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How much time does an SMSF take to manage?

The amount of time it takes is dependent on the investment approach of the trustees. Investment research and regularly reviewing the SMSF investment strategy are the key activities required.

Administration time includes paying SMSF related fees and taxes when required, reviewing and signing financial statements and the SMSF annual tax return and providing the SMSF administrator any required records or documentation they need. Administration time is relative to the complexity of the SMSF investment strategy and investment holdings. For most SMSFs with simple listed investments, the administration time commitment each financial year would be minimal.

How do I add a member to my existing SMSF?

Adding a member requires the individual to complete a member application and ATO Trustee Declaration for the SMSF and some other relevant minutes and declarations. Any new members also need to be added as directors to the SMSF trustee company.
The ATO also needs to be updated and it can take up to 28 days before the new members can elect to transfer existing super to the SMSF.
Please contact us to confirm the information required and fee applicable to add a new member.

How do I provide a binding death benefit nomination for my SMSF?

Contact us to obtain a binding death benefit nomination template. Please note legal advice should sought specific to your situation prior to completing a BDBN.

What is the process to close / shut down my SMSF?

To wind up an SMSF all investments must be sold to cash and the final accounts, tax return and audit prepared for the fund.
Any fees and taxes must be paid in advance.
Your final member balances are calculated and transfer forms prepared and sent to your chosen superannuation fund with payment.
Please email us at smsf@hellostake.com if you wish to close down your SMSF.

What happens to my SMSF if I move overseas?

If you permanently move overseas or move overseas for an extended period (typically 2 or more years) you will no longer be eligible to be a trustee of an SMSF.
You can appoint an Enduring Power of Attorney to take over your role as trustee (or director of the the trustee company of the fund) while you remain a member, however the person(s) appointed as trustees are in control of the fund - NOT you as the member.
We recommend you seek specialist advice specific to your personal situation.

How do I transfer my SMSF to another accountant or SMSF provider?

If you decide to engage a different provider to assist you in managing your SMSF you need to notify us in writing that you are cancelling our SMSF Administration service.
We will provide any relevant records and documents to either you or your new nominated provider (electronically). Certain internally generated files, file notes and working papers will remain our property. We also have certain legal and compliance requirements to keep records relating to your SMSF after your relationship with us has ceased.

Does Stake Super accommodate for running a pension within my SMSF?

Absolutely! Stake Super accommodates SMSFs running pension accounts. Although we don’t charge any additional fees for the ongoing administration of SMSFs holding pension accounts, depending what package you are on, there may be additional one-off fees payable to prepare the legal documents that are required as part of the pension commencement. Please read our full fee schedule here or book a call to speak directly to a specialist.