What if I have an existing fund with another provider?
A dedicated team will manage the transition to Preset Super. An initial review of the fund’s investments is carried out as part of the process. All investments to qualify for Preset must match the accepted investments within the Preset investment menu.
Is there a cost to transition to Preset Super and if so, how much is it?
There is a once off transition cost of $250 charged on appointment of our services.. This include a full compliance review of the fund.
What if the fund investments do not match the available investments on the Preset Super fully automated data feed list?
The Fund can remain in Preset and pay the monthly fee applicable based on the “Enhanced” Triple A Super monthly fee.
Can a fund in Triple A Super transfer to Preset Super?
Yes, the fund can transition to Triple A Super and then without further transition cost move to Preset Super at the appropriate time.
Why do I have to pay the initial compliance review when transferring the fund to Preset Super?
A key part of the use of Preset Super is that the assets of the fund, together with all documentation are compliant at commencement. Preset Super is a low cost high quality administration service that relies on the full automation of data to keep the costs low. The initial compliance review covers a review of the existing fund trust deed and all other information including the previous year’s annual accounts to ensure they are accurate and reflect the exact position of the fund at transfer.
Does the Fund need a new Trust Deed when the fund is administered by Preset Super?
Yes, it is mandatory that either the existing trust deed be updated or a new trust deed used to ensure we can maintain a compliance overlay across all Preset Super funds. This ensures that the Audit fee is kept low and documentation standardised for ongoing compliance oversight and management.
Why can’t the Fund keep the existing trust deed of the fund?
The standardisation of deeds for all funds in Preset Super is a key to ensuring that the ongoing Audit costs are kept low. The Preset Super auditor uses electronically received data and can verify the ongoing compliance of the deed without individual vetting for each fund.
Do I receive a copy of the trust deed document?
We will email to your nominated address the Fund’s electronic trust deed and supporting information as part of the standard Preset Super service.
Can I use my existing Accountant to lodge the fund’s tax return?
Yes, you are able to have your existing accountant lodge the fund taxation return if required.
How long will it take to transition my fund/s?
This depends on the type of information available and the fit with Preset Super investment menu available through Class Super. Your fund/s will be handled by a dedicated Transition specialist team who will work via our specifically developed Cloud based transition portal to work with you regarding receipt of all information required.
What is the service delivery proposition offered by Preset Super?
Your fund/s are administered on specialist Australian SMSF systems by qualified SMSF specialists. At all times, you have access to a nominated fund accountant that you can contact by email to discuss issues affecting your client’s fund or interact with.
Am I restricted by a nominated investment menu?
No, unlike other online providers, you have a comprehensive choice of investments. This extends to Banks, Stockbrokers, Platforms, and Wraps for example.
Can I change my Client’s Fund investments at any time?
Yes, you can switch investments as you would normally at any time. Preset Super will keep track of your client’s tax liability and capital gains situation. The only restriction you have within Preset Super is that you can only use the investments available on the prescribed menu available here. Should you choose an investment that is not available within Preset Super, you can migrate seamlessly to Triple A Super where there is an unlimited investment option availability and pay the increased administration fee for the administration service. The choice and timing are entirely yours. The same applies if the bespoke investments are sold; you can migrate back to Preset Super without a cost and take advantage of the lower ongoing administration fee.
