Self-Managed Super Funds

Running a self-managed superannuation fund is a large responsibility. We are there to help you meet your obligations and make the most of your superannuation.

Once you have decided to establish a self-managed superannuation fund (SMSF) we can assist you with your specific circumstances.

There are several steps to follow to ensure that the SMSF is setup to comply with the requirements of the Australian Taxation Office.

We attend to each step, ensuring that all your documents are prepared, signed, lodged where necessary and filed.

The following is a guide to the process in establishing your SMSF:

  1. Appoint Super Accountants to assist you in establishing your SMSF.
  2. Determine the structure of your SMSF, i.e. individual trustees or a corporate trustee.
  3. Ensure that the members of the fund are eligible to act as trustees (all members must be trustees).
  4. Are all members’ Australian residents for tax purposes? Non-resident members can affect the residency status of your SMSF for tax purposes.
  5. Choose a name for your SMSF.
  6. Appoint the trustees of your SMSF.
  7. Execute the trust deed, establishing your SMSF.
  8. Ensure that all members have supplied their tax file numbers to the trustees of your SMSF.
  9. Open a bank account in the name of your SMSF.
  10. Apply for an Australian Business Number and Tax File Number with the Australian Taxation Office.
  11. Prepare an investment strategy for your SMSF.

We maintain a file for your SMSF containing either originals or copies of the trust deed and all other documents establishing your SMSF.

Accounting of Self-Managed Superannuation Funds

We can assist you with the preparation of financial accounts for funds in accumulation mode, pension mode, transition to retirement or any combination of those mentioned.

The income tax return from documents provided by yourself.

Further to taxation and end of financial year reporting we will also help with the following areas which need to be taken into consideration in operating a SMSF whilst in accumulation phase:

  • In providing tax incentives for individuals to build their retirement savings, the government places restrictions on the level of contributions that can be made to super.
  • Should your fund’s investment strategy incorporate higher levels of risk you may effectively gear up your super to buy assets, such as property, through certain types of loans or self-funding instalments.
  • Ensuring audit and compliance requirements are met.
  • Ensuring trust deeds and the structure for the funds trustees are up-to-date.
  • Estate Planning and binding death benefit nominations.

Contact us on 1800 80 30 17 or email reception@pembertown.com for more information.

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