Below are the most frequently asked questions relating to SMSF. More frequently asked questions are categorised by topic areas available by navigating the left menu.
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How much do I need to start a SMSF? You will need to determine whether you have enough in super for a SMSF to be cost-effective and achieve your investment strategy. There is no set minimum amount required to set-up a SMSF. It can be the sum of super from up to 4 members. Generally, as your SMSF balance increases, it reduces the relative costs as the fees for SMSF financial and tax compliance and reporting is charged for the SMSF, not on per member basis. |
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What are the costs associated with having my own SMSF? There is a once-off set up cost, and ongoing cost for the SMSF's accounting and tax reporting. A SMSF can have up to 4 members and therefore, the costs are shares and depending on the value of the SMSF's assets, it may be cost effective relative to the SMSF's total asset value. |
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Who controls the SMSF? The trustee (or director) controls the SMSF. The member of the SMSF will also be the trustee (or director). Therefore, the members effectively control their own SMSF. |
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Who operates and transacts for the SMSF? Once the SMSF is set up, the trustee will open the bank account, and other investment accounts. The trustee will operate and transact on these accounts. |
