Setting up a Self Managed Super Fund (SMSF)
A Self Managed Superannuation Fund, is a tax effective wealth creation vehicle, that gives the members control over their assets. Our team specialise in the provision of Self Managed Superannuation advice and strategies, and can assist with with the establishment of a SMSF.
With the establishment of a SMSF you will get :
- an initial meeting to discuss your needs and to determine what structure best suite you.
- a corporate trustee(if selected)
- a SMSF
- a trust deed
- an investment strategy
- all establishment minutes
- a Macquarie Cash Management Account
- registrations for an ABN and TFN
We highly recomend the use of a corporate trustee. There are several reasons for this, however the most important reason is because all SMSF investments are required to be listed in the trustees name as trustee for (ATF) the superannuation fund, such as 'Corporate Trustee Pty Limited ATF Smith Family Superannuation Fund' or Mr John Smith & Mrs Jane Smith ATF Smith Family Superannuation Fund'. Should you use individual trustees and you wish to remove a trustee (due to death, divorce or some other reason) or add another member/trustee (you want to add your children to the SMSF) then you have to transfer all the assets of the SMSF into the new name of 'Mr John Smith & Mrs Jane Smith & Mrs Child Smith ATF Smith Family Superannuation Fund'. If you use a corporate trustee, the individuals can be added or removed as directors of the corporate trustee but no change needs to be made to the investments names. The administration to change all investments can cost a lot of time and money and it is therefore, for this reason alone, that we recomended you pay the additional money to establish the corporate trustee and the additional ASIC annual fee of less than $100 and avoid this hassle and cost in the future.
After you have established your superannuation fund you will need to have annual financial accounts and a tax return prepared and lodged. We are able to provide these services for you on an ongoing basis for a fixed fee, however should you wish to use another provider, all documents including trust deeds and minutes will be provided to you.
We can also provide initial and ongoing Portfolio Management & Investment Advice through the provision of Financial Planning strategy and advice. This is in order to implement an investment strategy for your SMSF that achieves the investment goals and meets your financial needs in retirement.
