FY23: The Year Of The SMSF

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.

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's a lot of money you could be putting to work in your SMSF.

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

This is not financial product advice, nor a recommendation that a self-managed super fund (‘SMSF’) may be suitable for you. Your personal circumstances have not been taken into account. SMSFs have different risks and features compared to traditional superannuation funds regulated by the Australian Prudential Regulation Authority (‘APRA’). Stake SMSF Pty Ltd, trading as 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 an SMSF. When you sign up to Stake Super, you are contracting with Stake SMSF Pty Ltd who will assist in the establishment and administration of an 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. For more information about SMSFs, see our SMSF Risks page.