Client LoginFrequently Asked Questions (FAQ)
About Super Myway
What is Super Myway?
Super Myway is a fully administered, online service that provides Trustees with a complete solution for all their SMSF needs, from only $880 per annum (incl. GST).
Super Myway’s administration service includes among other things, the preparation and submission of an annual tax return and activity statement (to allow you to receive a GST refund), the production of an independent audit report, as well as all associated supporting compliance documentation required.
Super Myway’s administration service includes among other things, the preparation and submission of an annual tax return and activity statement (to allow you to receive a GST refund), the production of an independent audit report, as well as all associated supporting compliance documentation required.
Why use Super Myway?
Super Myway allows Trustees for the first time, access to a seamless, end to end service for their SMSF - without the need to engage external third parties, such as accountants.
How can you offer Super Myway for $880?
The key to providing such a feature rich product at this price point is automation and technology.
To enable high levels of automation, Super Myway constrains available investment options to those where electronic data feeds are readily available i.e. cash, term deposits and all listed Australian securities (including Exchange Traded Funds)1.
Owning our own technology means that unlike accountants or other administrators, we do not have to pay to external parties for software licences.
It also allows us to ensure our platform is continually optimised to reduce processing overheads.
1 This excludes Instalment Warrants and Exchange Traded Options.
Owning our own technology means that unlike accountants or other administrators, we do not have to pay to external parties for software licences.
It also allows us to ensure our platform is continually optimised to reduce processing overheads.
1 This excludes Instalment Warrants and Exchange Traded Options.
Are Super Myway’s Investments too restrictive?
Cash, Term Deposit and Equities currently represent over 80% of assets held by SMSFs, so Super Myway will in all likelihood already cater for the investment needs of the majority of Self-Managed Superannuation Funds.
In addition, with the ever increasing growth in the number and diversity of ASX Exchange Trade Funds, arguably the majority of investment profiles can be achieved using assets supported by Super Myway.
In addition, with the ever increasing growth in the number and diversity of ASX Exchange Trade Funds, arguably the majority of investment profiles can be achieved using assets supported by Super Myway.
Who is IDS Super?
IDS Super is a Perth based technology business, established in 2009, that builds wealth solutions for the Australian Financial Services industry.
Since its inception, IDS Super’s technology has been used to prepare, complete and submit multiple thousands of SMSF returns on behalf of Advisers and their SMSF Clients.
IDS Super offers a range on SMSF solutions to the wealth management industry, including SMSF Lite, which supports simpler Funds, through to SMSF Plus which is a fully administered SMSF administration service for Financial Advisers who have clients with a full suite of financial assets1
1 This includes those assets without electronic information such as real estate, managed funds, collectables and art work, as well as derivatives and international equities.
IDS Super offers a range on SMSF solutions to the wealth management industry, including SMSF Lite, which supports simpler Funds, through to SMSF Plus which is a fully administered SMSF administration service for Financial Advisers who have clients with a full suite of financial assets1
1 This includes those assets without electronic information such as real estate, managed funds, collectables and art work, as well as derivatives and international equities.
Is Super Myway data hosted “offshore”?
No, Super Myway is hosted by Next DC (NXT), an ASX listed data centre provider.
Our servers are hosted at their Perth data centre, which is based in Malaga, Western Australia. NXT’s data centre facilities feature multiple fail safe measures to ensure Super Myway is maintained to ensure high availability of online access.
Our servers are hosted at their Perth data centre, which is based in Malaga, Western Australia. NXT’s data centre facilities feature multiple fail safe measures to ensure Super Myway is maintained to ensure high availability of online access.
Is Super Myway administered “off-shore”?
No, all manual administration tasks are performed by our administration team based in Perth.
Available Banks and Brokers
What Bank Accounts can be used?
In order to keep costs down, IDS Super recommends that SMSFs use one of the following cash management accounts (for which we receive free data feeds) as the key transactional account:
Macquarie Bank CMA
ANZ V2 CMA
Bankwest CMA
Where an Adviser’s SMSF clients do not use these one of these cash accounts, other Bank and Cash Management Accounts may be supported, however an additional annual fee of $30 per annum will apply, to recover the costs associated with sourcing this data.
Where an Adviser’s SMSF clients do not use these one of these cash accounts, other Bank and Cash Management Accounts may be supported, however an additional annual fee of $30 per annum will apply, to recover the costs associated with sourcing this data.
What Brokers can be used?
The daily reconciliation of ASX securities is critical to the automation and accuracy of portfolios held on the IDS Super Platform.
IDS Super supports the execution of securities through any broker that is able to provide us with access to one daily composite file or three files (our preferred format) containing the following information:
Daily CHESS Holdings file - which contains all CHESS balances as at the “close” of the previous business day;
Daily CHESS Transaction file - which contains all CHESS movements for the previous day, accompanied by the respective CHESS transaction Codes; and the
Daily Trades file - which contains details of all ASX Contracts executed for the previous business day.
In addition, it is critical that the Broker is also able to provide an e-mail of the Contract Note to IDS Super, in support of the year-end audit process.
In addition, it is critical that the Broker is also able to provide an e-mail of the Contract Note to IDS Super, in support of the year-end audit process.
What Term Deposits can be used?
Ideally, Term Deposits should be sourced through Australian Money Market (AMM), through which we obtain electronic data feeds
Where AMM is not used to make Term Deposit investments, a processing fee of $10 per Term Deposit, will apply.
Where AMM is not used to make Term Deposit investments, a processing fee of $10 per Term Deposit, will apply.
Can I transfer an existing SMSF to Super Myway?
Yes, Super Myway provides a comprehensive and highly structured online Fund transfer service. Typically, it will take approximately 10 minutes to enter the details of an existing Fund, which is to be transferred.
Due to the highly structured nature of transferring a Fund, Super Myway is highly prescriptive in terms of the nature and level of documentation that must be provided.
We will provide you with full details of these requirements as part of this process.
Due to the highly structured nature of transferring a Fund, Super Myway is highly prescriptive in terms of the nature and level of documentation that must be provided.
We will provide you with full details of these requirements as part of this process.
What does it cost to transfer a SMSF?
Regardless of whether the Trustee arrangements are Individual or Corporate, Super Myway charges $110 for the transfer of each Fund onto Super Myway.
If I'm transferring my SMSF, do I keep my existing Trust Deed or does Super Myway issue a new Trust Deed?
When the Trustees of an SMSF decide to use Super Myway, a new Trust Deed will be issued to them (along with an Amending Deed). The new Trust Deed and the Amending Deed are automatically produced for authorisation by the Trustee.
Note: the use of a standardised Trust Deed enables the annual audit process to be streamlined, with attendant savings in costs.
Note: the use of a standardised Trust Deed enables the annual audit process to be streamlined, with attendant savings in costs.
Can Investments of Member Accounts be held separately from those of other Member Accounts?
No, in order to keep the cost of Super Myway as low as possible, the investments of Member Accounts cannot be held separately those of other Member Accounts.
It is therefore important to ensure that all Members of Super Myway have the same investment objectives, as they will all proportionally hold the same investments as each other.
It is therefore important to ensure that all Members of Super Myway have the same investment objectives, as they will all proportionally hold the same investments as each other.
Does Super Myway register all Funds for GST?
Yes, all Funds are automatically registered for GST, allowing an annual refund of up to 75% of the total GST expenses, incurred during the year.
This can provide significant benefits and substantially reduce the overall cost of running a SMSF.
For example, assume that a Financial Adviser charges $5,000 per annum to manage a client’s portfolio. In addition to this fee, assume that the adviser charges total brokerage or transaction fees throughout the year of $2,500.
The total GST charged for the year would be $750, allowing the Fund to claim back 75% of this amount.
This would result in annual refund of $562.50, which covers a substantial portion of Super Myway's $880 annual fees.
This can provide significant benefits and substantially reduce the overall cost of running a SMSF.
For example, assume that a Financial Adviser charges $5,000 per annum to manage a client’s portfolio. In addition to this fee, assume that the adviser charges total brokerage or transaction fees throughout the year of $2,500.
The total GST charged for the year would be $750, allowing the Fund to claim back 75% of this amount.
This would result in annual refund of $562.50, which covers a substantial portion of Super Myway's $880 annual fees.
Are Statutory Costs included in the Super Myway fee?
No, Statutory fees such as those associated with the Annual ATO SMSF levy of $2591 are not included.
Additionally, if the Trustee is a Corporate Trustee, the ASIC special purpose company annual review fee of $53 is not included.
Any fees associated with items such as actuarial certificates that are required to support the calculation of exempt current pension income (ECPI), are not included.
1 Note - a fee of $518 will apply to newly registered Funds, representing payment for the following year’s Levy in advance.
Additionally, if the Trustee is a Corporate Trustee, the ASIC special purpose company annual review fee of $53 is not included.
Any fees associated with items such as actuarial certificates that are required to support the calculation of exempt current pension income (ECPI), are not included.
1 Note - a fee of $518 will apply to newly registered Funds, representing payment for the following year’s Levy in advance.
How and when are fees calculated?
Super Myway calculates and invoices its ongoing administration fees quarterly in arrears based on July - September, October - December, January - March and April - June billing cycles.
Where an existing Fund is transferred onto the Super Myway service, a full year’s fees will be charged, regardless of the date of transfer. Any fees payable in relation to previous quarters, will be included in the quarter in which the Fund becomes “Active” within Super Myway.
For example, where an existing Fund becomes “Active” in the October - December quarter, the Fund will be invoiced for two quarters worth of Fees, i.e. $440 (2 x $220) which includes backed date fees of $220 for the July - September quarter.
Where an existing Fund is transferred onto the Super Myway service, a full year’s fees will be charged, regardless of the date of transfer. Any fees payable in relation to previous quarters, will be included in the quarter in which the Fund becomes “Active” within Super Myway.
For example, where an existing Fund becomes “Active” in the October - December quarter, the Fund will be invoiced for two quarters worth of Fees, i.e. $440 (2 x $220) which includes backed date fees of $220 for the July - September quarter.
What is involved in the Fund Transfer Process?
Fund Transfers are performed using a highly structured process, consisting of a number of screens and associated tasks which need to be completed sequentially, by both the Trustees of the Fund and IDS Super.
Does Super Myway prepare the Fund’s Investment Strategy?
Yes, a "pro forma" investment strategy is produced for each fund established or transferred onto the platform.
The investment strategy is kept as broad and generic as possible to accommodate all possible investment strategies allowed for within the law and SIS Regulations. This also removes potential audit contraventions that may inadvertently occur if asset allocation ranges are defined prescriptively.
The investment strategy is kept as broad and generic as possible to accommodate all possible investment strategies allowed for within the law and SIS Regulations. This also removes potential audit contraventions that may inadvertently occur if asset allocation ranges are defined prescriptively.
Who provides the Tax and Audit services?
PKF Lawler, part of the national accounting PKF Group provides Super Myway with annual audit services.
Tax Agent services are provided by IDS Super.
Tax Agent services are provided by IDS Super.
What our clients say about Super Myway
"It's rare that we're able to choose the highest quality solution for taking control of my superannuation while still benefiting from cost savings."
James Rees
"With the help of Super Myway, the process of setting up our SMSF was very easy - all required documents were provided, pre-filled and lodged on our behalf."
Lea Gould
"Establishing a SMSF with Super MyWay was a simple, user friendly process. They've made managing my own superannuation a breeze!"
Symone Murray
"SMSF Lite has been a critical part of our transformation to an integrated wealth advisory business."
Shane Wee - Director
Alto Capital"Great price, great platform and great service. SMSF Lite is an important tool for any adviser who is serious about SMSF."
Cadell Buss - CEO
DJ Carmichael"SMSF Lite allows us to monitor multiple licensees and seamlessly assist them via a centralised support unit. SMSF Lite has now become an important part of the Sentry value proposition to SMSF focused Advisers."
Dan Parry - Head of Advice
Sentry Group"I have been extremely impressed with IDS's technology. Using SMSF Lite has given us significant efficiencies in our business when managing our client's SMSFs."
Michael Hartley - Director
TMS Capital