How Does a Self Managed Super Fund Work?
SMSFs are established for the sole purpose of providing financial benefits to members in retirement and their beneficiaries. An SMSF has its own Tax File Number (TFN), Australian Business Number (ABN) and transactional bank account, which allows them to receive contributions and rollovers, make investments and pay out pensions. SMSF investments are all made of the specified fund and are controlled by the trustees.
There are two trustee structure options:
- Corporate trustee –Essentially, a company is acting as trustee for the fund.Each member of the fund must be a director of the company, and each director of the corporate trustee must be a member of the fund (except for single-member funds)
- Individual trustee – each member is appointed as a trustee, with a minimum of two trustees required. Each member of the fund must be a trustee, and each trustee must be a member of the fund (except for single-member funds) . Information Source: ATO
Setting up a Self Managed Super Fund
If you’ve decided to manage your own super, the Bottrell Wealth are ready to assist you set up a self-managed superannuation fund (SMSF). Your SMSF needs to be set up correctly to be eligible for tax concessions and to make it easier to administrate once up and running. Our experienced staff can make this happen in a way that’s as hassle-free as possible for you.
Setting up a SMSF gives you control over the investment decisions for the fund and makes you responsible for complying with the super and tax laws. It’s a major financial decision and something you need the motivation, time and skills to undertake. We can help you navigate the complexities of setting up a SMSF including choosing individual trustees or a corporate trustee, creating the trust deed, preparing minutes appointing your trustees, registering your fund with the ATO and getting an electronic service address.
Bottrell Wealth Pty Ltd is a Corporate Authorised Representative (No.001243427) of GPS Wealth Ltd | ABN 17 005 482 726 | AFSL 254 544 | Australian Credit License 254 544