Published on March 18, 2014
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 Establishing a SMSF
www.lasseter.com.au email@example.com.: 1300 083 691 Lasseter has prepared this presentation for general information purposes only and does not constitute personal advice. You should not act solely on the basis of material contained in this presentation.We recommend that formal advice is sought which considers all your individual objectives and needs. No material contained within this report should be construed or relied upon as providing recommendations in relation to any financial product. General Advice Disclaimer
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 Setting up a SMSF • Obtain a trust deed which is a legal document that sets out the rules for establishing and operating the fund including: o powers, duties and responsibilities of the fund’s trustees o rights of the members o scope of the operation of the fund (what can and can’t be done within the super laws) • The Trust Deed must be individually tailored to your Fund
www.lasseter.com.au email@example.com.: 1300 083 691 Setting up a SMSF • Appoint trustees to the fund • Trustees are appointed under the fund’s trust deed • Remember, all members of the fund must be trustees or directors of the corporate trustee • All trustees and directors must consent in writing to being appointed and keep these records for at lest 10 years
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 SMSFTrustee Deciding on the type of trustee • Individual trustees o Up to 4 individual trustees - all individual trustees must be members of the fund o A fund cannot have an individual as a sole trustee • Corporate (trustee company) o All directors of the corporate trustee must be members of the fund Your choice of trustee will make a difference to the way you administer your fund and the type of benefits it can pay
www.lasseter.com.au email@example.com.: 1300 083 691 SMSFTrustee Comparing Individual versus Corporate Trustees: •Individual Trustee o Less costly to establish •Corporate Trustee o More flexible and efficient when a member passes away or leaves the fund o Reduced litigation exposure o Cost to establish and maintain the company as a trustee o Ability to pay lump sum benefits o Gearing in your SMSF most lenders will require a corporate trustee o ASCI Annual fee (Currently $46 pa)
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 SMSFTrustee Single member funds • You can set up your fund with only one member if you have a corporate trustee. • The member must be one of the following: o the sole director of the trustee company o one of only two directors, that is either related to the other director any other person but not an employee of the other director
www.lasseter.com.au email@example.com.: 1300 083 691 Single member funds • If you choose not to have a corporate trustee, you must have two individual trustees. • One trustee must the member and the other must be a trustee that is either: o a person related to the member o any other person but not an employer of the member SMSFTrustee
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 Eligibility to be a trustee •Anyone 18 or over and not under a legal disability (e.g. bankruptcy or mental impairment) can be a trustee unless they are a disqualified person. •A person is disqualified if any of the following apply: o convicted of an offence involving dishonesty o subject to a civil penalty order under super laws o considered insolvent under administration o are an undischarged bankrupt o have been disqualified by a regulator (e.g.APRA) SMSFTrustee
www.lasseter.com.au email@example.com.: 1300 083 691 Eligibility to be a trustee •A company cannot be a trustee if: o the responsible officer of the company is a disqualified person o a receiver, official manager or provisional liquidator has been appointed to the company o action has commenced to wind up the company SMSFTrustee
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 What it means to be a trustee As a Trustee of a SMSF you have a number of legal obligations placed upon you: •Act in the best interests of all members when making decisions •Manage the funds separately from your own affairs •Ensure the money in the fund is only accessed when the law allows
www.lasseter.com.au email@example.com.: 1300 083 691 Setting up a SMSF The basic role of a SMSF is to hold and manage fund assets. This means: • To be legally established your fund needs to hold assets • The trustees hold the fund’s assets in trust for the benefit of the members • Fund assets are held in the name of either: o Individual trustees as trustees for the fund o The corporate trustee as trustee for the fund
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 Setting up a SMSF Each Trustee is required to sign a declaration • the declaration states: o you understand your duties and responsibilities as a trustee or director of the corporate trustee o You agree to become a Trustee • You must keep the declaration for as long as you are a trustee
www.lasseter.com.au email@example.com.: 1300 083 691 Setting up a SMSF One of the first assets a SMSF is going to have is Cash at Bank. Therefore a bank account needs to be opened: A Bank Account is required in order to: •Receive Contributions and rollovers •Receive Investment income •Pay fund expenses In selecting the right bank account consider the following: •Fees and costs •Data feed ability will significantly reduce your compliance costs •Transactional online ability
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 Setting up a SMSF Establish each member in the fund: •Record each member’s TFN •Record each member’s personal details •Provide each member with a Product Disclosure Statement (PDS) for the SMSF These details are usually record by your fund administrator. At Lasseter this is undertaken at the same time as we establish your SMSF.
www.lasseter.com.au email@example.com.: 1300 083 691 Setting up a SMSF Obtain the necessary registrations from the Australian Tax Office: •Apply for an Australian Business Number •Elect to become a regulated superannuation fund •Register for GST if required (Lasseter can advise you on if GST registration is required or financially beneficial based on your individual circumstances) •Register for PAYG, if required (Lasseter can advise you on if PAYG registration is required based on your individual circumstances)
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 • Trustees must have a written investment strategy and consider the following: o Circumstances of the fund o Establish the fund investment objectives o Consider risk associated with the funds investments o Establish fund asset allocation o Consider the funds liquidity requirements to pay benefits • The trustees are required to invest in accordance with their strategy and review this on a regular basis. • In addition to the fund investment strategy the fund must comply with the sole purpose test. Investment Strategy
www.lasseter.com.au email@example.com.: 1300 083 691 • 41% SMSF trustees say they have no clear investment performance goals: o And with no formal SMSF benchmarks is it ‘art over science’ • 24.7% of SMSF trustees who have not sought advice admit their strategy was derived from gut instinct o More likely to have strategy with an adviser (65.1%) than without (55.2%) • 50% of Trustees make financial decisions based on information in the general media o Trustees spend on average of 5 hours per week on research & managing fund Investment Strategy
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 The Sole Purpose Test is the golden rule for all superannuation Trustees – The SMSF must be established for the “sole purpose” of paying retirement benefits. • As a result there are restrictions on investments in related parties • Restrictions on assets that can be acquired from related parties • Restriction on personal use of fund assets Sole PurposeTest
www.lasseter.com.au email@example.com.: 1300 083 691 • Establishment Costs – FREE (Lasseter will establish your SMSF at no cost) • Corporate Trustee - $444 (One Off – ASIC Fee) see our SMSF Starter Package • Annual Accounting and Tax – starting from $1320, see our Compliance and Administration Package • Annual Audit – starting from $330 * • Annual ATO Levy - $150 • Annual ASIC Fees - $212 (only for corporate trustee) • Other Professional Fees – ie Financial Advisor • Investment Fees – depending on investments chosen What are the Costs?
www.lasseter.com.au firstname.lastname@example.org.: 1300 083 691 If you have any queries please call us on 1300 083 691 or We can contact you request via our website press here View our SMSF Starter Package View our Compliance and Administration Package What Next?
www.lasseter.com.au email@example.com.: 1300 083 691 Lasseter InFocus Offices: T: 1300 083 691 Melbourne Altona E: info@Lasseter.com.au Geelong W: www.Lasseter.com.au
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