Frequently Asked Questions

Please do not hesitate to contact us if you have further questions you would like to discuss.

 

Q. Can I transfer the administration of an existing fund to Rivkin Super?

A. Yes. In order to take over the administration of your fund, we will need to upload the details of your fund, along with previous transaction history and other information into our SMSF management software. The length of time will vary depending on the age of your fund, the number of investments and transactions and whether the fund engages in more complex structures or arrangements, such as joint ventures or direct property investments. At your request, we will provide you with a fixed cost quotation for the work involved in taking over the administration of your fund. 

 

Q. Can I switch between the standard, premium or bespoke services after signing with one service?

A. Yes. We understand that circumstances may change. For example, you may elect to start with the standard package but decide at some point to purchase a direct property, in which case you will need the premium service. Please notify us of any changes to your superannuation, or if you are considering any changes and we will advise you as to whether you need to switch between services, and if there any issues or costs involved.

 

Q. Who prepares the documentation for the trust deeds and other legal documentation? 

A. We outsource the preparation of all legal documentation including trust deeds, establishment of corporate trustees, binding death benefit nominations and other SMSF related documentation to a specialist third party provider, Cleardocs. All Cleardocs master documentation is signed off by Maddocks Lawyers, who employ 200 lawyers and are a top 20 law firm in Australia. This helps ensure we provide the highest quality legal documentation, at a cost effective price. We liaise directly with the third party provider on your behalf to execute the required documentation. Please note that documentation is only as good as the information provided, so when you are required to provide information about yourself, please answer truthfully and completely.

To further assist you, Maddocks have a special helpline to directly answer your questions about legal documentation provided through the Cleardocs service. The direct phone number is 1300 307 343.

 

Q. Can I nominate a person to receive my superannuation if I die?

A. Yes. You can make either a non-binding or binding nomination as a member to the trustee. If you make a non-binding nomination, you are giving the trustee an indication of who you would like your benefits to be paid to after your death, however the trustee has the ultimate say. If you make a binding nomination, the trustee is bound to pay your benefits as you have requested, providing the nomination is valid.

 

Q. Superannuation is known for changes to the rules. Will you inform us when changes are made and when updates should be made to trust deeds.

A. The actual number of changes to superannuation has been low. In most cases, the changes have favoured superannuation members. As a result, the number of times a trust deed will need to be updated should not be cumbersome. However, we will endeavour (via a newsletter) to keep members and trustees of our service up to date. Further, your trust deed is reviewed each year as part of your annual compliance and audit, so if any issues arise, we will inform you. Please remember that ultimately, the trustee is responsible for ensuring the fund is kept compliant and the trust deed is up to date with relevant laws and best practise.  

 

Q. Can I move the administration of my fund to another accountant or another provider if I am not happy with the level of service provided, or if I simply want to transfer the administration of my SMSF elsewhere?

A. Yes. You are free to transfer the administration of your fund to another accountant or provider should you choose to do so, and there are no exit fees involved.

 

Q. Is there a minimum amount of capital required to set up a SMSF?

A. No. You should however weigh up the potential benefits of running your own SMSF against the additional responsibilities, time and costs involved in running a fund. Some clients establish a smaller SMSF with a view to increasing the size over the coming years with additional contributions and investment returns.

Please note, for clients paying monthly, as a guide there should be at least six months worth of Rivkin Super fees held in the Macquarie CMA. 

 

Q. Can I transfer my existing Rivkin Report membership to the Rivkin Super?  

A. Yes. Many existing Rivkin Report clients already have an SMSF or would like to establish their own fund. You can use the dollar value of the unused portion of your Rivkin Report subscription to transfer to the Rivkin Super. We will provide you with an individual fixed quote for the remaining amount that can be transferred, along with any top-up payment required to convert your membership.

 

Q. Can I use Rivkin Frequent Trader points in purchasing the Rivkin Super?

A. No. We believe the pricing structure of Rivkin Super is very competitive and covers the full range of administrative and compliance costs involved in administering your SMSF. As such, Rivkin Frequent Trader points cannot be used as credits for Rivkin Super.

 

Q. Can my SMSF pay for the Rivkin Super Admin subscription?

A. Your SMSF should pay for the ongoing subscription to the service. This will generally allow your fund to claim the cost of the subscription against income earned in the fund. Clients establishing a new SMSF may incur an upfront fee for the establishment of the trust, and potentially for establishing a corporate trustee should you choose to do so. In the case of an establishment fee, this will normally be paid outside of superannuation, which may also be done by credit card.

If you are transferring an existing superannuation fund to our service, there may be a cost in setting up your fund on our system. Generally, this cost can be paid for by your fund.

 

Q. Can I trade CFDs in my SMSF?

A. Clients are able to open a CFD account with Rivkin Securities in the name of an SMSF. If you decide that this is the right investment for your fund, you will need to include it as part of the SMSF’s investment strategy. This style of investment will be included as part of the premium package.

 

Q. Can I claim back the GST charged on the Rivkin Super subscription?

A. If the fund is registered for GST you are able to claim back the GST on goods and services purchased. Therefore, GST incurred on purchases within the fund will generally be eligible to claim back. You will need to check with your accountant as to whether establishment costs incurred outside of the superannuation fund may be claimed back.

We will submit a BAS statement for GST charged/paid within your super fund as part of Rivkin Super.

 

Q. Can I trade with a broker other than Rivkin Securities?

A. In order to provide a streamlined, cost efficient service, SMSFs are required to use Rivkin Securities. Transaction data including purchases and sales, dividends, franking credits, interest, brokerage charges etc are exported from Rivkin Securities to Rivkin Super once per month. This helps to minimise administration time and therefore our costs, allowing us to pass savings on to you. 

 

Q. Do you provide financial planning or tax planning advice?

A. Rivkin Super is a non-advisory, administration only service. As such, we cannot provide specific financial planning or tax advice to you.