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SMSF

We help you with establishing a SMSF, appointing Trustees and Declarations, and setting up personal insurances.

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What is a self-managed super fund (SMSF)?

A self-managed super fund (SMSF) is a superannuation trust structure that provides benefits to its members upon retirement. The main difference between SMSFs and other super funds is that SMSF members are also the trustees of the fund. SMSFs can have between one and four members*, and one of the main advantages is the level of control that trustees have when it comes to tailoring the fund to meet their individual needs. 

 

How does an SMSF work?

SMSFs are established for the sole purpose of providing financial benefits to members in retirement and their beneficiaries on death. They have their own Tax File Number (TFN), Australian Business Number (ABN) and transactional bank account, which allows them to receive contributions and rollovers, make investments and pay out lump sums and pensions. All SMSF investments are made in the name of the fund and are controlled by the trustees. As a trust, an SMSF requires a trustee. There are two trustee structure options:

  1. Corporate trustee – a company acts as the trustee and each member is a director. This structure allows simpler recording and registering of assets, providing administration efficiencies and flexibility in membership. Company establishment and ongoing fees are applicable with this structure.
  2. Individual trustee – each member is appointed as a trustee, with a minimum of two trustees required.

 

What are your responsibilities as an SMSF trustee?

As an SMSF trustee, you are responsible for making investment decisions and ensuring implementation of an investment strategy for your fund. SMSFs also have strict administrative obligations that require you to maintain records, provide financial statements, complete a tax return and organise an independent audit. For this reason, many trustees engage SMSF specialists to help them manage their accounting, auditing and tax reporting, as well as provide financial and investment advice. However, they always remain completely responsible for the decisions and administration of their fund. 

 

How we can help support you as an SMSF trustee

Whether you’re looking for accounting support, investment strategies, financial advice or estate planning expertise, we may be able to help you. So, if you are considering an SMSF or already have an existing SMSF, find out how our supported SMSF service can help you.

 

How we can help

  • Establish an SMSF
  • SMSF Trust Deed setup
  • Appoint Trustees and Declarations 
  • ATO application to obtain a Tax File Number for your SMSF
  • ATO application to obtain an Australian Business Number for your SMSF
  • Help with an Investment Strategy for your SMSF
  • Setup your personal insurances within your SMSF
  • Establish a Bank Account for your SMSF
  • Preparation of annual Balance Sheet 
  • Preparation of annual Profit and Loss Statement
  • Preparation of annual Member Statements 
  • Preparation of an annual Income Tax Return for your SMSF
  • Preparation of an annual Audit. 

What to do next

If you need help taking the next step, contact us today.

Disclaimer:
This website contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.
 

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