Time required to manage an SMSF
The time it takes to manage an SMSF depends on the fund’s investment approach and the trustees’ knowledge and skills.
Key activities include researching investments and regularly reviewing the SMSF investment strategy.
SMSF administration also includes:
- Paying SMSF fees and taxes when they’re due
- Reviewing and signing financial statements and the SMSF annual tax return
- Providing your SMSF administrator with any required records or documents
The time required will depend on the complexity of your SMSF’s investment strategy and holdings. For most SMSFs with simple listed investments, the administration time required each financial year should be minimal.
Adding a member to your SMSF
You can add another member to your SMSF. To get started, ask the new member to complete the form below:
A $199 fee applies when adding or removing a member from your fund.
What happens next
Once we receive the new member’s details, we’ll:
- Send the required documents to all SMSF members for signing
- Submit the member update to the Australian Securities and Investments Commission (ASIC) and Australian Taxation Office (ATO)
Once lodged, these updates can take up to 28 days to be reflected.
Transferring super for a new member
The new member must be officially registered with the ATO before they can transfer their existing super into the SMSF.
Employer contributions can be made immediately once the process is underway.
Making a binding death benefit nomination
You can request a binding death benefit nomination (BDBN) by completing the form below:
[Complete the form]
Once we receive the completed form, we’ll update our records and let you know.
Closing an SMSF
Winding up an SMSF generally involves:
- Liquidating all investment assets to cash
- Paying any outstanding fees and taxes in advance
- Calculating the final member balances
- Rolling member balances via SuperStream to a chosen complying super fund
- Preparing the final accounts, tax return and audit
- Deregistering the trustee company with ASIC, where applicable
Moving overseas with an SMSF
If you permanently move overseas or live overseas for an extended period, typically two years or more, you may no longer be eligible to be an SMSF trustee.
You may appoint an enduring power of attorney to take over your role as trustee or director of the fund’s trustee company while you remain a member. However, the appointed trustee or trustees will control the fund, not you as the member.
We recommend seeking specialist advice based on your personal circumstances.
Transferring your SMSF to another accountant or provider
If you decide to use another accountant or SMSF provider, you’ll need to notify us in writing that you’re cancelling your SMSF administration service.
We’ll provide relevant records and documents electronically to you or your nominated provider.
Certain internally generated files, file notes and working papers will remain our property. We’re also required to retain certain records relating to your SMSF after your relationship with us ends.
Running a pension account within your SMSF
Stake Super supports SMSFs with pension accounts.
There are no additional fees for the ongoing administration of an SMSF with a pension account. However, depending on your package, one-off fees may apply for preparing the legal documents required to start the pension.
See our full fee schedule or contact our team for more information.
