Self Managed Super Fund Experts

Whether you're looking to set up a self managed super fund or enhance your current SMSF administration or strategies our award winning specialists can help.  Contact our accredited self managed super funds specialists direct on 1300 587 673 to discover the professional and personal difference of our services.

• Are you looking for accredited SMSF Specialist advisors?  
  
• Are you concerned about offers of "FREE SMSF" set up?  
  
• Would you prefer a firm that doesn't outsource overseas?

Speak today with one of Australia's Top 50 Financial Planners.

What is a Self Managed Super Fund (SMSF)?

Self-Managed Super Funds (SMSF) also known as a DIY Fund is a small superannuation fund established for 1-4 people who are members as well as trustees or directors of a trustee company. Self managed super funds control is in the hand of the members who decide how the superannuation fund will operate and what investments the fund will invest in.

What are the advantages of Self Managed Super Funds?

The main self managed super fund advantages include:

• SMSF gives you control over your superannuation
• Tax Concessions
• Estate Planning

 

Is a Self-Managed Super Fund what I need?

Self managed super funds are for people wanting control over their superannuation assets and retirement plan.  Self managed super is an excellent opportunity to assist in planning for families, but has the attendant regulatory requirements and responsibilities for trustees of managing their investments. A SMSF can offer advantages to small business owners as well as high net worth individuals. Our team can help to identify whether a SMSF is an effective tool for you.
 

How long does it take to set up a Self Managed Super Fund?

As soon as we receive your signed self managed super documentation your SMSF can be set up within 5 business days. To set up a self managed super fund click here www.self-managedsuperfund.com.au and speak with our team.
 

What needs to be done to establish a Self Managed Super Fund?

Once you have signed the self managed super fund documentation, spoken with our SMSF specialists and decided on the name of the super fund we shall complete all the necessary requirements for you, including:

• Obtaining a SMSF trust deed and appointing trustees (who must be members)
• If necessary, setting up a trustee company and obtaining an ABN
• Elect to become a regulated fund
• Obtain all the necessary registrations from the ATO
• Set up bank account for the self managed super fund
• Assist you in establishing a SMSF investment strategy and other requirements for the fund
• Obtaining your rollover or transfer monies from your existing superannuation funds
• We give you SMSF training to assist your understanding of your responsibilities

 

Who are the Trustees for a Self Managed Super Fund?

In most cases, all members of the self managed super fund need to be a permanent resident of Australia and either a trustee or director of the trustee company, so it’s important to make sure all members are eligible to be trustees. Generally, anyone aged 18 years or over and not under a legal disability (such as bankrupt, a minor, or with a mental impairment) can be a trustee.

For single member self managed super funds, there are a number of options. As a self managed super fund can not have a sole individual as a trustee the member can appoint a second person (not an employer) to act as the trustee of the fund, or else the single member can be the sole director of the trustee company.

Where a trustee company is appointed, all super fund members must be directors of the trustee company. Where a member is under a legal disability a member’s legal representative can act as trustee.
 

What are the SMSF trustee’s role and responsibilities?

All the duties for self managed super funds trustees are governed by the Superannuation Industry Supervision (SIS) Act 1993, and include to:

• Act honestly in all matters concerning the fund
• Exercise the degree of skills and judgement of an ordinary prudent person when handling the financial affairs of another person
• Act in the interests of the SMSF members and their beneficiaries
• Meet the requirements of SIS (Superannuation Industry Supervision Act 1993)
• Maintain records and discharge ATO requirements (the ATO, and not APRA, is the regulator for SMSFs)
• Comply with investment restrictions
• Accept superannuation contributions and pay benefits according to superannuation and tax laws
• Appointing an approved auditor each year
• Reviewing and updating the fund’s trust deed and investment strategy
   

What is the sole-purpose test?

A self managed super fund must be maintained for the sole purpose of paying retirement benefits to self managed super fund members when they have reached eligibility, or to their dependants in the case of a member’s death before retirement.
 

What contributions can be included in a SMSF?

A contribution is a payment made to your self managed superannuation in the form of money or an asset other than money (called an ‘in specie’ contribution). You need to accept superannuation contributions according to the following:

• Your self managed super fund trust deed
• The ‘contribution standards’ in the super laws
• The contribution limits that apply (called ’contribution caps’)
• Any investment restrictions

Provided that governing rules of your fund allow it, your self managed super can generally accept the following:

• Employer contributions
• Personal contributions
• Salary sacrifice contributions
• Super co-contributions
• Eligible spouse contributions

As a trustee of a self managed superannuation fund, you generally can not acquire non-cash assets from related parties, such as fund members, their families and partners and related companies and trusts. There are some significant exceptions including listed shares and securities and business real property (land and buildings used wholly and exclusively in a business).
 

What is an SMSF investment strategy?

An SMSF investment strategy sets out the fund’s investment objectives and how you plan to achieve them. It provides self managed super fund trustees with a framework for making investment decisions to increase SMSF member benefits for their retirement. There is no prescribed format for the investment strategy but it needs to be in writing and needs to reflect the purpose and circumstances of the fund. 

 

What can Self managed super funds invest in?

Self managed super funds can invest in a broad range of investments, all of which must be held by the fund and must be purchased with the intention of providing benefits in retirement for the members and are subject to the fund’s investment strategy.

 

Self Managed Super Fund 

 

Specialists

 

1300 587 673

 

Speak with our Self Managed Super Funds Specialists Today  on 1300 587 673 or email for a self managed super fund information pack to  success@leenanetempleton.com.au