Rivkin Super frequently asked questions

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 Local membership to Rivkin Super?  

A. Yes. Many existing Rivkin Local members 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 Local membership to transfer to 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 towards 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 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 dealer other than Rivkin?

A. In order to provide a streamlined, cost efficient service, SMSFs are required to use Rivkin for dealing. Transaction data including purchases and sales, dividends, franking credits, interest, brokerage charges etc are exported 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.

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DISCLAIMER: Rivkin aims to provide clear and simple information to those visiting our website. If any part of this disclaimer does not make sense, please phone Rivkin and ask to speak with a member of our Dealing and Relationship Management Team. Rivkin provides general advice, securities and derivatives dealing services and accounting administration services. Rivkin does not provide advice that takes into account your, or anybody else's, investment objectives, financial situation or needs. We strongly suggest that you consult an independent, licenced financial advisor before acting upon any information contained on this website. Investing in and trading securities (such as shares listed on the ASX) and/or derivatives (such as Contracts for Difference or 'CFDs') carry financial risks. CFDs carry with them various additional risks that differ from more simple securities such as fully-paid company shares. Some of these risks include not owning the underlying instrument from which a price is being derived, settling trades 'over the counter' with a financial institution rather than on a stock exchange, and using leverage to gain access to trades that may have a higher face value than your initial deposit. This risk of leverage means that it is possible to lose more than your initial investment. Our aim is to create more life choices for our clients, which means improving the wealth of clients throughout many market cycles by nurturing a relationship spanning many years. If you are not comfortable with your understanding of the risks involved before using a Rivkin product and service, please contact our office to seek further information or a Product Disclosure Statement, or make an appointment to sit with one of our friendly financial experts. It is in our interest for your Rivkin experience to be a rewarding and comfortable one. Rivkin is a trading name of Rivkin Securities ABN 87123290602, which holds Australian Financial Services Licence No. 332 802.