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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) - up to two members can be included.
- SMSF assets and liabilities
To add an existing SMSF:
- Go to the Super & Trusts sub-step (under Current situation step on the top menu), then click the Add SMSF button (on the left menu)
- On the main SMSF form, fill in:
- the SMSF details: Name, administration fees
- SMSF Member details, including each member's accumulation and pension phase balances
- To add existing investments, stay in the Super & Trusts step, and click the Add investment to SMSF button (on the left menu)
- 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
To add a new SMSF:
- Go to the Review super funds sub-step (under the Cash flows & Goals step on the top menu), scroll to the end to the page and click the +Start a new SMSF button
On the main SMSF form, fill in:
the SMSF details: Name, administration fees
SMSF Member details
To add proposed investments to the SMSF, use the Add new investment to SMSF button (under the new SMSF details).
Modelling options for SMSFs
|Improving solve times|
Due to the complexity of SMSF modelling, you may need to wait longer for the results to be ready.
While you are solving, you can see how hard the solver is working by checking the Solve events . The more iterations Pathfinder needs to do, the longer it will take to solve. You can see how many iterations it is taking to solve, and the time for each iteration, by watching the 'Solve events'. You can also check Tips for reducing solve times.
Screenshot of 'Solve events'. Click here to expand...
|Start an SMSF|
|Close an SMSF|
You can set a year to close the SMSF if that is part of the strategy you want to model or if the SMSF balance is too low. In particular, if you check your results and see 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 for the SMSF to stop these fees being paid.
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.
Please note that if you enter expenses as cash flows, then you should keep an eye on whether the SMSF balance is low or goes to zero in your results. If this happens, then you should set an exact year to close the SMSF (at the Review super funds sub-step (under the Cash flows & Goals step on the top menu)) and re-solve the case. Otherwise, Pathfinder will continue to deposit funds into the SMSF just to meet the expense.
|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. Pathfinder will make deposits to and withdrawals from the International shares and Australian shares in order to keep the specified ratio.
|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|
For more information on making contributions to the SMSF see Retirement planning goal (super contributions and pensions)
|Additional modelling options|
Results for SMSFs
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:
- SMSFs with three or four members
- SMSFs with loans for shares/managed funds
- SMSF assets that have a negative growth (the websolve can only model assets with a positive return)
- Reversionary pensions
- Complex requests outside the scope of the current interface