly, typically within 1–2 business days.

The most time-consuming step is the SMSF registration approval with the Australian Taxation Office, which can vary significantly. Approval times generally range from a few business days up to 56 days (approximately two months) but average is 2 weeks.

To help avoid unnecessary delays, we recommend ensuring:

• All personal and business tax lodgements and payments are up to date

• The SMSF name is unique and not already listed on Super Fund Lookup

• You have provided all the required information in the form

Delays can also occur during the superannuation rollover process. It is important to confirm the identity and verification requirements of your existing super fund in advance. Many retail and industry funds require certified identification and proof of the SMSF bank account before processing transfers, and some may request original certified documents. Preparing these in advance can help speed up the process.

We assist clients throughout the setup and rollover process, including guidance on documentation and identity verification requirements, to ensure a smooth transition into your SMSF.

The set-up fees for a new SMSF are as follows:

• $599 with individual trustees;

• $1489 with a company trustee

No, SMSF setup costs are generally not tax deductible, as they are treated as capital or establishment expenses under ATO rules.

Typically, these costs are initially paid by the members personally. Once the SMSF is established, the bank account is opened, and funds are received through contributions or rollovers, the member may be reimbursed from the SMSF for the establishment costs.

If the expenses are not reimbursed, they may be treated as a contribution to the fund. In such cases, the member may be eligible to claim a personal tax deduction for the contribution, subject to applicable superannuation contribution rules and caps.

It is important to ensure all treatment is appropriately recorded in accordance with SMSF compliance requirements and guidance from the Australian Taxation Office.

A corporate trustee is not mandatory but is generally recommended as it:

• Simplifies administration

• Provides better asset separation

• Is required for borrowing (LRBA)

Yes, you can transfer (roll over) your existing superannuation balances into your SMSF once it has been properly established and registered with the Australian Taxation Office.

The process generally involves:

• Setting up the SMSF structure and bank account

• Obtaining the fund’s ABN and compliance status

• Submitting rollover requests to your existing super funds

Most funds now process rollovers electronically; however, some may require identity verification or certified documents. It is important to ensure your details match across funds to avoid delays.

We assist with the rollover process to ensure it is completed smoothly and in compliance with regulatory requirements.

Yes, an SMSF can invest in both residential and commercial property, provided it complies with the rules under the Superannuation Industry (Supervision) Act 1993.

Key considerations include:

• The property must meet the sole purpose test (i.e. for retirement benefits only)

• Residential property cannot be lived in or rented by related parties

• Commercial property may be leased to a related business on market terms

• All transactions must be conducted on an arm’s length basis

Property investment through an SMSF can be complex, so it is important to structure it correctly from the outset.