SMSF Frequently Asked Questions

An SMSF is a private superannuation fund you control yourself. Unlike retail or industry funds, you are the trustee — meaning you make investment decisions and are responsible for compliance. SMSFs can hold up to six members and can invest in assets like direct property, shares, and managed funds.

SMSFs suit people who want greater control over their investments, particularly those looking to hold direct property inside super. As a general guide, funds with a balance of $200,000 or more tend to see the greatest cost benefit. You should also be willing to take on trustee responsibilities, or work with a provider like Turnkey who manages compliance on your behalf.

An SMSF can have between one and six members. All members must be trustees (or directors of the corporate trustee), meaning each person has a role in the fund's governance. This makes SMSFs well-suited to couples and small family groups.

In a retail or industry fund, a professional trustee manages your money under a pooled structure. In an SMSF, you are the trustee and make your own investment decisions. The trade-off is more control and flexibility — including the ability to invest in direct property — in exchange for taking on trustee obligations and compliance responsibilities.

As a trustee you are legally responsible for ensuring your fund complies with the Superannuation Industry (Supervision) Act 1993 (SIS Act). This includes maintaining a current investment strategy, keeping financial records, having accounts audited annually, and lodging a tax return with the ATO each year. Turnkey manages all of this on your behalf.

After completing your digital application, Turnkey prepares your Trust Deed, registers your corporate trustee company with ASIC, obtains your fund's ABN and TFN, and opens a dedicated bank account. Most funds are fully operational within 7–10 business days.

A corporate trustee is a company that acts as trustee of your SMSF, rather than individuals acting personally. It is strongly recommended (and required by most SMSF lenders for property loans) because it provides cleaner separation between personal and fund assets, simplifies administration when members join or leave, and reduces risk in the event of a member's death or incapacity. Turnkey establishes your corporate trustee as part of the setup process.

Most Turnkey SMSFs are fully operational — with a Trust Deed, ABN, TFN, and bank account — within 7–10 business days of completing your application. If you intend to borrow to purchase property, lender timelines will apply separately.

The $500 deposit covers initial setup costs and is fully refundable once your first superannuation rollover is received into your fund. It is required to begin the establishment process and ensures we can start work on your SMSF immediately.

You will need a government-issued photo ID (driver's licence or passport) for each member, Tax File Numbers for all members, and your existing super fund details if you plan to roll over. If borrowing to purchase property, your lender will have additional requirements.

$1,999/year (excluding GST) — one flat annual fee, no setup fee.

This covers everything: SMSF establishment, corporate trustee setup, Trust Deed, ABN & TFN registration, annual financial statements, independent audit coordination, and tax return lodgement.

Other fees apply. Refer to the pricing page for detailed pricing information →

The $1,999/year fee includes: Trust Deed preparation, corporate trustee setup, SMSF registration (ABN & TFN), annual financial statements (balance sheet, P&L, member statements, trustee resolutions), independent audit coordination, and annual tax return lodgement. Investment services such as mortgage broking, buyers agency, and insurance are provided by specialist partners and priced separately.

One-off charges apply for fund changes such as adding or removing a member or restructuring your trust. Investment-related costs — property conveyancing, SMSF loan fees, brokerage — are charged by the relevant providers separately. All extras are quoted upfront. See the full pricing breakdown →

No. Turnkey is a flat-fee service. We do not earn commissions or referral fees on property purchases, loans, or insurance. Our partner services are recommended on merit and you are always free to use your own providers.

Yes. SMSFs can purchase residential and commercial property. Your fund must pay a market-rate price, the property must meet the fund's investment strategy, and there are strict rules around who the property can be purchased from and who can use it.

Yes, through a Limited Recourse Borrowing Arrangement (LRBA). The loan is secured against the property only — not the broader assets of your fund. Most SMSF lenders require a corporate trustee structure, which Turnkey establishes as standard. Typical LVRs range from 70–80%.

Your SMSF can purchase residential investment property, commercial property, and vacant land. It cannot purchase a property you or a related party intend to live in or use personally (with limited exceptions for commercial property used in a related business, subject to strict conditions). Your investment strategy must also support the acquisition.

No. Residential property purchased inside an SMSF cannot be occupied by you, your relatives, or any related party — regardless of whether rent is paid. Doing so would be a breach of the SIS Act and could result in significant penalties. Commercial property can be leased to a related business, provided it is on arm's-length terms.

Residential property generally cannot be acquired from a related party. Commercial property and business real property can be, provided the transaction is at market value and on arm's-length terms. Turnkey's compliance team will advise on any specific transaction before it proceeds.

An LRBA is the legal structure that allows your SMSF to borrow money to purchase an asset. The asset is held in a separate bare trust until the loan is repaid, at which point it is transferred into the SMSF. If the fund defaults, the lender can only claim against the specific asset — not the rest of the fund's assets. This protects your broader retirement savings.

Turnkey manages all compliance on your behalf — annual accounts, independent audit coordination, and ATO tax return lodgement. You remain the legal trustee and we ensure you are kept informed of any obligations or deadlines.

Every SMSF must have its financial statements independently audited each year by an ATO-registered SMSF auditor. The auditor reviews both the fund's financials and its compliance with the SIS Act. Turnkey coordinates this process entirely — you simply review and sign off on the final statements.

SMSF annual returns are generally due by 31 October each year (or later if your fund is lodged through a registered tax agent, which Turnkey is). We manage all lodgement deadlines and will notify you well in advance of any documents requiring your signature.

Yes. Members can be added or removed, though the process involves updating the fund's trust deed, notifying the ATO, and adjusting trustee/director appointments on the corporate trustee. Turnkey handles this for you. Note that all members must be trustees (or directors of the corporate trustee) and there is a maximum of six members.

If you decide an SMSF is no longer right for you, the fund can be wound up. This involves selling or transferring assets, paying any outstanding liabilities, and rolling remaining benefits to another complying fund. Turnkey can guide you through this process. There is no lock-in period.

Yes. Your investment strategy must be reviewed at least annually and updated whenever your circumstances or investment mix changes materially. Turnkey's platform allows you to update your strategy, and our team reviews it for compliance before it is finalised.

Once your SMSF is established and has its own bank account, you initiate a rollover through your existing fund. Most funds process rollovers electronically via the ATO's SuperStream system within 3 business days. Turnkey provides all the fund details you need.

Yes. You can make employer contributions (including salary sacrifice), personal concessional contributions (tax-deductible), and personal non-concessional contributions. Your employer can pay your superannuation guarantee directly into your SMSF once it has a valid ABN and bank account.

For 2024–25, the concessional (pre-tax) contribution cap is $30,000 per year. The non-concessional (after-tax) cap is $120,000 per year, with a bring-forward rule allowing up to $360,000 over three years (subject to your total super balance). Exceeding these caps results in additional tax. Turnkey's platform tracks your contributions and flags any risks.