My SMSF Property Services Guide

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1 My SMSF Property Services Guide

2 This guide is an important document which we recommend you read, when choosing any services provided by My SMSF Property. In it we highlight some important considerations, when setting up a SMSF, operating an SMSF and buying property in a SMSF. When you obtain related services from us you are responsible for providing accurate information, in the requested time frame, in order for us to complete your funds administration, lending, or entity setups. 2 3

3 1 Before setting up a SMSF you should consider the following: Life Insurance Will I lose Insurance cover when I change funds? Am I able to be re-insured elsewhere? SUPER FUND CHECKLIST Management Costs How do the fees and charges of your current provider compare to an SMSF Can I rollover my Super Some super funds may charge you an exit or transfer fee upon transferring your super. FEES BENEFITS Do you pay for your fees and can you deduct your fees? What additional benefits do you receive? Is your insurance paid using your 9 employer contributions and is it sufficient cover? Do you currently receive Health fund and gym membership benefits? YES/NO YES/NO YES/NO Investment Choice Does your fund provide investment choice and a style that is suited to your needs. How will you handle the responsibility of investing your super savings in a SMSF RETURNS SERVICE Are you happy with the returns in your current superannuation fund? Do you receive financial advise, or assistance with your account? YES/NO YES/NO Investment Performance How does your provider compare for performance, what is your strategy to grow your retirement nest egg in a SMSF? Time, expertise and service Is all information clearly explained and easily accessible, do you have sufficient time to manage your funds investments and operate the funds accounts 4 5

4 My SMSF Property is a general advice service; we do not provide personal advice on the suitability of setting up a SMSF, or any advice on super rollovers or super contributions. You should consult a licensed financial adviser if you need advice on the benefits and costs of operating a S.M.S.F and the consequences of rolling over super and making salary sacrifice contributions. As the corporations act does not recognise property as a financial product, financial advisers cannot recommend property. Only a licensed buyer s agent can provide advice on the best location to purchase property and complete a sale or purchase of a property. 2 Regulatory rules for SMSF members Make sure the SMSF complies with the sole purpose test at all times ( section 62 SISA) Make sure you developed an investment strategy that you regularly review. Ensure your investment strategy takes into account the retirement goals of your members. Take into consideration the risks involved in certain investments. Consider the operating expenses of your SMSF and allow enough funds to meet these costs. Consider diversifying your SMSF s investments. Consider insurance within your SMSF Have a separate bank account for your SMSF to invest and to pay the operating expenses of your fund Do not mix your SMSF money with other money. Do not have the assets of your SMSF in another entity s name. Do not provide financial assistance to members or relatives of members. Remember, the purpose of setting up your SMSF is to provide for your retirement. It is illegal to set up an SMSF to gain early access to your funds. If benefits are unlawfully released, significant penalties including fines and jail terms of up to five years can apply to you, your fund and the recipient of the early release. A.T.O DOWNLOAD and read the ATO s Setting up a self managed Super Fund Booklet Before you make a decision, take some time to consider your financial position and needs. A financial adviser, who is licensed to provide financial advice, can assist you with your SMSF investment decisions. If your answer was NO to most of these questions then you could potentially benefit from Investing your Super in a Self managed super fund service. 6 7

5 3 My SMSF Property Administration Requirements It is a requirement that you provide us with a list of documents at tax time in order for the appointed accountant and auditor to complete your SMSF s tax return and audit These are some of the most important documents we require BANK STATEMENT - clearly identifying income and expenses Income EG: rental income from property Super contributions: identify the member for each contribution Expenses Property management fees, setup fees, legal fees, advice fees Insurance costs ASSETS: Property, Shares, Collectables, Managed Funds A valuation report for a property or a share or managed fund portfolio report for the 12 month period Copy of all transactions for the 12 month period (referred to as contract notes for shares) Copies of receipts for all SMSF expenses PROPERTY Contract of sale Settlement letter (obtained from your conveyance solicitor) Depreciation schedule (optional, if one was purchased) SUPER ROLLOVERS Benefit Rollover Statements where super rollovers were initiated by client Copy of ABN/TFN numbers where the client elected to apply for this service These are some of the most common required supporting documents; we will inform you of any others that are Required to complete your super funds tax return and audit. We take no responsibility for the time taken to complete your tax returns where information is not provided to us on time. Please note that ATO penalty fees might apply for late lodgements. 8 9

6 4 Common ASIC & ATO Fees 5 Using our SMSF Lending service ASIC SMSF Corporate Trustee Company Annual Fee $44 ASIC corporate Trustee Company Annual Fee $236 ATO Superannuation Supervisory Levy - $321 ( deducted from your tax return when in accumulation phase) These fees are payable annually and you will receive an invoice from ASIC for the first two fees which we will forward via . The ATO fee is deducted from your tax return where tax is payable, where it is not, you will need to pay the ATO this fee. An invoice will be forwarded to you with payment instructions. These fees are payable annually and you will receive an invoice from ASIC for the first two fees which we will forward via . The ATO fee is deducted from your tax return where tax is payable, where it is not, you will need to pay the ATO this fee. An invoice will be forwarded to you with payment instructions. The lenders we provide finance through How we are paid and what we are paid The lenders fees and charges If you refinance your loan within 2 years of using our services, the lender will claw back the commission fee paid to us. We will therefore issue you with an invoice to make payment of these fees for the service we provided you. For SMSF commercial and NRAS loans we charge a fee of $550 which is payable by you or by the lender on your behalf. If you do not proceed with lending after signing a credit quote, we will charge you a fee of $550 for the time spent placing your loan application, obtaining a loan pre-approval and for selecting an appropriate lender

7 6 SMSF Setup and rollover services 7 Remuneration paid by service providers to My SMSF Property When setting up your bank account, incorporating a company, establishing a trust deed or when rolling over your super, we rely on the accuracy of the information you provide. We will not be held responsible for inaccuracies and incorrectly completed forms. We cannot guarantee the time taken to rollover your super as each provider can take between days and longer depending on the information provided. Where My SMSF Property, arranges for your fund to apply for financial products and services, My SMSF Property may receive remuneration from the provider of the financial product or service. This remuneration is paid by the provider of the financial product or service, it is not an additional fee paid by you, or by your Fund. Service Amount Commonwealth Bank % of account cash holding balance Australian Money Market (AMM) Term deposits Up to 0.1% of account balance 12 13

8 8 Cancelation of our services You are able to inform us of your intention to cancel our service, via or letter. If our administration services are cancelled before our appointed accountant and auditor completes your first years audit and tax return, we will charge you $990 for the time taken to setup your super fund and provide all of the related setup services. 9 No Lock in Periods There is no lock in periods for our administration service. We do charge a cancellation fee if you do not complete the first years tax return and audit. No investment Restrictions Whilst we do not have investment restrictions, we offer three service levels with different price points to make our service affordable, taking into consideration the time and information required to complete your funds tax return and audit

9 10 SMSF Services The SMSF Residential Fund Has some investment limits given the extra time and information required to complete the administration work 2 properties A portfolio of 30 holdings (shares, managed funds or ETF s) and 30 transactions or trades Cash investments Premium SMSF Fund 11 Commencing lending or Administration Services, whilst purchasing a new property If you are already in the process of purchasing a property in your super fund before engaging our services, we will only provide general guidance on matters of Correct structuring of entities Contracts entered into, Options for securing property before a SMSF is setup This fund has a maximum fee of $2,200 and allows Allows up to 5 properties Collectables ( Art, physical gold, cars etc) Unlimited shares and transactions You are required to provide us with a list of all transactions and complete valuation report for your investment portfolio, in order for us to complete your tax returns and fund audit. We will not provide guidance or information to any existing third party providers such as solicitors or mortgage brokers or accountants that you have engaged, where an existing property purchase is still being completed. We feel that it is not professional or time effective for us to do so. We are happy to assist you from start to finish with any new property purchases

10 12 If you don t follow the rules, you risk one or more of the following Consequences Your SMSF being deemed non-compliant and losing its tax concessions Getting disqualified as a trustee Prosecution Penalties For details on your obligations as a trustee visit the ATO website at or Download the ATO s Running a Self Managed Super Fund Booklet These service guidelines help us manage your service expectations and inform you of your responsibilities and obligations, where you engage us to provide a service. It is very important that you adhere to these requirements. As a business focused on providing the highest level of service and care, we will always endeavour to inform you of any missing information and your responsibilities by or phone. Contact Us: P: E: W: mysmsfproperty.com.au Skype: mysmsfproperty *Where references are made to tax returns and auditing, these services are provided by independent accountants and auditors engaged by My SMSF Property Administration. General Advice Warning This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax and or legal advice prior to acting on this information

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