| Who regulates the fund? |
Regulated by APRA and the Australian Securities and Investments Commission (ASIC).
These regulators provide oversight and safeguards, giving members confidence that their savings are secure and managed responsibly.
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Regulated by the Australian Taxation Office (ATO). SMSF trustees are personally responsible for compliance, and any fines or penalties for non-compliance must be paid from their own pocket.
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| How much balance is required? |
No minimum balance – it’s easy to join at any stage. |
No minimum balance. Generally considered more cost-effective for balances above $500,0002 where scale helps offset fixed running costs.
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| Who manages the super? |
Investments, compliance and administration are managed by professionals overseen and governed by a trustee board that must meet APRA fitness and propriety standards and includes independent directors with specialist skills and experience.
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SMSF trustees make all investment decisions, providing greater control and flexibility, and are responsible for record-keeping and ATO compliance.
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| What are the fees and costs? |
Low, transparent fees. As a member-owned fund, Brighter Super focuses on keeping fees and costs as low as possible – so more of your super stays with you.
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Costs apply for set-up, audit, admin and legal requirements. SMSFs can be cost-effective for larger balances where expenses are spread over more assets.
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| Is insurance included? |
Insurance cover can be available through your super. |
SMSF trustees can choose and tailor their own insurance cover to suit their needs, but must arrange it and maintain it themselves.
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| What investment options are available? |
Funds such as Brighter Super offer a range of investment options that suit different goals and timeframes. You can choose one of our ready-made diversified options or build your own mix with single asset class options. |
Access to a broader range of investments – including property, shares and other assets not usually available through super funds – allowing SMSF trustees to build a custom portfolio. Building and maintaining a diversified portfolio is the SMSF trustee’s responsibility and requires time, knowledge and ongoing management.
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| How easy is it to access cash (liquidity)? |
Investments are managed to provide both growth and liquidity, so it’s easier to meet obligations such as retirement income payments, withdrawals, insurance premiums and tax. |
Funds that invest heavily in property or large assets may not have enough cash on hand to cover obligations and could be forced to sell assets at the wrong time.
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| How much flexibility and control is there? |
Members can choose from the fund’s investment options, but investment and compliance decisions are managed by professionals on their behalf. |
Trustees have full control over investment decisions and how benefits are paid in retirement. This flexibility allows personal tailoring but also brings greater responsibility for decision-making and compliance.
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| Can members combine funds to invest together? |
No. Each member’s balance is managed separately, with investments pooled professionally across all members. |
Generally, SMSFs can have up to six members, who can combine their balances. Pooling funds can create access to larger investments and help reduce costs per member.
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| Can members invest in property? |
Members can gain exposure to property through diversified or property investment options, this may include commercial and industrial property. |
SMSFs can invest directly in property, providing greater control and flexibility, provided they comply with ATO rules.
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| Are there estate planning advantages? |
Yes. Members can use standard estate planning options, such as binding death benefit nominations. The fund manages the process and record keeping, making straightforward and reliable for members. |
Yes. An SMSF can offer greater flexibility to design estate planning arrangements and tax-effective strategies for distributing assets after death. However, this requires active management and legal guidance from professionals and the SMSF trustees.
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| What tax strategies are available? |
Tax management is handled within the fund’s structure and applied consistently across members. |
SMSF trustees can use tailored tax strategies to suit their personal circumstances, within superannuation and tax law.
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| How is risk and cyber security managed? |
APRA-regulated funds must meet mandatory requirements for robust risk management, compliance, cyber security, and fraud and scam protection frameworks. These are regularly reviewed and independently audited. |
SMSF trustees are responsible for managing their own fund’s risks, including cyber security and fraud prevention, without mandatory standards or independent audits.
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| What happens if there’s a complaint or financial loss? |
Super funds must have an internal dispute resolution process (meeting ASIC requirements) and provide access to the Australian Financial Complaints Authority (AFCA) at no cost to members, where compensation may be awarded. |
SMSFs are not covered by AFCA and have no mandated internal or external dispute resolution process. Trustees may report misconduct to the ATO or ASIC but are responsible for resolving member disputes themselves.
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