ProAdvisory
Because Super is too important to
leave to the low service discounters.
ProAdvisory
for
understanding,
knowledge,
& strategy
to successfully maximise
your Super with low, acceptable risk.
Setting up your SMSF
It is important to set up your fund correctly so:
it is a complying super fund and qualifies for tax concessions
you protect your retirement savings
you avoid penalties
your fund is able to pay specific benefits
it is as easy as possible to administer.
ProAdvisory can help you set up your fund.
Among other things:
arrange a legal
practitioner to draft your fund’s trust deed
provide a qualified accountancy skills to administrator and organise the
paperwork and register your fund
provide a licensed financial adviser to help you prepare an
investment strategy.
make sure the trust deed complies with the latest changes to the law
make sure the trust deed is unique to your fund, its objectives and your members’ circumstances.
(Video courtesy of the ATO)
Setting up your SMSF is not just about taking steps
to get your fund started. You will need to make important
decisions about how to structure and run your fund.
Set up
Consulting with
ProAdvisory provides professional advice before
setting up your fund.
helping you understand how you can structure your fund
providing the steps you need to take to set up your fund
and start operating it
explaining your obligations and responsibilities
guide you through the process
ensure you have covered all the
necessary steps
SMSF trustees - individual or corporate
(Video courtesy of the ATO)
When you set up an SMSF,
ProAdvisory can recommend you take on the role of either a:
trustee
director of a company that is a trustee (called a
‘corporate trustee’).
A trustee is a person or company that holds and invests
the fund’s assets for the benefit of members. As a trustee
or director of a corporate trustee, you will be responsible
for running the fund and making decisions that affect the
retirement interests of each fund member, including yourself.
You must comply with the super and tax laws to make
sure your fund is entitled to tax concessions and your
members’ interests are protected.
You must also:
act in the best interests of all fund members when
you make decisions
manage the fund separately from your own affairs
make sure the money in the fund is only accessed if the
law allows it
If your fund has individual trustees, it is an SMSF
if all of the following apply:
it has four or fewer members
each member is a trustee
each trustee is a member
no member is an employee of another member,
unless the members are related
no trustee is paid for their duties or services as a trustee.
If your fund has a corporate trustee, it is an SMSF
if all of the following apply:
it has four or fewer members
each member of the fund is a director of the
corporate trustee
each director of the corporate trustee is a member
of the fund
no member is an employee of another member,
unless the members are related
the corporate trustee is not paid for its services
as the trustee
no director of the corporate trustee is paid for their
duties or services as director of the corporate trustee.
Trustee Declaration
(Video courtesy of the ATO)
If you are a new trustee (or director of a corporate trustee)
you must sign a declaration, in the approved form, within
21 days of becoming the trustee or director.
By signing the declaration, you are stating you understand
your duties and responsibilities as a trustee or director of
the corporate trustee.
You must keep the signed declaration for as long as you are
the trustee (or director of the corporate trustee).
If this period
is less than 10 years, the declaration must be retained for at
least 10 years.
You must make the declaration available to the ATO if requested.
