- Who is Online Super Fund for?
- If I sign up with Online Super Fund, what do I get?
- Will Online Super Fund help me with my investment decisions?
- Are there any restrictions on the investments or number of transactions we can have in our SMSF?
- Does Online Super Fund have access to my bank and share trading account?
- Why are Online Super Fund’s fees so low?
- When do I have to pay?
- Do I have to keep using Online Super Fund for the administration of my SMSF?
Online Super Fund is for people who are actively involved in managing their personal wealth and investments, and who have decided to start a SMSF so that they can take control of their superannuation. You should be prepared to play an active role in the management and investment decisions of your SMSF – of course you can always engage a professional financial, legal or other adviser to assist you with this.
If you have not already done so, we recommend you seek financial advice to ensure a SMSF is suitable and appropriate for your circumstances.
- Online Super Fund will provide you with an establishment pack which will include all of the documents necessary to establish your SMSF;
- Online Super Fund will then register your SMSF for an ABN and TFN and help you to setup the SMSF’s cash and trading accounts (if requried);
- We can also incorporate a corporate trustee for your SMSF for an additional one-off fee of $700 (which includes the company registration fee of $512 payable to ASIC).
- Each year our SMSF annual administration service provides you with everything you need to meet the administration obligations of your SMSF, including:
- Preparation of the annual financial statements for the SMSF (including an Operating Statement, Statement of Financial Position, Member Statements and Investment Summary & Income Reports);
- Arrangement of the audit of the financial statements;
- Preparation and lodgement of the annual income tax return;
- Documents to confirm the commencement or cessation of pension accounts as required (upon your request); and
- Preparation of annual trustee resolutions.
No, we do not offer financial advice, are not affiliated with any financial advisory companies and do not receive any hidden fees or commissions. We handle the accounting and administration of your SMSF. The investment decisions and the management your SMSF are completely up to the trustee of the SMSF.
We do place restrictions on the type of investments which can be held by SMSFs under our administration. With Online Super Fund, you can only invest in one or more of the following:
- Cash accounts (with any bank)
- Term Deposits (with any bank)
- ASX Listed Securities
- Managed Funds
However, you are free to hold unlimited investments and have unlimited transactions (fair use policy applies) within your SMSF, provided you only invest in the above investments.
Before choosing Online Super Fund as your SMSF administrator it is important that you carefully consider these investment restrictions. You should ensure that these investment restrictions do not prevent you from complying with the investment strategy of your SMSF.
No, we can help you to setup a bank and trading account for your SMSF if you wish, but we will not have access to trade or process transactions on the account. Each year we will ask you to provide us with information from all of the SMSF’s the bank and trading accounts to enable us to attend to the annual administration of your SMSF.
We have spent a lot of time and money implementing the latest technology and creating process efficiencies that result in a significant reduction in the time required to complete the annual administration obligations for your SMSF. We pass these cost savings directly onto our clients, which enables us to provide our low cost SMSF administration service.
When you first apply to establish a new SMSF with Online Super Fund you will need to pay the $300 establishment fee. We will then prepare the SMSF establishment pack for your new SMSF.
Our annual fee is payable in two instalments in January and July of each year. Upon receipt of the January instalment we will begin our interim work on your SMSF’s annual accounts. Upon payment of the July instalment we will start to finalise the annual financial statements, arrange for the audit of the financial statements and lodge the income tax return.
Do I have to keep using Online Super Fund for the administration of my SMSF?
No, you are free to cancel our administration service at any time. If you choose to cancel we will refund any fees you have paid in advance and transfer all of the accounting and legal records we hold for your SMSF to you, or to another service provider at your request.
We understand that because of the limited investment options under our service offering, you may eventually want to go to another service provider so that you can do other things with your SMSF (for example limited recourse borrowing arrangements and property purchases). We are more than happy to help you with this to ensure your transition is as smooth as possible.
Yes you can, if you already have a SMSF and want Online Super Fund to handle all the administration requirements, send us an email and we will help you transfer your SMSF administration to us – all at no cost!