Frequently asked
QUESTIONS

When an investment is made into Hostplus SMI, the money is pooled with money from other investors to buy investments on behalf of all investors. Investment options offered within Hostplus SMI are then divided into units and allocated into the selected investment options based on the value of the investment and the relevant unit price.

The Hostplus SMI is a pooled superannuation trust (PST) as defined under the Superannuation Industry (Supervision) Act 1993 (SIS Act) and is designed to pool assets of eligible complying superannuation entities to invest in high-quality assets managed by Hostplus and selected external investment managers. Trustees of SMSFs can invest in Hostplus SMI by purchasing units in one or more of the investment options offered by the Trustee of the PST. The number of units issued, is determined by dividing your investment amount in the relevant investment option, by the unit price which takes into consideration any relevant fees, costs, and taxes.

The Trustee values the assets of each investment option at the latest available prices. In valuing the assets, an allowance is made for the following to determine the net value of the assets in the relevant Hostplus SMI investment option:  

• expense recoveries,
• investment costs,
• transactions costs, and
• income tax.  

This valuation is then divided by the total units in each option. Unit prices generally rise and fall with movements in the value of underlying assets.

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Hostplus SMI investments are managed via a pooled superannuation trust (PST) which is a tax-paid investment vehicle. This means that the tax reporting, liability and compliance lies with Hostplus and not the investor.

The Hostplus SMI investments are managed via a pooled superannuation trust (PST) which is a tax-paid investment vehicle. This means that the tax liability lies with Hostplus and not the investor. Depending on whether you are invested in the accumulation or pension units, there are different tax treatments that are applied. For accumulation units, the tax on income earned and any capital gains or losses generated on the disposal of assets, is paid for and incorporated within the unit price. For pension units, there is no tax liability as pension is a tax-free environment. When entering SMI, it is the SMSF Trustee's responsibility to ensure they are selecting the appropriate units to ensure the correct tax treatment is applied.

Hostplus has an obligation to always act in the best financial interests of our members and investors. While we believe it’s important for members and investors to have flexible access to their investments, we must also protect the longer-term interests of other members and investors. In certain circumstances frequent investment switches may be detrimental to other members or investors. This may particularly be the case when the switches relate to unlisted assets. That’s because these assets aren’t listed on the stock exchange, or other market, which means they aren’t valued daily in the same way as listed assets.

Hostplus is required to set and routinely review the design, distribution and use of our financial products. Additionally, the superannuation industry regulator (APRA) recently issued its updated Prudential Standard SPS 530 (Investment Governance) which provides guidance and requires all superannuation funds to review and as appropriate increase, extend and strengthen their investment governance frameworks and practices. This includes valuation practices, liquidity management and investment switching, to ensure member equity considerations are well managed and protected.  

In response, we’ve recently updated our investment governance policies and processes. One particular area where we have enhanced our controls is around investment switching. This includes introducing new switching windows for our SMI Infrastructure and Property options.

Switching windows are periods in which SMI investors can switch in and out of the Property and Infrastructure investment options. There will be four switching windows available – one each quarter. The switching windows for the Infrastructure and Property investment options will commence on the second Monday of the second month of each calendar quarter.

The switching windows for the Property and Infrastructure options for the 2024-25 financial year are shown below: