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BETA Release of SMSFs
SMSF BETA 2 release
Please note that SMSFs are currently in a BETA, so we are still improving them and the current modelling has some limitations. During BETA 2 phase, we appreciate your patience and welcome your feedback.
What you cannot model in the SMSF Beta 2 release
If an SMSF has any of the following you should submit the case to our SDS service or check the results carefully (these items will be clearly marked with the rocket icon), as they are not officially part of the websolve:
- Loans that are secured by shares/managed funds
- Three or four members
- Complex requests outside the scope of the current interface
What you can model in the SMSF BETA 2 release
You can model SMSFs with:
- Two people
- Investments of cash or shares/managed funds
- Properties and their mortgages
Even if your case fits the above criteria, you should still be aware of the limitations, below.
Your results should be quite robust if your case fits within what you can model, listed above. However, please be aware that it may still have some limitations:
|Action items and Strategy summary in the results|
In the results (online and in documents), SMSFs are mostly covered. However please note that the action items may not list all activity in the SMSF and the strategy summary text may be missing some details, particularly for start of year values. However if text results are missing, you can check the detailed reports for more details.
|Solve times may be slower|
Applies to the following cases: Any case with an SMSF may be affected, although cases with fewer assets in the SMSF are less likely to be affected.
Background: You may need to wait up to 5 minutes for the results to be calculated. If it takes longer, see Tips for reducing solve times or Contact Optimo Financial. You can see the progress in the Solve events, if multiple iterations are required, it will take longer because Pathfinder is working harder.
|Payment of expenses and insurance in the SMSF when the balance goes to zero|
Applies to the following cases: If the SMSF goes to zero because the members withdraw all funds and the SMSF is used for paying insurance or other expenses (e.g. financial advice fees).
Background: If an SMSF balance goes to zero, insurance premiums and expenses will continue to be paid if it remains open, and Pathfinder will meet these expenses by depositing funds into the SMSF (or, if that isn't possible, it will report a constraint violation). The workaround is to set an exact year to close the SMSF and then solve the case again.
How to add an SMSF
Items which should be entered under an SMSF:
- The following information should be added under an SMSF:
- SMSF details (name, administration/set-up/audit fees)
- SMSF Member details (accumulation phase and pension phase balances)
- SMSF assets and liabilities
To add an existing SMSF:
- Go to the Current situation step (top menu), then the Super & Trusts sub-step, then click the Add SMSF (BETA) button (on the left menu)
- Fill in the Member details, including each member's accumulation and pension phase balances, which can be entered on the main form of the SMSF
- Use the Add investment to SMSF button on the left menu to the details of existing investments and loans
- To add new assets to an existing SMSF:
- Go to the Review super funds sub-step (under the Cash flows & Goals step on the top menu)
- Find your SMSF in the Existing SMSF section, and click the Add new investment to SMSF button
- Go to the
To add a new SMSF:
Go to theReview super funds sub-step (under the Cash flows & Goals step on the top menu), then scroll to the end of the page and click the +Start a new SMSF (BETA) button
Fill in Member details
Use the Add new investment to SMSF button, to add proposed assets and loans
Modelling options for SMSFs
|Start an SMSF|
|Close an SMSF|
You can set a year to close the SMSF if the balance is too low or there is another reason to close it.
In your results, if you realise that the SMSF's balance is very low and only being kept open to pay fees and expenses within the SMSF, then it is best to set a specific close date.
When you choose to close an SMSF:
To close the SMSF:
|SMSF fees and expenses|
The following fees can be entered on the main SMSF form:
If any other fees are being paid from the SMSF (e.g. financial adviser fees):
For more information, see the Expense in the help documentation.
|General tips for setting options for assets inside super|
|Keep assets in a ratio|
'Shares/managed funds' and 'Cash' held in super have a Control by % field option, that allows you to fill in a % of total unallocated funds field. When you fill in this field, Pathfinder will keep the investment in the set ratio relative to all other assets that also have the % of total unallocated funds field filled in.
For example, if you set instructions as follows:
Pathfinder will keep the International shares and Australian shares in a ratio of 60:40, regardless of what the balances are for the cash account and 'Existing balanced fund' because neither of these options have the 'Control by %' option chosen).
|Work out when to set up an SMSF once a minimum super balance has been reached|
If you would like to set up an SMSF once a minimum super balance has been reached:
|Voluntary super contributions||See Retirement planning goal (super contributions and pensions).|
|Additional modelling options|
Results for SMSF
- For more information on making contributions to the SMSF see Retirement planning goal (super contributions and pensions)
- For more information on the assets and loans in an SMSF, see the pages for those assets:
Strategy Development Service (SDS) options
If the case includes complex analysis that you are not able to do in Pathfinder yourself, it may need to be submitted to the Optimo Financial SDS. Complexities include, but are not limited to:
In our strategy development service, we offer many options:
- SMSFs with three or four members
- SMSFs with loans for shars/managed funds
- More advanced modelling as required