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9 Straightforward Steps To Set Up An SMSF Account

Having a Self Managed Super Fund is an individually and monetarily rewarding experience for you if you have done its setup correctly. Attention to every detail will safeguard you from getting penalised and help you save your time in the long run.

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9 Straightforward Steps To Set Up An SMSF Account

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  1. 9 Straightforward Steps To Set Up An SMSF Account Great! You have decided to enter into the club of 1 million+ Aussies with an SMSF account. Having a Self Managed Super Fund is an individually and monetarily rewarding experience for you if you have done its setup correctly. Attention to every detail will safeguard you from getting penalised and help you save your time in the long run. As per the website of the Australia Taxation Office, here are nine simple tips for setting up a Self Managed Super Fund account: 1. Appoint professionals to assist you You can employee a few professionals to help you in setting up and managing your fund. With their support, you can be sure that your fund is run and

  2. managed properly. You can think about appointing an accountant, a fund administrator, a legal practitioner, a financial adviser, an auditor, and a tax agent. 2. Select a corporate or individual trustee You are free to select a structure as per your wish – a corporate trustee and an individual trustee. Get in touch with an expert to discuss the differences between these two structures on the base of •Requirements of member and trustee •Cost •Ownership of fund assets •Separation of assets •Penalties •Succession 3. Employ your trustees The members of an SMSF trust must be directors of corporate trustee or personal trustees. Avoid being a member of your Self Managed Super Fund if you are not eligible for becoming the director or trustee. New funds typically appoint directors or trustees under the trust deed fund. Ensure that the people are going to be directors of trustees: •Are suitable for becoming a director or trustee •Have a sound comprehension of the meaning of a director or trustee 4. Form the trust and trust deed A trust is an agreement under which a company or individual collects assets/funds. A self managed super fund is a different type of fund, which aims to facilitate its members to have retirement benefits. For the creation of a trust you need directors/trustees, governing rules, assets, and identifiable beneficiaries. A drafted trust deed binds you with its rules & regulations. 5. Ensure your fund is an Australian super fund

  3. To receive tax concession, you need to have an Australian super fund. Get in touch with the officers of the ATO to know the terms & conditions associated with it. 6. Register your fund and get an ABN For making it compliable, you need to get your Self Managed Super Fund registered with the Australian Taxation Office. Submit all the respective documents and get approval and an Australian Business Number. 7. Open a bank account You must have a bank account in the name of your SMSF trust and you need to keep it apart from your personal account. With a bank account for your super fund, receiving and contributing funds to this trust will be more comfortable for you. 8. Have an electronic service address For receiving of funds from trustees and members, your Self Managed Super Fund should be capable of receiving contributions and related data electronically. For this, you can open an email with the name of your trust. 9. Make an exit plan At the time of setting up a super fund, you should be ready for the future. You should have a robust strategy for you exit if anything bad happens to your trust. The bad thing can be the death of a trustee, poor relationships with other trustees, or a severe illness, making a person unable to actively participate. Conclusion A Self Managed Super Fund is a beneficial fund for availing retirement benefits. Its setting up is a tricky job, which requires professional consultation. With the support of an SMSF accountant or expert, you can easily carry out all the associated works for a better fund.

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