Self Managed Superannuation Funds
A self managed superannuation fund is defined as an individual, family or small business based superannuation fund that consists of less than five members.
Establishing a new SMSF
Managing your own superannuation is a big responsibility, so it’s important you make sure it is the best option for you. You’ll also need to choose the best way to structure your fund so it complies with the law and suits you and the other SMSF members’ circumstances.
At Robertson Scannell, we support our clients through every stage of the process and will provide you with the full documentation necessary for the establishment of a complying SMSF, meeting legislative requirements whilst being flexible enough to suit your individual needs.
Our establishment services include:
• arranging for the establishment of a complying trust deed for your super fund
• registration of a Tax File Number and Australian Business Number
• lodgement to become a regulated super fund
• notice of consent to act as a Trustee
• resolution to establish the fund
• assistance with binding death nomination
• assistance with establishment of a bank account
• assistance with establishment of insurance cover under your SMSF
• arranging for the establishment of a new company to act as Trustee for your SMSF, if required, instead of individual Trustees.
Administration of your Fund
As a Trustee of a SMSF, complying with the superannuation and taxation laws is your responsibility. So it’s important that you understand superannuation and taxation legislation and keep up with the ongoing changes.
The SMSF team at Robertson Scannell take a partnership approach with our SMSF Trustees to help them with their decision making, investment strategies, retirement and pension phase, while providing high level advice so that their SMSF remains a complying fund that is eligible to receive favourable tax treatment.
As a Trustee of a SMSF you must:
• always act honestly
• exercise the same degree of care, skill and diligence as an ordinary prudent person in managing your SMSF
• act in the best interests of all your SMSF beneficiaries
• keep the SMSF’s assets and money separate from other money and assets, such as business and personal money and assets
• retain control over your SMSF
• develop and implement your SMSF’s investment strategy
• not enter into contracts or behave in a way that hinders trustees from properly performing their duties or powers, and
• allow beneficiaries access to certain information about the SMSF.
Contact the team at Robertson Scannell today for more information regarding Self Managed Superannuation Funds.
