Self Managed Super Funds
We can discuss with you how a Self Managed Super Fund (SMSF) can work for you, your legal requirements, and arrange establishment of a fund for you. We also can prepare financial statements and income tax returns for your fund each year and ensure compliance with governing legislation.
There are a number of things you need to think of before you set up self managed super fund, as well as a number of paths you can take once you have set one up. We can assist you with all of this including:
- Costs of establishing and maintaining a fund
- Optimal Trustee structures
- Borrowing in a Superannuation Fund
- Audit of Self Managed Super Funds – Note: Advice about SMSF’s will be provided by BMWFS
Not quite sure a SMSF is right for you?
Deciding to
set up a SMSF
- Fees
- Knowledge, skill and time
- Legal requirements
- Obtain current super funds details
- Allowable investments and transactions
Preparation
to setup
- SMSF name
- Corporate trustee or individual trustees
- Limited recourse borrowing if applicable
Getting started
- Trust deed
- Trustee company or bare trust if applicable
- Fund registration – ABN & TFN
- Setup a bank account in the name of SMSF
- Devise an investment strategy
- Contributions and rollovers
- Death benefit nominations
Ongoing Maintenance
- Annual tax returns and financial statements
- Appoint an external auditor
- Record keeping
- Duties and responsibilities
- Arrange super benefit payments if applicable
- Review investment strategy