SMSF

An SMSF is your own personal Superannuation Fund that gives you control over how your Super Benefit is invested. SMSF’s allow do it yourself (DIY) Investors to make the investment decisions for the fund.

If you set up an SMSF, you make the investment decisions for the fund and you are responsible for complying with superannuation and taxation laws.

You can choose one of the following TRUSTEE structures for your SMSF:

• Up to FOUR individual trustees
• A corporate trustee (company acting as a trustee for your super fund). This is generally a special purpose company formed only to act as trustee for your super fund.

There is no legal minimum balance requirement to establish an SMSF. You can establish an SMSF with any amount desired. But before you do so, you must obtain your own independent financial and taxation advice about whether SMSF is right fit for your retirement needs.

Once the SMSF is fully established, you can choose to:

• Rollover existing superannuation from retail/industry super fund in to your SMSF.
• Instruct your employer to contribute employer contributions in to your SMSF.
• Make personal concessional/non concessional contributions to your SMSF.
• Make investments through your SMSF including investments in shares, cryptocurrencies, Australian &
• International shares, Managed funds, Physical metals, Bonds, options, Forex, term deposits and properties
• etc provided your superfund investment strategy allows to do so.
• Buy insurance through your SMSF.
• Commence a pension in your SMSF (eligibility criteria applies)

Before you start making investments you must have an Investment Strategy. This sets out your fund’s investment objectives and specifies the types of investments your fund can make. SMSF. You may adopt the Standard Investment Strategy for your SMSF or modify it as you deem necessary.

All investments by your SMSF must be made on a commercial ‘arm’s length’ basis. The purchase and sale price of fund assets should always reflect true market value, and the income from fund assets should always reflect a true market rate of return.

The contents of this document are of a general nature only and have not been expressed considering any investor’ personal objectives, financial situation, or individual needs. EXPERT TAX does not provide financial product advice or recommend any financial products either expressly or implied.

While the sources for the material are considered reliable, responsibility is not accepted for any inaccuracies, errors, or omissions. We also recommend that you should seek professional advice from a financial adviser prior to making decision in relation to establishing an SMSF. EXPERT TAX will not accept any liability arising because of relying on information.

EXPERT TAX is a no advice model and does not provide financial or legal advice to clients. We recommend that you seek appropriate professional advice in view of your personal circumstances. A licensed financial adviser will consider your personal situation and make a recommendation suitable to your financial needs. All information detailed on our website is purely factual and is general in nature. Accordingly, you should not rely on it. It should always be remembered that Trustees are legally responsible for all the decisions made even if you obtain advice from a Financial Planner. Whilst a Financial Professional can provide advice and assistance, you are ultimately responsible for the Fund.

• Preparation of an annual Profit & Loss Statement
• Preparation of an annual Balance Sheet
• Preparation of annual Member Statements
• Preparation of annual Trustee Resolutions &amp Minutes
• Preparation and lodgement of an annual Income Tax Return
• Preparation and lodgement of an annual or quarterly Business Activity Statements (BAS)
• Preparation of an annual Audit.

Contact us on 0449 952 855 or 1300 869 829 for assistance.