Frequently Asked Questions
How much does WhySuper Cost?
Whysuper has three different packages:
Does Whysuper provide financial advice?
WHYSUPER does not provide financial product advice or recommend any products. This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.
Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement. We recommend that you consult a licensed or authorised financial adviser if you require financial advice that takes into account your personal circumstances.
While the sources for the material are considered reliable and we have taken all due care, responsibility is not accepted for any errors, inaccuries or omissions. You can check whether a person is a licensed or authorised financial adviser by visiting the Australian Securities and Investments Commission at www.moneysmart.gov.au.
What investments am I allowed in an SMSF?
According to the ATO "Before you start making investments you must have an investment strategy. This sets out your fund’s investment objectives and specifies the types of investments your fund can make. Your investment strategy should be in writing and must:
- be reviewed regularly to ensure it continues to reflect the purpose and circumstances of your fund and its members (your review and any decisions made should be documented)
- consider whether to hold insurance cover (such as life insurance) for each member of your SMSF."
What investments are not allowed in an SMSF?
According to the ATO "All investments by your SMSF must be made on a commercial ‘arm’s length’ basis. The purchase and sale price of fund assets should always reﬂect true market value, and the income from fund assets should always reﬂect a true market rate of return. Generally:
- you can't buy assets from, or lend money to, fund members or other related parties (there are some exceptions to this rule)
- your fund can't borrow money.