SMSF Q and As

If you’re considering setting up a self-managed super fund (SMSF), or you already run your own SMSF, then this section provides easy-to-understand answers to the most popular questions we receive on SMSFs (also known as DIY super funds).

Set out below are all SuperGuide articles explaining SMSF Q and As.

Higher concessional contributions cap applies to over 50s from July 2014   Super Guide

Q: Do you need to be 60 at July 1 or could you turn 60 any time in 2013/2014 to take advantage of the new $35,000 cap?

SMSF: How much does a DIY super fund cost? (updated figures)   Super Guide

Q: My wife and I are considering setting up a self-managed super fund. I asked two advisers for a quote on the set-up costs for a self-managed super fund with a starting balance of $600,000.

Are SMSF audits too expensive? (updated figures)   Super Guide

Q: SMSF auditors and administrators are charging rather high audit fees, perhaps because of the mandatory nature of these audits.

SMSFs: Taking a lump sum from your super fund (5 Q&As)   Super Guide

Q: We have a SMSF with two members, both members having accumulation accounts and pensions. We understand that when you draw down pension amounts, the drawdown amount reduces the pension balance in accordance with the tax-free/taxable components, and any super contributions you make go into the separate accumulation account.

SMSF basics: Can I run two super funds? (2 questions)   Super Guide

Q: My wife is 58 and retired and she has her own SMSF, where she has rolled over her super funds from various employers. She plans to start her SMSF pension soon.

SMSF pension: After making super contributions, when can I convert to another pension?   Super Guide

Can I start the new account based pension as soon as I meet another “condition of release”, i.e. stop my part time employment?

SMSF pensions:  Stick with original tax free and taxable components    Super Guide

Could you please tell me whether our SMSF pension fund earnings are tax free, taxable or are split in the same taxable/tax free proportion as existed when the pension phase began?

SMSF pension: Can I still make super contributions?   Super Guide

Q: I am 62 years of age and retired. I have recently commenced an account-based pension from my SMSF. Can I still make non-concessional contributions to that fund?

SMSF pensions: How do I start one?   Super Guide

Q: How do you change your self-managed super fund (SMSF) from accumulation phase to pension phase (husband aged 60, and retired) and transition-to-retirement pension phase (myself aged 57 and still working part time)?

Is property a good investment for your SMSF?    Super Guide

Over recent years, I have lost count of the number of times I have been asked whether I think property is a good investment for an SMSF.