The SMSF setup questions frequently asked by our clients have been listed as below, please feel free to contact us if you have any other questions.
Yes. Temporary visas holders, such as students, 457 visa workers, all can set up a SMSF as long as they are tax residents of Australia.
Yes, however it may lose the complying status if all members are non-tax resident.
If you set up a SMSF with iCare Super, we will apply TFN and ABN for your fund.
It can take 4 hours if all your personal or business taxation matters are up to date with ATO. Otherwise it may take 4 weeks or be rejected by ATO.
Yes. If ATO believe the trustees of the SMSF has other outstanding matters with ATO, such as overdue personal or business returns, normally ATO will select the fund for an audit or review. If SMSF trustees can not pass the audit or review, ATO may cancel the TFN/ABN or make it status “withheld” that the members will not be able to roll over from other funds or get their employer contributions paid to their SMSF bank account.
Yes, a child who is under 18 can be a member but he/she can not be the trustee of the fund. The child’s parents or legal personal representatives need to also the trustee of fund.
Yes, we have a dedicated SMSF setup team. More that 99% funds set up by us can be up and running in a few hours. We do not outsource and your setup questions will be answered promptly.