SMSFit Frequently Asked Questions

SMSFit is makes it easy to get started. For any more questions please call 1300 561 006 (option 3) or

Getting started

How do I get started?

Simply click here to get started and enter your personal details and your licensee details.

What details do I need to provide to get going?
When registering you’ll need the following;

  • Practice logo – this will be used on the cover sheet of your Limited Statement of Advice;
  • Financial Service Guide (FSG) – a soft copy of your FSG so it can be uploaded into SMSFit;
  • Licensee details – including ABN, AFSL number, registered address and contact details; and
  • Credit card – required to register for the ongoing production costs of results and Limited Statements of Advice.

Can I brand my SOAs with my practice brand?
Yes, we ask for your practice logo when you register which will be featured on the cover sheet of your Limited Statement of Advice.

What are the benefits of SMSFit for me as an Accountant?
The benefits to you and your Accounting firm are:

  • It’s online and simple to use;
  • It’s timely, producing an on-the-spot personalised, Limited SOA about your client’s SMSF suitability;
  • It’s dynamic and personalised based on your client’s answers to 16 questions about their SMSF knowledge and suitability;
  • It’s user-pay which allows you to build it into your existing client value proposition;

Adding a new client

What’s the LSOA Fee?
This is the fee you will be charging your client for the advice you’re about to provide. Whatever fee is input here will be used in the Limited Statement of Advice. Please note, this is the fee you’re charging your client and NOT the fee charged by SMSFit.

Why does SMSFit ask if the client has already implemented a SMSF?
SMSFit has been designed to help determine the suitability of a client to start a SMSF, if they already have an SMSF, the advice generated by SMSFit will not be relevant.

Why is the client’s superannuation balance important?
This gives you the opportunity to understand a little bit more about your client and the suitability to start a SMSF.

Who is the advice recipient?
The individual who is seeking the advice.

Costs


How much does SMSFit cost me to register?

To register to use SMSFit it simply costs $99 (GST included) per annum, directly debited from your registered credit card.

How much does it cost to produce an SOA?

SMSFit is a user-pays system, so every time you view the results or produce a Limited Statement of Advice, your registered credit card will be charged $250 (GST included).

So, I can pass the cost of the LSOA on to my client?

Yes, we’ve left the client pricing up to you so you can have the flexibility to build it into your value proposition.

How do I disclose the cost of the Limited Statement of Advice to my client?
When you load your client into SMSFit you’ll be asked how much you’d like to charge for the advice, this will flow straight into the LSOA and onto the “Important Information” page.

How and when do I get charged for SMSFit?
Your nominated credit card will be debited when you view your client results. Your annual subscription will be debited on the anniversary of your registration.

Will I receive a tax invoice?

You will receive a tax invoice via email upon your nominated credit card being debited.

Advice

Will SMSFit help me to provide roll over advice?
No, SMSFit is limited in scope to focus simply on the suitability of a client to start a SMSF. Should your client want advice on rolling funds into an SMSF, you will be required to undertake a more thorough fact find and recommendation, as well as provide your own costs vs benefits analysis.

Do I use my own license or do you provide me with a license?
You must use your own licence. SMSFit is not a license to provide financial advice. Given the changes in financial services legislation, you must be authorised under an Australian Financial Services Licence to provide financial advice or services to clients, including providing advice in relation to SMSFs. For disclosure purposes, you simply need to load information about your existing AFSL, or any AFSL, in which you have been appointed an authorised representative into SMSFit.

How do you determine suitability?

SMSFit can help you determine suitability in four areas. These are:

  • Participant Profile;
  • Investor Style;
  • CART – Compliance, Accounting, Reporting and Taxation; and
  • Benchmarking.

For example, in determining client suitability, the questions emphasis:

  • Whether your client is seeking choice and flexibility;
  • Your client’s time horizon, initial and future levels of superannuation contributions they wish to make;
  • The level of effort the client is willing to make for compliance, administration, reporting and tax; and
  • The client’s level of financial product knowledge.

How do I disclose my fee?
The fee you charge your client is collected in the Participant Profile at the start of SMSFit, and again disclosed in the Limited Statement of Advice.

For any more questions please call 1300 561 006 (option 3) or