NBC Newsletter - October 2023
👋 Hello, New Brighton Capital community!
Welcome to the latest edition of the New Brighton Capital Newsletter.
Some important info, tips and reminders of how to keep your fund compliant.
🔍 What’s Inside:
- Transferring Funds from your SMSF to another Super Fund
- BlockFi Emerges from Bankruptcy
- Banking Restrictions to Crypto Exchanges
- Do I need a Bare Trust when Purchasing Property?
Transferring Funds from your SMSF to another Super Fund
If you want to transfer funds from your SMSF to your retail fund, please make sure you contact us first.
This CANNOT simply be done by sending funds from your SMSF bank account. For compliance and reporting a rollover must be processed through superstream.
We will require the following to prepare your rollover:
- We need to do your financials up to date (we will request bank and trading transactions from start of financial year)
- We will need the following information for your retail fund:
- Fund Name:
- Member Number:
- Amount you wish to transfer
- Fees for the accounting and preparation of the rollover have recently changed to make it more cost effective, depending on the time of year.
a.) At 30th June, there no charge as we are preparing your financials anyway.
b.) Q1 & Q2 – $330
c.) Q3 & Q4 – $660
If you want to transfer funds to another super fund, please send us a message through the portal and we will let you know the process to ensure you remain complaint.
Blockfi Emerges from Bankruptcy
BlockFi have emerged from bankruptcy as of October 24th and are beginning to roll out the actions detailed in their Recovery Plan.
If you had funds in a BlockFi wallet (not an interest account), you need to submit a withdrawal request if you have not already done so. Withdrawal requests must be submitted before December 31st 2023.
If you had funds in a BlockFi Interest Account (BIA) please be on the lookout for an email from BlockFi which will prompt you to withdraw amounts to be determined by the Plan.
A recent email from Blockfi indicated they are aiming to begin initial distributions in early 2024.
Here are some FAQs: Wallet Withdrawals FAQs – BlockFi
Banking Restrictions to Crypto Exchanges
Some banks are now placing restrictions on transfers to some crypto exchanges.
If you are banking with one of these providers and want to switch banks, there is no issue. You can use any bank you choose.
Please make sure if setting up a new bank account that it is set up in the correct name which should be: [COMPANY NAME] ATF [FUND NAME].
If you are unsure or want clarification, please contact us via the portal to confirm.
Before closing the bank account ensure you have all bank statements downloaded (showing zero balance) and a Bank CSV file from 1/7/2023 – date of closure.
Important: Please make sure you let us know and provide us with the new bank account details to update the ATO portal so you can continue to receive and rollovers and/or contributions.
Do I need a Bare Trust when Purchasing Property?
If you are using your SMSF to purchase a property with a mortgage, then you need a Bare Trust.
A bare trust is an entity used by SMSFs in order to acquire a bank loan. Although the bare trust is owned by the SMSF, the property (and the mortgage) is held by the bare trustee, who then becomes liable for any legal repercussions.
So, in the event of a mortgage default, the recourse is limited to the bare trust and not the SMSF as a whole, protecting finances and other assets held by the fund and its trustees
Bare Trusts can take 1-3 days to set up, so to avoid delays, if you’re thinking of purchasing a property with your SMSF please let us know through the portal and we’ll make sure you know what is required and have everything in place before making an offer.
🌟 Customer Testimonials
It’s always great receiving feedback from our happy clients. Here is our recent favourite.
“New Brighton Capital are great for setting up your SMSF: they’re organised, professional, friendly, with a quick turn-around-time on issues, and their online portal is intuitive and very easy to use. I’d highly recommend them to any one.”
That’s it for this month. We hope you find this newsletter helpful and informative.
If you have an queries at all, please don’t hesitate to send us a message through the portal.
The Team at New Brighton Capital