WHAT IS AN

SMSF?

Taking control of your super, your future and retirement.

Over 1 million Australians have switched from Retail or Industry Fund to Self Managed Super Fund.

A self managed super fund (SMSF) is a way to manage your superannuation in the form of a trust structure, allowing the trustee(s) to make decisions; when, where, how and why the money is invested.

Read more on the benefits and considerations.

Structuring your SMSF

Structuring your SMSF correctly can save you from legal nightmares later on down the road. If a member passes away or decides to leave 5-10 years from now, it's best to be prepared by having the structure in place to get the benefits you're entitled to without the worry of potential legal issues down the road.

Individual Trustee structure

Each member of the fund is appointed as a trustee of the fund, you must have a minimum of 2 trustees for this structure. The main advantage of an individual trustee structure is that it is cheaper to set up.

Corporate Trustee structure

A company can act as the trustee of the fund with it's director(s) as the member(s). This structure usually costs more to establish but provides a range of benefits over the individual trustee structure.

How does an SMSF work?

A SMSF works by allowing it's members to invest in a number of different types of assets, giving absolute transparency and control over your superannuation.

Generally you will first rollover your existing super funds into a new SMSF bank account which is created at the same time that you establish the fund, from there you will make decisions about what you want to do with the money and get it working for you.
 

Basic considerations

SMSFs do come with some compliance requirements set out by the ATO, and the basics to consider are as follows:

 

  • Trust deed – this is an important document setting out the governing rules of your SMSF.

 

  • Investment strategy – this sets out in writing how you plan to invest your SMSF assets and you’ll need to stick to these guidelines to remain compliant. You can update your strategy if necessary.

     

  • Binding death nomination – this document states who you would like your super benefits paid to in the event of death.

     

  • Annual tax return and audit – Each year you’ll need to have an accountant to prepare financial statements, lodge a tax return with the ATO and organise an independent audit.

 
 
 

© 2018 Beattie Financial Services Pty Ltd. All rights reserved.

ABN 98 876 543 472

Corporate Authorised Representative (CAR) of Alliance Wealth Pty Ltd AFSL 439 562

 

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