SelfWealth SMSF

No.

Grow SMSF is completely independent of SelfWealth. We do no receive any commissions, referral fees or any other compensation from SelfWealth.

Grow SMSF offers a discounted solution to make a self-managed super fund more accessible for self-directed investors.

There are a number of differences if you were to compare Grow SMSF to many of the low cost online only service providers available.  We recommend anyone comparing SMSF service providers look at the following as part of their research:

1. Service: We provide personalised phone and email support.  You are not forced to make all communication via an online portal. Our phone number (1300 651 263) is readily available during business hours (AEST). Check to see whether other providers have a phone number you can call to speak to a human.
2. Transparency: Grow SMSF does not receive any commission or referral fees from any of the solution providers we work with including SelfWealth. Some other SMSF service providers receive commissions which increase the ongoing costs of using their preferred suppliers.  Check the Product Disclosure Statement (PDS) of those providers to see how much they receive in commissions.
3. Work Required from you: Some providers are not ‘full service’ SMSF administration providers – they could better be described as an online accounting system with an SMSF audit and lodgement function attached.  Grow SMSF does not require you to categorise or code any of your SMSF transactions yourself.

The above is not a comprehensive list. Take a look at our blog to find more specific information on comparing Grow SMSF to other service providers.

Yes.

One of the most fundamental principles of a self-managed super fund is separation of assets. A separate SelfWealth account is needed in the name of the SMSF.

Separation of assets means that assets, accounts and investments of an SMSF must be in the name of the trustee of the fund on behalf of the SMSF and cannot be mixed or intertwined with assets and investments of the members / trustees of the fund. If a trustee fails to keep assets of an SMSF separate the breach of the regulations must be reported to the ATO by the independent auditor of the fund.  The trustee(s) could be personally fined or in extreme cases the ATO may deem the fund non-complying.

The SelfWealth ASX platform uses OpenMarkets, whereas US trading is handled by Phillip Capital.  We can obtain a data feed from OpenMarkets into our specialist SMSF accounting software, however this is NOT available for US trading data from Phillip Capital.

This means all US trading needs to be manually accounted for, which significantly increases the cost of completing the accounts for the SMSF and will incur an additional fee of $660 per annum.

We strongly suggest that if you are looking for a cost-effective US trading solution for your SMSF you utilise our Stake SMSF Solution.

The set up fees for a new SMSF are as follows:

• $495 with individual trustees;
• $990 with a company trustee

Grow SMSF intentionally DOES NOT offer ‘FREE’ SMSF establishment to ensure we provide you with the best possible upfront support and service you deserve.

You can set up a new SMSF with Grow here: How to set up an SMSF

There is no need to use any 3rd-party tools to separately track your SMSF portfolio. Incorporated into our solution is detailed investment and capital gains tax (CGT) reporting.

When you trade on SelfWealth, any trades will automatically flow through into our SMSF accounting platform (normally next business day). We track all holdings in your SelfWealth portfolio and when you sell the system will automatically minimise the capital gains on the sale.

Your SMSF portfolio holdings and capital gains tax reporting is available online 24/7 enabling you to see the amount of capital gains and losses for the financial year as well as any unrealised gains on your portfolio.

Yes.

Your membership can be paid from the SMSF SelfWealth Cash Account.

For more information, refer to the SelfWealth help center.

New accounts receive a 90 day Premium Membership at no additional cost.

No.

Grow SMSF does not hold an Australian Financial Services Licence (AFSL) or is not an authorised representative of an AFSL holder.

The advice and support we provide to our clients is limited to either taxation or the compliance of your self-managed super fund under the relevant laws and regulations.

Grow SMSF is not a financial adviser. We do not issue advice, recommendations or opinion in relation to acquiring, holding or disposing of investments or superannuation interests.

Any information contained within this website is provided as an information service only and, therefore, does not constitute, and should not be relied upon as, financial product advice. None of the information provided takes into account your personal objectives, financial situation or needs, and you will need to make your own decision about how to proceed.

Alternatively, for financial product advice that takes account of your particular objectives, financial situation or needs, you should consider seeking financial advice from an Australian Financial Services licensee before making a financial decision.