SMSF DEED SERVICES
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Setting Up a
Self-Managed Super Fund (SMSF)
A Self-Managed Super Fund (SMSF) is a type of superannuation fund that you manage yourself, rather than having it managed by a professional fund. It offers more flexibility and control over your retirement savings, but also comes with increased responsibilities and potential risks.
Important – Any Superannuation money should always be invested and used for retirement purposes. Its important to keep Superannuation money separate from your personal assets and not use money for personal purposes unless a condition of release is met.
Key Steps to Setting Up an SMSF
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Consider Your Suitability:
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Knowledge and Time: Are you willing and able to manage the administrative and investment decisions of the fund?
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Costs: Setting up and running an SMSF involves ongoing costs, including accounting fees, compliance costs and potential investment expenses.
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Risks: There are risks associated with managing your own investments, such as market fluctuations and potential breaches of superannuation laws.
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Choose a Trustee Structure:
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Individual Trustees: You and your spouse or partner can be the trustees – There needs to be a minimum of two individual trustees and a maximum of six.
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Corporate Trustee: A company can be established to act as the trustee (Recommended).
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Ensure that all trustee or directors are eligible to run a SMSF and that they are not bankrupts or a disqualified person.
How we can help with your documentation and setting up your SMSF.
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We can establish the corporate trustee
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We can draft a Trust Deed:
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This legal document outlines the rules and regulations of your SMSF.
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We can register your SMSF and apply for an ABN & TFN:
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You need to register your SMSF with the Australian Taxation Office (ATO).
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This involves providing information about the trustees, members, and the fund's details.
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Once the fund has been granted a complying status with the ATO you can start making contributions or looking into rolling over your existing super.
You will then have to
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Open a Bank Account in the name of the Fund:
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Your SMSF will need a bank account to hold its assets.
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Invest Your Funds:
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You can invest your SMSF's funds in various assets, such as shares, bonds, property, and cash.
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It's important to create a diversified investment strategy that aligns with your risk tolerance and retirement goals.
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Comply with Superannuation Laws:
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SMSFs are subject to strict superannuation laws. You must comply with these laws to avoid penalties.
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This includes lodging annual returns, keeping accurate records, and ensuring the fund operates in a compliant manner. We can help with this.
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Seeking Professional Advice
Resources
While you can set up an SMSF yourself, it's often recommended to seek professional advice. We can guide you with all the steps. We don’t give investment advice, however, can refer you to our trusted panel of professionals that can help.
Additional Considerations:
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Insurance: Consider obtaining insurance to protect your SMSF from potential liabilities.
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Estate Planning: Ensure your SMSF's assets are distributed according to your wishes upon your death.
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Review and Update: Regularly review your SMSF's investment strategy, trust deed, and compliance requirements to ensure it remains suitable for your needs.
By following these steps and seeking professional guidance, you can establish a well-structured SMSF that can help you achieve your retirement goals.