Estate planning in an SMSF (Self Managed Super Fund), also referred to as an SMSF Will. It is generally good to have a Binding Death Benefit Nomination (BDBN). This is compared to a nomination that is not binding and will lapse in 3 years. Remember that benefits have to be left to natural persons. When the Trust […]

An SMSF will have to pay certain expenses to keep on running the Fund for the purpose of providing for the Members’ retirement benefit. Normal operating expenses will be a tax deduction in the SMSF, but remember Trustees cannot be remunerated for their services as Trustees. An expense that has a ‘private element’ in it […]

Trustees in an SMSF can add a new Member to the SMSF. The steps to add a Member to the SMSF are as follows: 1. Minute the Trustee decision to add the Member. Download a Minute template here 2. The new Member needs to sign an application to be a Member, see a sample here 3. The ATO […]

Under Choice of Fund, you can choose to have your employer contributions paid directly into your SMSF. The 3 things your employer will most likely ask for are: 1. Bank Accounts – Account number and BSB in the name of the SMSF2. ABN of the Fund – give them a copy of the ABN registration3. Trust Deed – this is to verify you […]

Trustees need to ensure their SMSF is an Australian SMSF. SMSF’s that breach the residency rules are taxed, not at the concessionary rate of 15%, but at the marginal tax rate of 45% (plus Medicare Levy of 2%), so make sure that your SMSF is a resident Australian SMSF. Trustees can set up and manage a Self-Managed […]

A reversionary pension is an income stream the Trustees set up with superannuation that automatically transfers the pension to another person (usually called the reversionary beneficiary) on the death of the Member. Beneficiary of Reversionary Pension As per the Superannuation Industry (Supervision) Act 1993 and supporting regulations, an eligible reversionary pension beneficiary can be one of the following: Be a […]

To be able to access benefits from an SMSF, a Member must meet a condition of release under Superannuation law preservation rules. The Trust Deed sets out the rules of the SMSF’s and can be restrictive, so it is possible that a benefit can be payable under the super laws but not under the rules of your SMSF. In order for […]

A Transition to Retirement Pension is an income stream that you can commence from your SMSF if you have reached preservation age  and are still working. With a Transition to Retirement, you may be able to reduce your working hours without reducing your income. This can be done by topping up your part-time income with a regular ‘income stream’ from […]

Superannuation contributions are being taken more seriously, as the contributions rate will be increasing from 9.5% to 12% over the next few years. If you wish to manage your contribution and having control on where to invest your money, an SMSF may be right for you. There are no legal rules saying that Trustees have […]

Trustee-and-Member-Consent If we’re currently acting as your accountant, our services include arranging your SMSF audit and the fees for performing the annual audit are included in your monthly SMSF fees. So, read no further – you have been already covered. If you prepare your own SMSF accounts and tax return, you will still need an independent […]

If we are your accountant, we will arrange for your SMSF audit, and the fees for performing the annual audit is included in your monthly SMSF fees. Do not read any further. You are covered. If you prepare your own SMSF accounts and tax return, we can perform your audit. We also perform the audit […]

Set-up costs tax deductability Understanding Set-up Costs Tax Deductibility for SMSFs FAQ’s Q: Can the set-up cost of a Corporate Trustee be deducted in an SMSF? A: No, we capitalise this cost. Q: Can it be amortised over 5 years? A: The 5-year deduction is only available if “running a business”. Best practice for SMSF’s is to […]

What we do Set-up We will set up your fund by registering it with the ATO and get the ABN and TFN for the Fund. Trust Deed Minutes of Meetings Investment Strategy Trustee Declaration Consent to act as Trustee and Member Application For examples of these pages, see our downloads section. Annually Superannuation Warehouse will perform […]

Trustees of an SMSF need to ensure the SMSF to comply with the Superannuation Act and Superannuation Regulations. First of all, if you use Superannuation Warehouse as your administrator, we will arrange and pay for the audit service, so this is taken care of. The cost of the SMSF audit is included in your monthly payments. If you perform your own […]