Your SMSF questions answered

Your SMSF questions answered

A simple guide to super you’ll love

How many members can a SMSF have?

From one to four. (Please note that it is proposed but not yet legislated to increase the maximum number of members to six.)

See how a SMSF is set up

How much does it cost to set up and maintain a SMSF?

Fund set up starts from $550 for individual trustees, and $1600 for corporate trustees.

ONGOING COSTS = $259 annual ASIC SIS levy + annual administration and audit costs from $1250.

See our transparent fee structure

How much super do I need to set up a SMSF?

ASIC and the ATO recommend a minimum balance of $200,000 for a SMSF to be cost effective. But some funds below that balance may still work out in your favour. Your fund costs will depend on how much financial advice, investment management and accounting fees you pay for, compared to how much your fees would be in your existing retail or industry fund.

Talk to a SMSF specialist about taking control of your super

How much can I contribute to super?

How much you can contribute to your super fund is called your contribution cap. It varies depending on your age and whether your contributions are tax deductible.

Find out how much you can contribute per financial year

What is the work test for over 65s to contribute to super?

If you’re over 65, you must meet a work test to be eligible to contribute to super and be employed during the financial year before you make the contribution. Employment must be 40 hours in a consecutive period of no more than 30 days.

Understand super contribution limits

Can a self managed super fund borrow money to invest?

Yes. SMSFs can borrow under certain arrangements, which might suit major asset acquisition such as property.

Find out if borrowing to invest suits your SMSF

Can my SMSF buy property?

Yes. Residential property can be bought from an unrelated party, and commercial property from related or unrelated parties.

Talk to a super specialist about how funds can buy property

Can my SMSF buy a holiday house for personal use?

No. SMSF assets must be maintained on an arm’s length basis – they can’t be used by trustees, members or related parties.

Talk to a SMSF specialist about building a property portfolio

Can I use my existing company as my SMSF trustee?

Yes. But there are risks in using a company for multiple purposes.

Under SMSF regulations, there can’t be any overlap between SMSF funds and other company funds. If your company had financial or legal difficulties through its other trading activities, your SMSF assets could be at risk. If your SMSF is sued (e.g. a tradie on your SMSF rental property has an accident), the rest of your company assets may be at risk.

You can register a special purpose SMSF company that only acts as trustee of a SMSF (with a reduced annual ASIC company fee).

Find the SMSF set up to suit your goals

When can I access my super?

  • Preservation age (55+ depending on date of birth): when you retire from work
  • Over 65: anytime without needing to retire

If you have met your preservation age and are still working, you might be able to access your super through a transition to retirement pension. This type of pension has strict limits on minimum and maximum withdrawals in a financial year.

Before you take any benefits from your super fund, talk to a super specialist about tax, documentation and cashing conditions.

Get smart strategy advice from industry experts

If I retire and take my super, can I return to work?

Yes. But when you retire, your intention to retire must be genuine.

Find out how much you need to retire

Talk to the SMSF specialists about making the most of your money

Talk to the Brisbane SMSF specialists who love your super