FAQs

Frequently Asked Questions

Will my SMSF be fully ATO compliant after the SMSFCheck review?
Your fund may receive a tick in all of the areas under review. However, it is most likely that you will need to address some areas that are highlighted in the review. We recommend you seek further advice from a financial planner, accountant or solicitor, depending on the review area to check whether you are compliant in all areas. Or you could refer to the ATO’s website for further guidance.
Can I do an SMSFCheck review if I don’t have a Self Managed Superannuation Fund?
No, the questions and areas for review are often unique to SMSFs. Other services to assist investors and superannuation members so please register your interest with us for future updates by clicking on the “Register Now” button in the menu of our website.
I’d like to know how any changes I make to the factors going into the retirement income calculator could make a difference to the outcome?
That’s a great idea. An estimate of the income your fund will generate for your retirement is impacted by a large number of factors including contributions, tax rate, costs, investment returns, and drawdowns. We use a fairly simple chart from our calculator based on the information you have supplied at the time of the report to let you know if you’re broadly on track or need to make some changes. We have provided an Excel version of the calculator for you to model your own assumptions in the Education section of our website. A password for the calculator will be emailed to you on completion of your report.
What if I haven’t outlined any specific investment objectives in my Investment Strategy?
That’s OK. We believe it is best practice to include them going forward and our risk profile and return expectation information should help you do that.
I don’t know which Risk Profile to choose for my fund?
We ask you to nominate one risk profile from the options we provide. You can see the description of each risk profile, the long term expected returns and the associated asset allocation in the Education section of our website. You should select the one you are most comfortable with. However, if you have concerns that members may have slightly different views on the best risk profile and that this will reflect in your investment decisions you should note this in your Investment Strategy.
What if I have different Risk Profiles amongst the members of my fund?
Our review service looks at a single risk profile and asset allocation for the fund as this is how most trustees structure their reviews. However, if you have members with different risk profiles you should refer to the Education section of our website for guidance on the differences between them. You may also consider keeping separate investment accounts for each member with independent investment strategies.
I notice that you’ve simplified the asset allocation to four groups: cash, fixed interest, property and shares. What if I have assets that don’t seem to fit into these categories?
We have used a very simple asset class structure so that it suits most investors. We’ve provided a description of each asset class and what sort of investments that fit into each in the Education section of our website so you could look at that as a guide. The “Other” category should be used for investments such as commodities, currencies, collectibles, derivatives and alternative assets such as absolute return funds. When you hold a Balanced fund that is a pool of different asset types try and allocate them to each asset class by looking at your fund’s investment strategy. This will help to make your asset allocation benchmarking more relevant and accurate.
Do I have to have an asset allocation benchmark for my fund?
No, this is not a legal requirement for your Investment Strategy. However, we encourage best practice for investment management and we believe you should have both a target % amount to invest in each asset and an allowable range for each asset. Your benchmark may differ from the recommended one for your risk profile according to your assessment of what investments are right for your circumstances and you should note this in your Investment Strategy. An asset allocation benchmark will give you a basis to review if your investment approach is on track. Of course, your risk profile and asset allocation will need to be altered over time as your circumstances change (for example, in retirement you may take a more conservative approach) so you should regularly review whether your investment targets are still appropriate.
What type of payment methods can I use?
Our selected payment method is PayPal. PayPal supports a number of payment methods such as credit card and linked bank accounts. Once you have selected your purchase, you then proceed to checkout where are required to complete some basic contact details. After submitting you are then directed to the secure PayPal website where you authorise payment. You do not need to hold an existing PayPal account to use PayPal as you are able to perform guest checkouts. For the different features of PayPal please visit: https://www.paypal.com/au/webapps/mpp/pay-online.
Will you issue me a tax invoice?
Yes, we will issue an invoice in the fund’s name which is emailed to you with the report. Please ensure you use a name that either matches or resembles your fund name during the questionnaire so that this is a valid document for you to claim as an expense.
Is the cost of the review tax deductible?
We believe the review should be an expense to the fund that can be claimed in the financial year it is incurred. However, as we are not licensed to give taxation advice you should consult with your accountant or taxation adviser to confirm this.
How will my details be kept private and secure?
We give high priority to ensuring the privacy and security of your personal information. We have partnered with Amazon Web Services to provide the highest levels of security for the data we collect and store from your report. To read more about Amazon’s security standards please click on the following link:

http://aws.amazon.com/compliance

Payments are processed by PayPal. We do not store your credit card details and they are used for this single purpose only. PayPal is a leading global provider of payment processing services. You can read more about PayPal at https://www.paypal.com/au/webapps/mpp/pay-online.

When it comes to privacy we do not provide your details to any third parties and will not use them for any other purpose except for the SMSFCheck reports prepared for you. We also do not ask for any unique identification information like your fund’s full legal name, ABN, tax file number or bank account details.

We may occasionally send marketing material to the email address you provided if we think there is information that will be of use to you. If you do not wish to receive any other material from us please email: info@smsfcheck.com.au and ask to unsubscribe from our mailing list.

Phone: 0412 244 296
Fax:
PO Box 6383
Fairfield Gardens, QLD, 4103
Wealth Check Pty Ltd, ABN 67 602 218 477 trading as SMSFCheck. Corporate Authorised Representative of Australasia Wealth Services and Management Pty Ltd ABN 21 166 826 240, AFSL 450 303.