Adelaide Office: Shop 25/429 Montague Road
Modbury North, 5098
Melbourne Office: The Parque, Unit 231/555 - 557 St Kilda Rd
Melbourne Vic 3004
(08) 8263 4009
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Self Managed Super Adelaide
Looking to setup a self managed super account? We’d love to help!
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How can we help?
Whether you are a near-retiree, or someone planning for retirement in advance, we'd love to help you with SMSF setup or SMSF accounting. We have a dedicated team here in house, ready to help you find the best SMSF setup for your situation.
Meet The Team
RIck Nieuwenhoven
CEO, Senior Accountant
Karyn Reddick
SMSF Loan Specialist
Jessica Crannaford
Client Support
Customer Reviews
We send each client a request for an honest Google review after each appointment because we value all feedback (positive and constructive). Here below are a selection of recent customer reviews.
Staff were very helpful with sorting a personal loan and very quick with the process!
Justin Lloyd
Loan Client Google Review
Nieuvision has helped me for 6 years now on property investment, financial advise, loans and property management. You get get a customized service, all transactions are easy and facilitated by a professional and friendly team.
They know what they are doing and spend the time to explain it in plain language to non-specialists. Comprehensive service, absolutely recommended.
Marie Viant
Property Investment Client Google Review
Rick & his team genuinely care about getting the best outcome.
I've secured my financial future thanks to their 1-stop shop.
Cain Gava
Client Google Review
SMSF Setup Frequently Asked Questions
What is an SMSF?
Self-Managed Super Fund is a superannuation fund controlled by the individual investor. It provides flexibility to the investor and allows them to choose their investment types.
Are SMSF’s easy to set up?
It is easy to set up a Self-Managed Super Fund when you are dealing with professionals. There is a lot of regulation surrounding the superannuation environment and it something best left to those with experience in the field. Whilst you can be involved in the process it is imperative that your SMSF abides by specific regulations.
Who manages my SMSF?
Ultimately the individual is responsible for their own SMSF. Nieuvision offers comprehensive services to make this process almost hands free for the investor. The compliance, maintenance, audits, tax returns and reviews of the SMSF can be done by us.
How much do I need in superannuation before I can set up a SMSF?
There is no minimum amount required before you can set up a SMSF. However, it’s often said that a balance of $200,000 or more makes the SMSF more viable.
Why $200,000? Because of the audits and other financial activities of the fund that often add up to a couple thousand dollars per year are fixed costs, no matter how much you have in your fund, the costs don’t change. Therefore, it becomes more cost effective to run the SMSF with a bigger starting balance. The common costs include trust deeds, bank fees, documentation of the company, fees for advice about financial planning etc.
For example, if you have a balance of $50,000 or less, the operating expenses will be about 12.55%. Whereas if you have a balance of $500,000, the operating expenses would be 1.43%. The more balance you have in your SMSF, the lower the operating expenses will be as a percentage of your balance.
What are the fees associated with running a SMSF?
There is an upfront cost to set up the SMSF which varies between $1,000 and $3,000 depending on circumstances. The ongoing fees are between $1,000 and $2,500 depending on SMSF investments and complexity.
The ongoing fees include:
- Annual SMSF audit fee
- Annual ASIC fees that a corporate trustee pays
- Administration and Management charges for running an SMSF like equipment and supplies
- Fees of an advisor for portfolio maintenance
- If you’ve purchased a property in your SMSF, other charges including, rental property charges, cost of property management, insurance costs etc. will be incurred.
These costs or charges can vary from one fund to the other. So, always choose the right option according to your financial circumstances.
What can be invested in a SMSF?
Of course, cash is the most common way to invest in the Self-managed Super Fund. But if you do not possess enough cash but have other assets like property, shares, and artwork or antique which has a value equal to start an SMSF, it can be invested. ATO also says that shares and property are the chief growth investments and are tax-effective, which means that the worth of the investment will increase quicker than inflation, hence making real-money.
Can I buy property with my SMSF?
Absolutely. Many Australians are buying property with their super. We’ve put together a guide to it here: Guide to buying property with Super.
Are there SMSF loans available?
Yes, we’ve put together a guide to cover the most important aspects of SMSF loans.
Common SMSF Mistakes
If you are starting out as an SMSF trustee, it is vital that you are aware of some of the common mistakes that trustees make, primarily as an SMSF novice. Mistakes are often inevitable; however, if you gain the necessary knowledge, errors will be less likely. Here is a list of some common SMSF mistakes to facilitate your SMSF experience.
Buying Residential Property From a Relative
Buying a property from a related party is forbidden; this is a common mistake when purchasing residential property through an SMSF. The property you are buying cannot be owned by someone related to a member of the fund. Violating this rule will often result in a significant penalty imposed by the ATO.
Paying For Personal Investment Property With SMSF Funds
Trustees often make this mistake because they claim that their personal investment property will be used for their retirement. Because the SMSF is also for their retirement, they confuse the two. However, paying the mortgage for your personal investment property using SMSF money is not allowed. Once again, this type of mistake may result in a penalty being issued by the ATO.
Living in Residential Property Purchased With SMSF Funds
Residential properties purchased using SMSF funds are not to be lived in or used by members of the fund. Although these mistakes are often difficult to detect, living in a property purchased using SMSF funds is a violation of SMSF rules and regulations.
Paying Rent Into Personal Bank Accounts Instead of Into The Fund
When you purchase a property through an SMSF, it is the property of the SMSF. Therefore, any rental income should be paid into the fund rather than into a personal bank account.
Non-Compliant Related Party Loans
The rules around non-compliant related party loans state that making a related party loan to your super fund is not allowed. This is a common mistake, using a party related loan to purchase an asset. You can personally lend money to the fund for commercial reasons; however, in cases like this, the single acquirable asset rules must be met.
Breaking The Single Acquirable Asset Rule
If your SMSF takes out a loan to purchase an asset, the loan must be used for this purpose. Fund members often make the mistake of thinking that one loan can be used for multiple purposes. However, this is not the case, you should only purchase one asset per loan.
Purchasing house and land packages also break the single acquirable asset rule, purchasing the land and the house requires two separate contracts. Building a home with an SMSF loan is also not possible, because there are many different contracts associated with building a house; therefore, building a house would breach the single acquirable asset rules.
Purchasing Properties in High-Risk Areas
Purchasing properties in high-risk areas is a common mistake. For example, buying property in a mining town or beach towns close to unstable land. Before purchasing a property, conduct thorough research on the location, study market trends, or speak to a property expert before you commit.
Contact
(08) 8263 4009
Clovercrest Plaza, 429 Montague Rd, Modbury North SA 5092