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 Self
Managed Super Funds |
Super Plus Australia Pty
Ltd
GPO Box 734
BRISBANE QLD 4001 <top>
How do you correspond
with the trustees?
Super Plus does not correspond with the trustees directly unless directed
to do so. All correspondence will be directed via the referring accountant,
financial planner or other professional unless otherwise directed. <top>
Does Super Plus provide
financial planning advice?
Super Plus does not provide financial planning advice. You may wish
to consult a licenced financial planner/adviser or the Financial Planning
association. They will be able to help you in choosing a qualified professional
that can answer your questions. Website contacts are provided in the links
section of this website. <top>
Do I have to operate
a company or small business before I can set up my SMSF?
No. <top>
Can I have my superannuation
monies in more than one fund such as a SMSF & some other type of fund?
Yes. You can spread your superannuation between funds of your choosing.
<top>
Should I combine all
my super into one fund?
This is entirely up to you, however, most would argue that this is a good
idea, because it will help you keep track of your super and perhaps even
save you paying too much in administration and management fees.
<top>
Are there limits on
how much superannuation I can have?
You can have as much super as you like, but there are limits to how much
you or your employer can contribute.
If I don't like my employer's super can I join another fund instead?
This will depend on the conditions of your employment. In most cases you
will be able to choose. Enquire with your employer as to whether they
are willing to pay your compulsory contributions into your SMSF. <top>
Can I have super if
I am self-employed?
Yes - and there are many super funds available that are suitable such
as a SMSF. There are limits on the amount of contributions you can make
that are tax deductible. <top>
Investments
Who prepares
the investment strategy for the superannuation fund? What should be included
in an acceptable Investment Strategy ? Once formulated the investment
strategy should be signed off by the Trustees, reviewed and updated regularly.
<top> Is there any restriction
on the type of investment that Super Plus can administer? What information do
you require if I make an investment? Can I enter into dividend
reinvestment arrangements What type of assets
can I transfer in specie to the fund? • Shares How do I transfer an
asset in specie into the fund? Can my SMSF borrow
and use the borrowed money to acquire investment assets? Pensions Can I have a pension
through my SMSF? How do I start a pension
from the fund? How is a pension paid
from a self managed superannuation fund? What safeguards are
in place to ensure that the correct pension payments are made each year? Can a fund have a member
with both an accumulation account and a pension account? How long does it take
for group certificates (PAYG Summaries) for pension recipients to be issued
after the end of the financial year? Rollovers /
Withdrawals How long does it take
to rollover funds from another superannuation fund? What is the process
to make a lump sum withdrawal from a member account? How do I roll over
my super benefits? Can Super Plus assist
with the rollover of superannuation benefits from another superannuation
fund?
Generally the investment strategy is prepared by the financial planner,
accountant or trustees. Super Plus can provide a proforma strategy you
can use as a guide.<top>
An Investment Strategy should take into account:
Super Plus does not restrict in any way the type of investment that
may be held by any superannuation fund. Provided it meets the relevant
legislative guidelines Super Plus will administer it. <top>
Generally for a share transaction the buy/sell contracts are sufficient.
For a managed fund, the confirmation of units purchased. For a real estate
property, the purchase contracts, solicitors settlement documentation
and copy of title registration. For cash or fixed interest, confirmation
of investment and/or debenture certificate. <top>
Yes.<top>
• Business Real Property - property used wholly and exclusively
for business use
• Units in a widely held trust - eg.. a managed fund <top>
The transfer of a share or managed fund requires the completion of a standard
transfer form. This form must be appropriately signed and forwarded to
us for lodgment with the relevant registry. Please note that for an "in
specie" contribution we must be advised of the taxable nature and
source of the contribution to ensure the correct accounting treatment
is made in respect of the member's components.<top>
No. In very limited and restrictive circumstances the fund may borrow
to pay benefits. <top>
Yes. SMSFs can pay pensions for all or part of your member balance.
In fact, a SMSF is the most flexible, cost effective and tax effective
means to pay retirement benefits. <top>
Super Plus has a standard checklist for the commencement of pensions.
You or your financial planner or accountant should submit the completed
form detailing the type of pension, member, commencement date, amount
and benefits components to be converted to a pension. Super Plus will
prepare all the necessary documentation for the commencement of the pension
based on the instruction received.<top>
It is the pension recipient's preference to determine the regularity of
pension payments. Pension payment must be made at least once a year. Generally
pensions are paid on a monthly basis via a deduction authority lodged
on the funds cash account to the pension recipient's personal bank account.
<top>
All pensions are checked on a regular basis to ensure the correct payment
is made for each financial year.<top>
Yes - it is common to have more than one account for a member. Eg an allocated
pension and an accumulation account or a combination of pensions. Each
pension in the fund has its own separate account. <top>
Payment Summaries/Group Certificates are only required if the pension
recipient is under 60 and will be produced each year. <top>
This process is largely dependent on the efficiency and payment policy
of the superannuation from which you are transferring the benefit. <top>
Advise Super Plus the member, date and amount for the drawdown. Super
Plus will prepare all necessary minutes and other documents. <top>
You will need to contact your current superannuation fund to request a
transfer form which authorises the trustees of your old super fund to
transfer your benefits to your nominated SMSF. <top>
Yes. We will provide relevant information to the existing superannuation
fund such as ABN, TFN and/or letter of compliance as requested. The members
or their adviser(s) however are responsible for requesting and completing
rollover forms from their existing superannuation fund(s). <top>
