Frequently Asked Questions

Q. How long does it take to set up a self managed super fund?

A. Once we have received instructions from either yours or our finanical planner that we are right to proceed with setting up your self managed super fund, we will forward through to you all necessary documentation for signing within 1-2 weeks. Once we receive this back we can then register your super fund with the ATO. The ATO's turn around time for registering smsfs is usually two weeks, but can take 28 days.

Q. What happens once my fund is established?

A. Once your fund has been established, we will work with your financial planner to arrange your rollovers and/or contributions into your fund. The time this will take depends on where your superannuation is being rolled from. Once your rollovers and/or initial contributions have been banked, you are then free to invest your superannuation monies.

Q. Why do you need to have a financial planner involved in setting up a self managed superannuation fund?

A. A self managed superannuation fund is a financial product.

Q. How does the "mailing house" work?

A. All mail relating to your super fund will be forwarded to our office. We will then process your mail. At the end of each month we will then forward all original documents to you for your safekeeping. If any mail needs actioning we will attend to it. If any of your investments pay their income via cheque we will arrange to deposit it into your super fund's bank account immediately. Please note that we will not be able to arrange trades and payments of expenses on your behalf, as we do not transact on our client accounts. If we need to pay any taxes for you, we will contact you to arrange a cheque.

Q. What should I do if I forgot my Username or Password?

A. Please contact your Super Fund Administrator and they can tell you your username or reset your password for you.

Q. What should I do if I wish to commence a pension?

A. Please contact your Super Fund Administrator and they will go through the steps involved in commencing a pension for you.

Q. What are nomination of beneficiaries?

A. Nomination of beneficiary forms allow you to nominate the people you would like your superannuation benefits to be paid to upon your death. There are two types of nomination of beneficiaries: binding and non-binding.

Non-binding nomination of beneficiary forms advise the remaining trustees of the fund who you would like your super benefits paid to upon your death. However, these forms do not bind the trustees, so the final decision on who to pay your benefits to still rests with the remaining trustees. These beneficiary forms need to be signed by you, witnesses by one other person who is not a nominated beneficiary on the form, and do not expire.

Binding nomination of beneficiary forms bind the trustees to fund into paying out your super benefits as you have advised. Binding nomination of beneficiaries need to be signed by you, witnessed by two other people who are not nominated beneficiaries on the form, and expire after three years.

There are benefits and drawbacks of both types nomination of beneficiaries, so it will depend on your personal circumstances as to which type of nomination is best for you.

Q. How do I change my current nomination of beneficiaries?

A. Please contact your Super Fund Administrator, and they will send out the form to you for completion. They can also answer any questions you may have about nomination of beneficiaries.

Q. What happens if I want to leave WHK Super?

A. We need one month's notice of your intention to no longer use our services in writing. Please note there are no additional costs or fees should you decide you wish to leave WHK Super.