What is SMSF administration?

SMSF administration firms are companies that specialise in establishing and managing self-managed super funds so that they are compliant. SMSF administration firms generally offer various services, including establishment, management, accounting, tax compliance and auditing services.

What is superannuation administration?

The Superannuation Administration Group identifies and resolves administrative matters impacting the superannuation system.

Who administers SMSF?

The ATO
The ATO and ASIC are joint regulators of SMSFs.

Can someone else manage my SMSF?

The distinction is important because it’s only an enduring power of attorney that allows someone to be a trustee for an SMSF for someone else. Ideally, get your enduring power of attorney documentation in place now even while there’s absolutely nothing stopping you continuing to run the fund yourself.

How does an SMSF work?

A self-managed super fund (SMSF) is a private super fund that you manage yourself. SMSFs are different to industry and retail super funds. When you manage your own super, you put the money you would normally put in a retail or industry super fund into your own SMSF. You choose the investments and the insurance.

What is the difference between RSA and SMSF?

The main difference between SMSFs and SAFs is that they are overseen by different regulators. As their name indicates, small APRA funds are regulated by the prudential regulator. On the other hand, SMSFs are regulated by the Australian Taxation Office (ATO). So, how does this regulatory difference impact you?

How much does a fund administrator charge?

The average management fee rate for actively managed funds is about 0.74% per year; the management fee rate for several of the large, broad market index funds is less than 0.20% per year.

What is the difference between superannuation and pension?

Both Super funds and Pension funds are part of the superannuation system. In simple terms, a super fund is what you make contributions to while you are saving for retirement, while a pension fund is a fund that pays you an income when you are retired. You are only allowed to make contributions to a super fund.

What authority regulates SMSF?

The ATO is the primary regulator in relation to self-managed superannuation funds (SMSFs). Superannuation trustees also have important reporting and administrative obligations to the ATO.

Do all members of SMSF need to be trustees?

All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super fund as long as they’re not under a legal disability (such as mental incapacity) or a disqualified person.

How many trustees must a SMSF have?

2 Individual Trustees
It is a legislative requirement that where an SMSF has individual Trustees, it must have a minimum of 2 Individual Trustees. Almost anyone can be a Trustee of an SMSF including a spouse, adult child, parents and friends as long as they over 18.

Do all members of a SMSF need to be directors?