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With something as important as your financial future, you need some guidance to navigate the way and maximise the outcomes.

 

Our SMSF service specialises in helping clients navigate through the complex rules and laws surrounding SMSFs. We can assist with all stages of the SMSF lifecycle including establishment, accumulation, pensions, and wind-ups.  

 

We work closely with our SMSF Trustees to implement strategies tailored to individual circumstances and goals. We also take pride in ensuring our Trustees are kept well informed and compliant with legislative changes, and up to date with tax concessions available to SMSFs. 

 

If you would like to discuss taking control of your investments and achieving your retirement goals, contact our SMSF team today.

A note from our SMSF Partner Michelle Stewart
Michelle Stewart - Slack-Smith Financial SMSF Specialist.

There are a number of important factors to consider when deciding whether or not an SMSF is right for you. Before making a decision, we highly recommend that you read the ATO Publication “Starting a Self-Managed Super Fund”. This provides a very good overview of the roles, responsibilities and obligations of SMSF Trustees, we well as how an SMSF works.

Once you have made the decision to establish an SMSF, our specialist SMSF service will work closely with you to assist with every step – from set up, to the ongoing administration of the fund.

SETTING UP YOUR SMSF
01
APPLICATION

A new SMSF Information Form will be sent to you for completion. Once you have returned this to us, we will do the following on your behalf:

  • Establish a corporate trustee with ASIC;

  • Prepare the Trust Deed and all supporting documents.

  • These will all be sent to you for signing – the majority
    can be signed electronically, although some will require a “wet ink” signature;

  • Apply for a Tax File Number (TFN) and Australian
    Business Number (ABN) with the Australian Taxation
    Office – it can take up to 28 days for these to be issued. The ATO runs a series of checks when a new person starts or joins an SMSF - if you owe tax or have outstanding returns (either personally or through a business), problems may arise with the registration. It is important to ensure that you don't commit to anything for your SMSF before it’s been registered with the ATO.

  • Obtain an Electronic Service Address (ESA)

Self Managed Superannuation Fund Services
02
OPEN A BANK ACCOUNT

Once the SMSF has received it’s ABN, you will need to open a bank account. The account must be in the name of the SMSF, and should be kept separate from any other personal or business accounts. The account will be used to accept contributions, receive income and pay expenses.
We are able to liaise with your bank to provide them with any information they need to open the account.
Please send us the bank account details once you have them to hand so that we can setup an electronic data feed into our accounting software.

03
ROLLOVER EXISTING SUPER AND REDIRECT EMPLOYER CONTRIBUTIONS

It can take up to 28 days for the ATO to complete the necessary checks needed to process the election to be a regulated SMSF. Once this has been completed, the SMSF status on the “SuperFund Lookup” website will show as complying, and the SMSF will be eligible to receive rollovers and contributions. Our SMSF service will work with you at this time to facilitate rollovers from your existing super fund, and to provide all necessary details to employers so that they can pay contributions into the SMSF. If you hold insurance in your current super fund, you will need to consider your options regarding whether to continue with the cover or not before you close the account.

04
CONSIDER YOUR INVESTMENTS AND PREPARE AN INVESTMENT STRATEGY

There are many rules and regulations regarding SMSF investments, and we would strongly urge you to contact us before entering into any asset purchases. A financial adviser can assist you in making an informed decision when it comes to your SMSF investments and insurance requirements, and we are able to put you in touch with one if you would like to discuss your options further. SMSF Trustees are required to prepare and implement an investment strategy, and all investment decisions must be made in accordance with the strategy. Whilst we cannot prepare the document on your behalf, we are able to provide you with assistance in this matter.

05
ONGOING REPORTING AND ADMINISTRATION OBLIGATIONS

An SMSF is required to prepare an SMSF Annual Return (Tax Return) each year. For all new SMSFs, the due date for the first return will be the 28th of February of the financial year following establishment. For all subsequent returns, the due date for lodgment and payment will be the 15th of May. All SMSFs are required to have the financial accounts and statements audited by an SMSF Auditor every year.

SELF MANAGED SUPERANNUATION FUNDS

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