FREQUENTLY ASKED QUESTIONS
What is an SMSF?
A Self Managed Superannuation Fund (SMSF) is an effective way to gain control over your retirement savings and manage family wealth. You can tailor it to your financial goals and aspirations.
Who is Jarospace SMSF?
Jarospace is a professional services company that holds an Australian Tax Agent License providing Self Managed Superannuation Fund (SMSF) establishment, administration, accounting, audit, tax and company secretarial services in Australia. Basically we take care of all aspects of establishing and managing your SMSF.
What are the advantages of an SMSF?
- Total control of your investment decisions
- An avenue to buy shares, property, crypto currency, and other assets
- The ability to make investments not offered by the mainstream retail superfunds
- Lower tax rate on income and capital gains
How much do I need to start an SMSF?
There is no minimum amount requirement to set up a self-managed super fund (SMSF), however, setting up an SMSF comes with responsibilities and trustees should be confident in their ability to meet them. Before making a decision, you should learn more about SMSF compliance and risk.
For more information, visit our website, book a call with one of our SMSF specialist, or email us at info@jarospace.com
How long does it take to establish an SMSF?
Once the application is complete and establishment fee is received, we will start the process in less than 48 hours.
There are a few areas out of our control, like the ATO recognising the fund, opening a bank account, your current superfund sending across your super balance.
It can take 2 to 4 weeks to establish your SMSF and have it ready for investment.
Who controls the SMSF?
You. As the trustee, you completely control the SMSF, including but not limited to its investments and funds.
How do I rollover my existing super to the SMSF?
Once your SMSF is established and has an operational bank account, our team will prepare all documents required to rollover your existing funds to the SMSF.
What can I invest in with my SMSF?
- Cash and term deposits
- Shares, ETFs and managed funds
- Residential or commercial property
- Crypto currencies
- Gold, silver or other metal bullion
- Collectibles like wine, whisky or classic cars
For can offer specialised advice on your specific circumstances. For more information, book a call with one of our SMSF specialist, or email us at info@jarospace.com
How many people can join an SMSF?
Each SMSF can have up to 6 members. Each of the members also need to be trustees of the SMSF.
How much can I contribute for my SMSF?
Each member of the SMSF can contribute up to $30,000 per year in concessional contributions from 01 July 2024 onwards.
The ATO has rules around which type of contributions your fund can accept. For more information, book a call with one of our SMSF specialist, or email us at info@jarospace.com
Can I transfer my existing SMSF to Jarospace?
Absolutely, Yes. Book a call with one of our SMSF specialist, or email us at info@jarospace.com to get the process started.
When can I withdraw funds from my SMSF?
You can withdraw funds once you reach the preservation age set by the ATO based on your date of birth.
Do I have to pay tax in the SMSF?
Yes and No. In the accumulation phase, any contributions or income of the SMSF are generally taxed at a flat rate of 15%.
In the pension phase, after retirement, there is no tax on the income of your SMSF.
Can Jarospace offer financial and investment advice?
No. Jaro Space Operations Pty Ltd (ABN 89 648 528 750) is a registered tax agent (RAN 26220264). We only provide establishment, administration, accounting, audit, tax and company secretarial services in relation to your Self Managed Superannuation Fund.
We do not provide any financial or investment advice of any kind.
Prior to engaging us to establish your Self Managed Superannuation Fund, take advice from a financial advisor who holds an Australian Financial Services Licence (AFSL) and/or conduct your research in making a decision to set up a Self Managed Superannuation Fund.
What are the costs associated with having a Jarospace SMSF?
Jarospace charges a fixed establishment fee of $2750 (incl GST) to set up the SMSF; and a fixed annual fee of $2750 (incl GST) (paid monthly) to manage the SMSF. All annual ATO and ASIC fees are separate and paid directly to the government body.
What are the risks involved in an SMSF?
- We do not provide financial advice or advice as to whether an SMSF is appropriate for your financial plans, circumstances, objectives, situation or needs. Please speak with a professional financial adviser before deciding to establish an SMSF.
- The information on this site is of a general nature and does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.
- Unlike members of APRA-regulated super funds, SMSFs are not eligible to access any special compensation schemes or to access the support of the Australian Financial Complaints Authority (AFCA) if they suffer loss as a result of fraud or theft.
- SMSF members must resolve their own complaints or obtain their own legal assistance.
- SMSF members cannot access the Superannuation Complaints Tribunal.
- SMSFs are regulated by the ATO and require regular compliance. You will be responsible for compliance and making sure you are able to keep up to date with changes in the laws and regulations. Make sure you have the desire, capacity and time to learn your responsibilities as a fund trustee and to meet your ongoing trustee obligations.
- SMSFs have costs to run the fund, including set-up, investing, administration, accounting, and auditing. Any costs may have a significant impact on your retirement. Make sure that your SMSF will have a balance large enough to maintain its viability.
- Super funds often offer discounted life and disability insurance. With an SMSF you would need to purchase your own insurance. Before terminating your existing superannuation account review your insurance and insurance options and costs as you may want to retain this cover.
What is an SMSF?
A Self Managed Superannuation Fund (SMSF) is an effective way to gain control over your retirement savings and manage family wealth. You can tailor it to your financial goals and aspirations.
Who is Jarospace SMSF?
Jarospace is a professional services company that holds an Australian Tax Agent License providing Self Managed Superannuation Fund (SMSF) establishment, administration, accounting, audit, tax and company secretarial services in Australia. Basically we take care of all aspects of establishing and managing your SMSF.
What are the advantages of an SMSF?
- Total control of your investment decisions
- An avenue to buy shares, property, crypto currency, and other assets
- The ability to make investments not offered by the mainstream retail superfunds
- Lower tax rate on income and capital gains
How much do I need to start an SMSF?
There is no minimum amount requirement to set up a self-managed super fund (SMSF), however, setting up an SMSF comes with responsibilities and trustees should be confident in their ability to meet them. Before making a decision, you should learn more about SMSF compliance and risk.
For more information, visit our website, book a call with one of our SMSF specialist, or email us at info@jarospace.com
How long does it take to establish an SMSF?
Once the application is complete and establishment fee is received, we will start the process in less than 48 hours.
There are a few areas out of our control, like the ATO recognising the fund, opening a bank account, your current superfund sending across your super balance.
It can take 2 to 4 weeks to establish your SMSF and have it ready for investment.
Who controls the SMSF?
You. As the trustee, you completely control the SMSF, including but not limited to its investments and funds.
How do I rollover my existing super to the SMSF?
Once your SMSF is established and has an operational bank account, our team will prepare all documents required to rollover your existing funds to the SMSF.
What can I invest in with my SMSF?
- Cash and term deposits
- Shares, ETFs and managed funds
- Residential or commercial property
- Crypto currencies
- Gold, silver or other metal bullion
- Collectibles like wine, whisky or classic cars
How many people can join an SMSF?
Each SMSF can have up to 6 members. Each of the members also need to be trustees of the SMSF.
How much can I contribute for my SMSF?
Each member of the SMSF can contribute up to $30,000 per year in concessional contributions from 01 July 2024 onwards.
The ATO has rules around which type of contributions your fund can accept. For more information, book a call with one of our SMSF specialist, or email us at info@jarospace.com
Can I transfer my existing SMSF to Jarospace?
Absolutely, Yes. Book a call with one of our SMSF specialist, or email us at info@jarospace.com to get the process started.
When can I withdraw funds from my SMSF?
You can withdraw funds once you reach the preservation age set by the ATO based on your date of birth.
Do I have to pay tax in the SMSF?
Yes and No. In the accumulation phase, any contributions or income of the SMSF are generally taxed at a flat rate of 15%.
In the pension phase, after retirement, there is no tax on the income of your SMSF.
Can Jarospace offer financial and investment advice?
No. Jaro Space Operations Pty Ltd (ABN 89 648 528 750) is a registered tax agent (RAN 26220264). We only provide establishment, administration, accounting, audit, tax and company secretarial services in relation to your Self Managed Superannuation Fund.
We do not provide any financial or investment advice of any kind.
Prior to engaging us to establish your Self Managed Superannuation Fund, take advice from a financial advisor who holds an Australian Financial Services Licence (AFSL) and/or conduct your research in making a decision to set up a Self Managed Superannuation Fund.
What are the costs associated with having a Jarospace SMSF?
Jarospace charges a fixed establishment fee of $2750 (incl GST) to set up the SMSF; and a fixed annual fee of $2750 (incl GST) (paid monthly) to manage the SMSF. All annual ATO and ASIC fees are separate and paid directly to the government body.
What are the risks involved in an SMSF?
- We do not provide financial advice or advice as to whether an SMSF is appropriate for your financial plans, circumstances, objectives, situation or needs. Please speak with a professional financial adviser before deciding to establish an SMSF.
- The information on this site is of a general nature and does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions.
- Unlike members of APRA-regulated super funds, SMSFs are not eligible to access any special compensation schemes or to access the support of the Australian Financial Complaints Authority (AFCA) if they suffer loss as a result of fraud or theft.
- SMSF members must resolve their own complaints or obtain their own legal assistance.
- SMSF members cannot access the Superannuation Complaints Tribunal.
- SMSFs are regulated by the ATO and require regular compliance. You will be responsible for compliance and making sure you are able to keep up to date with changes in the laws and regulations. Make sure you have the desire, capacity and time to learn your responsibilities as a fund trustee and to meet your ongoing trustee obligations.
- SMSFs have costs to run the fund, including set-up, investing, administration, accounting, and auditing. Any costs may have a significant impact on your retirement. Make sure that your SMSF will have a balance large enough to maintain its viability.
- Super funds often offer discounted life and disability insurance. With an SMSF you would need to purchase your own insurance. Before terminating your existing superannuation account review your insurance and insurance options and costs as you may want to retain this cover.