{"id":1976,"date":"2019-09-25T13:28:30","date_gmt":"2019-09-25T03:28:30","guid":{"rendered":"https:\/\/saige.com.au\/?p=1976"},"modified":"2019-11-08T11:51:41","modified_gmt":"2019-11-08T00:51:41","slug":"getting-your-smsf-setup-for-success","status":"publish","type":"post","link":"https:\/\/saige.com.au\/business\/taxation\/getting-your-smsf-setup-for-success\/","title":{"rendered":"Getting your SMSF Setup for Success"},"content":{"rendered":"\t\t
A Self-Managed Super Fund (SMSF) is often promoted as providing freedom and control of your superannuation. Yet with this control comes a certain amount of responsibility and also risk. So how do you know if you\u2019re suited to an SMSF and what is involved in the setup?<\/p>
SMSFs have grown in popularity in Australia. Over the last 5 years SMSF\u2019s have increased by 26% growing an average of 5% each year1<\/sup>. Better access to investment information, a lack of trust in large superannuation providers and the baby boomer effect have all contributed to this rise. Still an SMSF may not be for everyone.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t To work out whether an SMSF might suit you, consider the following:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t If you\u2019re comfortable making investment decisions, have more than $300K in super already (combined) are looking to stay in Australia and can put aside a few solid hours a month toward superannuation then an SMSF might just be for you.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t A trustee is simply someone who is responsible for managing the SMSF on behalf of the beneficiaries of the fund. For an SMSF, trustees are unique as they are also the beneficiaries.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t You have two options of trustee structure for an SMSF:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t All members of a self-managed super fund must also be trustees. They must be eligible to be a trustee and agree and sign the trust deed associated with the fund. All trustees are equally accountable for the fund and the legal obligations that come with it.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t The trust deed is a legal document setting out the rules for establishing and operating your fund. The trust deed is generally drawn up by a lawyer and states who the trustees of the fund are, its governing rules, the assets of the fund and the intended beneficiaries.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t The main benefit of superannuation investments is of course that contributions are not subject to tax. An SMSF must meet certain criteria to avoid being taxed.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t To activate the fund, you will need:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t SMSF\u2019s are far from a Do-It-Yourself exercise. You will likely need help from the following professionals to complete the necessary SMSF setup tasks:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t To be in complete control of your retirement savings and investment decisions, an SMSF is the way to go. But it\u2019s not something to take on lightly. It is a long term commitment with legal consequences if things aren\u2019t completed correctly. Rarely is an SMSF setup or administered without some outside assistance. Whether it is an accountant, lawyer or financial adviser, getting help ensures your retirement nest egg is safe and you avoid the real possibility of legal and financial penalties.<\/p> Saige Accountants and Financial Planners are SMSF experts<\/a>. We can provide end to end assistance in the setup, management, audit and taxation aspects of your SMSF. We have dedicated SMSF accountants who know the SMSF setup process well along with Financial Planners who can advise on SMSF investment strategies<\/a> and execution.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\tAre you suited to an SMSF?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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SMSF Setup Steps<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
1. Choose a Trustee Structure<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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2. Appoint Trustees<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
3. Create the Trust Deed<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
4. Ensure your fund is eligible for tax concessions<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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5. Register and activate the fund<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Help you will need when setting up an SMSF<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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