Existing SMSF Take-on

If you have an existing SMSF, and you’re tempted to move it over to Superannuation Warehouse, there’s nothing stopping you. We can seamlessly take over the administration, accounting and taxation functions of your existing SMSF.

The more cautious of you might also be wondering how you would go about moving your Fund from Superannuation Warehouse to another provider. That’s easy – if you decided to leave us, it will cost you nothing and all your Fund files will be kept up to date, so everything can just be handed over.

The steps to Transfer a Fund over to Superannuation Warehouse are as follows:
1. Send us an email instruction asking us to take over your existing SMSF including the name of your SMSF, the Tax File Number and the name of the Fund’s existing accountant or administrator.
2. Superannuation Warehouse will contact the current accountant or administrator and request that your SMSF files and records to be transferred to us with an Ethical Letter.
3. We review your file for completeness, ensuring all lodgements are up to date.
4. We appoint Superannuation Warehouse as your Tax Agent.

Your obligation: Supply us with all your records in an Excel or other similar electronic file format. This enables us to import all your SMSF transactions electronically and perform an effective and efficient service. Items not available in Excel can be scanned and emailed, or posted to us via snail mail.

We strive to keep things as paperless as possible. Nevertheless, rest assured, we always keep a hard copy (paper) file containing all the records of your SMSF.

Note that we charge a one-off fee of $475 for an SMSF take-on. This includes the cost of obtaining your Fund records. If any previous years’ accounts, tax returns and audits are outstanding, we will charge $1,068 for each year that needs to be completed.

Once your SMSF is transferred to Superannuation Warehouse you can choose between our $60 and $100 plans. These are monthly fixed fees, irrespective of the number of transactions in the SMSF. We will send you a Direct Debit form to fill in so that the monthly fee can be deducted directly from your SMSF bank account.

The monthly fee includes the costs of the accounting, tax and audit. Please note, we will appoint an independent auditor to take care of your SMSF. Your SMSF is charged nothing for the auditor as this service is covered by your fixed monthly fee to Superannuation Warehouse.

An alternative way to transfer your SMSF to Superannuation Warehouse is simply to phone us or email us.

Please contact us today!

Questions & Answers

Q: How much will it cost me if Superannuation Warehouse takes over my SMSF in November?

A: Apart from the take-on fee ($475), we charge $1,200 to complete accounts and tax returns from each previous year (not all SMSFs have an administrator as diligent as Superannuation Warehouse, you know…). We then charge monthly from 31 July onwards, $60 or $100, depending on the plan you choose, so if we take over an SMSF in November we will charge for 4 months initially and then regularly from November onwards. We will ensure that your SMSF financial statements tax are completed on a timely basis. This is all taken care of with a debit order, so it will be deducted from your bank account on a monthly basis.

Q: Is there a minimum amount of time (e.g. 12 or 24 months) that must be committed to using Superannuation Warehouse’s administration services?

A: With Superannuation Warehouse, you are not committed to a minimum time, and there’s no penalty fee if you want to move your Fund to another accountant\administrator. We pride ourselves on providing an excellent service at a fair price and we are confident that you will remain with us as a client. However, should you decide to use another provider, no worries, we have all the updated soft and hard copies of your files ready to hand over directly to your new accountant.

Q: What does the take-on fee cover?

A: We’ll contact your previous accountants with an Ethical Letter advising them of our appointment for your SMSF. We’ll appoint ourselves with the Tax Office as the Tax Agent of your SMSF. Note that we always leave your address on the ATO records, so you receive all papers correspondence from the Tax Office. If we don’t receive a copy of the Trust Deed, previous accounts and audit report and tax return from your previous accountant, we’ll ask you for a copy.

Q: What documents should I send to Superannuation Warehouse?

A: There are 5 documents we need and these are:

1. Trust Deed

2. Minutes of Meetings

3. Investment Strategy

4. Trustee Declaration

5. Consent to act as Trustee and Member Application

We’ll contact your previous accountant and request copies of these documents. If they don’t have them, we’ll ask you for copies. If you don’t have them either, you can download copies, sign them and send copies to us. We prefer scanned copies, but if it’s more convenient for you to post them via courier, you can do that as well. You can download these documents and other useful SMSF documentation from the DOWNLOADS page. If you send us a paper copy, we will scan, save it on our system, and post the paper copy back to you.

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