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FY23: The Year Of The SMSF

FY22 has been a rocky year for markets and Australia’s superannuation has felt the pain. So as you gather your financial documents for tax time, take a look at your super performance and see why it's time to take back control with Stake Super.

As the financial year closes, Australia gathers all its information as it prepares to do everybody’s favourite activity: taxes. But for many, this year has unique challenges after the recent market crash wiped the ASX All Ordinaries’ progress going back to the middle of November 2020. Very few saw this coming, and even fewer were prepared. While a rising tide lifts all portfolios, it’s more important than ever in a down market to take control. Especially when the stakes are rising for Aussies, with superannuation guarantee contributions (SGC) rising from 10% to 10.5% from 1 July 2022. Now is the time for Australia to reevaluate its superannuation strategy, fees and asset allocation.

Unfortunately, traditional super funds don’t offer much flexibility, and historically, self-managed super funds (SMSF) have cost far too much. But times are changing, and with the launch of Stake Super, you now have the power to invest in everything from U.S. and ASX stocks &  ETFs to crypto, and more for $990 per year.

Why 0.5% Matters

Let’s take a step back and ask why a 0.5% change to superannuation guarantee contributions (SGC) matters.

While that may seem small on face value, if we use the median annual earnings of Australians ($90,916.80*), the median yearly superannuation guarantee contributions will increase from $9,092 to $9,546. That is a lot of money to leave outside of your control, mindlessly adding it to a retail super fund.

No Taxes Until 2024

If you set up a self-managed super fund (SMSF) with Stake Super in FY23, your tax returns won’t be due until 2024. And did we mention that our $990 annual fee includes an accountant that will file them for you? We realise that doing your taxes can be a pain, and as discussed in our previous article (How One SMSF Myth Is Holding You Back), we handle your accounting, audits and reports for your self-managed super fund so you can focus on investing.

And that’s not all. By taking control of your superannuation with Stake Super in FY23, you won’t pay any Australian Securities and Investments Commission (ASIC) or Australian Taxation Office (ATO) fees until 2023. That’s $315 in savings right there.

How Can This Be True

What’s so different about Stake Super that has allowed us to achieve this? By adopting technology, Stake has brought down the costs of establishing and managing a self-managed super fund. We have automated the establishment process, SMSF transfers, annual accounting process, financial statements and reporting, and even included the independent audits for your self-managed super fund (SMSF) as part of our annual fee of $990.

With access to 8,000+ U.S. and ASX stocks & ETFs, cryptocurrencies, property, precious metals and more, young investors are taking control of their superannuation with Stake Super – Australia’s most hassle-free SMSF.

Sign up in 5 mins, and we’ll set up your self-managed super fund for you. Learn more about Stake Super here.

This does not constitute financial advice, nor is it a recommendation that an SMSF may be suitable for you. Do your own research and consider speaking to a licensed financial adviser before making a financial decision. This article has not considered your personal circumstances, financial objectives or needs.

*This number has been taken from the ABS’ November weekly median figure

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Stakeshop Pty Ltd, trading as Stake, ACN 610105505, is an authorised representative (Authorised Representative No. 1241398) of Sanlam Private Wealth Pty Ltd (Australian Financial Services Licence No. 337927) ('Sanlam') and an authorised representative (Authorised Representative No. 1241398) of Airwallex Pty Ltd (Australian Financial Services Licence No. 487221) ('Airwallex'). Stake is not authorised by Airwallex under Airwallex’s AFSL to arrange for clients to be issued with securities as Airwallex is not authorised under its AFSL for this purpose. Stake is not authorised by Sanlam under Sanlam’s AFSL to arrange for clients to be issued with a non-cash payment facility as Sanlam is not authorised under its AFSL for this purpose. Stake SMSF Pty Ltd (‘Stake Super’) is not licensed to provide financial product advice under the Corporations Act. This specifically applies to any financial products which are established if you instruct Stake Super to set up a self managed super fund (‘SMSF’). When you sign up to Stake Super, you are contracting with Stake SMSF Pty Ltd who will assist in the establishment of a SMSF under a ‘no advice model’. You will also be referred to Stakeshop Pty Ltd to enable your trading account and bank account to be set up in order to use the Stake Website and/or App. Stakeshop Pty Ltd will also run marketing and promotions to you under. For more information about SMSFs, see our SMSF Risks page.The information on our website or our mobile application is not intended to be an inducement, offer or solicitation to anyone in any jurisdiction in which Stake is not regulated or able to market its services. At Stake and Stake Super, we’re focused on giving you a better investing experience but we don’t take into account your personal objectives, circumstances or financial needs. Any advice given by Stake is of a general nature only. As investments carry risk, before making any investment decision, please consider if it’s right for you and seek appropriate taxation and legal advice. Please view our Financial Services GuideTerms & ConditionsPrivacy Policy and Disclaimers  before deciding to invest on or use Stake or Stake Super. By using our website or service in any way, you agree to our Privacy Policy and Terms & Conditions. All financial products involve risk and you should ensure you understand the risks involved as certain financial products may not be suitable to everyone. Past performance of any product described on this website is not a reliable indication of future performance. Stake and Stake Super are registered trademarks in Australia.

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