Contact us | Heffron Home About Us Our Story Our Team Join our Team Careers at Heffron Students & Graduates Fund Administration For Professionals Accountants Advisers For Trustees / Fund Members Actuarial Certificates Education & Support For Professionals Events Event overview Register for an event Courses Course overview Super Foundations short course Super Extension short course Super Specialist short course Mini Courses Technical Support Technical Support overview Help Desk Knowledge Centre Super Companion Documents Request a document Super Toolkit (Guided self-serve) For Trustees / Fund Members Overview of Trustee services Knowledge Centre Trustee Webinars Technical Support Request a document News & Insights Contact Quick Access Search Contact Us Subscribe to our newsletter Our Services Fund Administration Advisers Pricing and inclusions Transition process Establish an SMSF now Transition an SMSF now Request a sales call SMSF wind up service Accountants Pricing and inclusions Onboarding Process Request a sales call SMSF wind up service Trustees / Fund Members Pricing and inclusions Transition process Establish your SMSF now Transition your SMSF now SMSF wind up service Actuarial Certificates Volume packages Request a sales call Request an act cert (form) Education & Support Events for Trustees Learn more Register now Events for Professionals Learn more Register now Courses for Professionals Learn more View Super Foundations sample View Super Extension sample Technical Support Download Help Desk pricing Legacy Pensions and Reserves Division 296 Documents Professionals – Request a Document Trustees – Request a Document Login Heffron Administration MAESTRO Heffron 'New Platform' Find out more Events for Professionals Super Companion Mini Courses Super Foundations short course Super Extensions short course Super Specialist short course Heffron IQ Portal Super Toolkit Contact us Our office hours Our SMSF specialist customer relationship team are available to take your call from 8.30am – 5.30pm Monday to Friday. More Information Contact us anytime Simply fill in the form below and outline your requirements. We will make sure the right person reaches out to you. More Information Our FAQs We’ve been working with SMSFs for over 25 years and have compiled a list of our most popular customer questions below. More Information Our office hours Our SMSF specialist customer relationship team are available to take your call from 8.30am – 5.30pm Monday to Friday. Heffron Consulting Pty Ltd Maitland Address Unit 1, 27 Bulwer Street Maitland NSW, 2320 Brisbane Address Level 15, 120 Edward Street Brisbane QLD, 4000 Email Address [email protected] Phone 1300 433 376 Postal Address PO Box 200 Maitland NSW, 2320 Make an enquiry Contact us anytime Simply fill in the form below, outline your requirements and we will make sure the right person reaches out to you. Please note: This form is for general queries, if you have a technical question follow the link below. Request technical help here Frequently Asked Questions Our FAQs We’ve been working with SMSFs for over 20 years and have compiled a list of our most popular customer questions below. About SMSF What is an SMSF? A superannuation fund is a tax structure (like a company, trust or partnership) but one that has a specific purpose – it is designed to be used to save for retirement. An SMSF is simply a special type of superannuation fund. The difference between an SMSF and other types of superannuation funds is that generally, SMSF members (trustees) are also the people in charge of the fund. This means that if you choose to have an SMSF, you and your fellow trustees have complete control over how it is run, what investments are made and what other suppliers such as administrators, insurance companies etc. it uses. Visit our Knowledge Centre to learn more about SMSFs. What are the benefits of an SMSF? For most Australians, superannuation is one of the largest assets we hold and naturally we want to control it. As a trustee of an SMSF you have full control over your SMSF.There are many benefits of an SMSF with the main ones being control, cost effectiveness, investment choice, tax benefits, borrowing and portability. Visit the Knowledge Centre to learn more about the advantages of SMSFs. What type of trustee structure should I choose? SMSFs are just one example of a special type of legal entity known as a “trust” and all trusts have “trustees” (the people who are in charge). The trustees of your SMSF can be a group of individuals or you can set up a company to be the trustee. If you set up a company, the people in charge will be the directors of that company. We recommend all SMSFs set up a company to be the trustee for many reasons but largely because it is simpler and gives you better protection and control when things in the SMSF change. Things can change for many reasons - a member might die, suffer from an illness like dementia or accident that means they are no longer allowed to make decisions or a new member might join. These are dealt with far more easily when the trustee is a company. Learn more about the different trustee types in our Knowledge Centre. How much super do I need to start an SMSF? There is no specific amount you need to commence an SMSF, however, generally, the lower the balance of an SMSF the less cost effective they tend to be. SMSFs typically have a fixed administration cost meaning the larger the fund’s balance the less the fixed expenses are as a proportion of the fund. Remember the fund balance can be made up of total super savings of up to four members. What information do I need to provide to my employer / what do I include on my Super Choice form? If your employer is going to contribute to your SMSF, you’ll need to give them two documents: A completed "Superannuation (super) standard choice form". If your fund was set-up by Heffron this was included in your Welcome Pack. If you join a new employer after your SMSF has already been established, you can simply complete another form. To complete another form you will require your personal details and details of the super fund. A document confirming the fund is recognised by the Australian Taxation Office as a "regulated" fund. You can locate and print a copy of your fund's status by searching your Fund's ABN or name in the Super Fund Lookup service. Learn more about setting up an SMSF in our Knowledge Centre. Are there restrictions around who I can appoint as a trustee? Trustees are the people who are legally in charge of the fund. Some people are specifically not allowed to be a trustee. This includes people who: have ever been convicted of an offence involving dishonesty have ever been subject to a civil penalty order imposed by superannuation law are considered insolvent under administration are an undischarged bankrupt have been disqualified by a regulator e.g. ATO or APRA There are certain circumstances where you can’t be a trustee but someone else is allowed to do it for you. Under these circumstances, you can still have an SMSF. This is possible, if: You are under 18 and your parents are the trustee for you You are disabled and have someone who has been legally appointed to manage your affairs You have given someone an “enduring power of attorney” (a legal document that allows them to act on your behalf in a number of ways, including being the trustee of your SMSF). Visit the Knowledge Centre to find more information for and about trustees. I already have a company. Can I use this same company as a corporate trustee for my SMSF? Technically, yes. However just because you can, it doesn't mean it is a good idea to do so. Using a company for multiple purposes is fraught with risk. There are stringent regulation requirements around self-managed super funds, there cannot be any overlap between SMSF funds and other company funds. In some situations, if your company gets into financial difficulty or is subject to litigation through its other trading activities your SMSF assets could be at risk. There are also potential issues associated with identifying the owner of the assets and with registering charges over your company. For the cost of registering a new company, it is not worth the risk of endangering your complying SMSF status. The best practice is to register it as a special purpose SMSF company. A special-purpose SMSF company is one that only acts as trustee of an SMSF. Will my existing fund balance automatically rollover to my SMSF? When you first set up an SMSF you might have money in another superannuation fund that you want to transfer to your SMSF. This type of transfer is called a "rollover." If you're going to close your old super account and move it all to your SMSF, you will be required to contact the institution and request a rollover/transfer from. The transfer can occur electronically to the nominated bank account or via cheque (if a rollover is sent by cheque Heffron will receive the rollover statement and cheque and forward the documents to the client) You will be required to provide the following details: SMSF Name ABN Number USI Number- not applicable to SMSF'S (leave the section blank) SPIN Code- not applicable to SMSF'S (leave the section blank) Member Number - SMSF'S generally do not have a member number however should you wish to list a number in that section you can list number 1 Learn more about setting up an SMSF in our Knowledge Centre. How often should an SMSF deed be updated? There is no legislative requirement to have the deed updated however we do recommend clients review their trust deed every 3 to 5 years. What is Technical Support? Technical Support is any technical query relating to the super fund, some examples are: Compliance with law and legislation Strategy Contributions Investments When you purchase Heffron's technical support package you get access to market leading SMSF experts who can clarify legislation, provide you with SMSF strategies or simply act as a sounding board. What is an Electronic Service Address (ESA)? SMSFs are required to receive employer superannuation contributions using the Government’s SuperStream Data and Payment Standard (the Standard). The Standard is part of the Government’s Stronger Super initiative and introduces a streamlined method of sending superannuation payments and associated information electronically. To comply, every SMSF that receives employer contributions will need an Electronic Service Address (ESA) that is supplied to employers. To help you comply we have selected SMSF DataFlow, a free, open and portable SuperStream electronic messaging service as our preferred solution. The ESA for this service is: smsfdataflow What investments are allowed within an SMSF? The investment will have to be compliants with the SIS act and permitted by the deed rules of the fund, in line with the overall investment strategy of the fund. All investments by your SMSF must be made on a commercial 'arms-length' basis. The purchase and sale price of fund assets should always reflect true market value and the income from fund assets should always reflect a true market rate of return. Generally: - you can't buy assets from, or lend money to, fund members or other related parties (there are some exceptions to this rule) - your fund can't borrow money Rules about investing in SMSFs are available in our Knowledge Centre. Additional information can be found on the ATO website. How do I make contributions to my SMSF? If you are going to contribute to your SMSF, you simply deposit the money in your fund's bank account. There are no forms to complete. You can arrange for your contributions to be made via regular payments or once-off amounts - whatever suits you best. If you're going to claim a personal tax deduction for some or all of your contributions, just let Heffron know. We will complete the right ATO forms and send them to you. You'll need these before you lodg…