No. You can just withdraw a portion of your retail super to allocate to a SMSF if you wish
Frequently asked questions
No. New Brighton Capital has no control over your funds or assets and there are no lock in contracts. If you wish to move to another provider, just provide us their details and we will forward any relevant records to them so they can take over.
While we can establish your SMSF within 24 hours, it can take some time to get ATO approval, open a bank account and receive your rollover. On average, you can expect to have funds in your SMSF bank account ready to invest within 2 weeks. However, hold ups can occur. See Set Up Time Frames on the NEED TO KNOW page for more information on possible delays.
A self managed super fund is similar to your normal retail super fund, however, you are the fund manager and the member of the fund. New Brighton Capital looks after the tax reporting and compliance side of things and you are free to focus on building your portfolio. New Brighton Capital does not provide recommendations in regard to SMSF assets.
In a SMSF, the trustees are the people (or company) who controls the money in the fund on behalf of the members.
In an SMSF the members are the people whose money is being managed. You can have up to 4 people as members in a self managed super fund.
A corporate trustee is the company that is responsible for your SMSF. All our SMSFs have corporate trustee set ups. All members of the fund are also directors of the company.
There are many benefits of having a corporate trustee and some of these benefits include:
- you can have a 1 person fund.
- banks may require a corporate trustee if you ever want to own real estate in the fund.
- limited liability as the company is a separate legal entity.
- easier separation of trust’s assets and personal assets because they are held in different names.
- simpler succession and control of the trust in the event of the death of one of its directors (a corporate trustee does not cease upon the death of one of its directors)
- a lot easier to bring people into and out of the fund.
- tax savings when passing assets onto beneficiaries.