At Super Advisor you will have full access to a range of services to support your role in managing an SMSF.
Services
Consultation with an SMSF expert
Benefits of running a SMSF can be attractive, but setting up a SMSF and administering your fund can be complicated. Not getting it right can severely affect your financial situation and retirement plans.
Super Advisor will provide a free initial consultation to first, discuss the suitability of a SMSF, second explain the advantages and disadvantages of running your own SMSF.
What is involved in managing a SMSF?
Let’s take you step by step of what’s involved.
When establishing a SMSF, there are a number of steps involved, including:
- Deciding on fund members and trustees;
- Establishing the fund and deciding on a trust deed provider;
- ATO Registrations;
- Setting up bank accounts;
- Creating your Investment Strategy;
- Make sure your fund is “SuperStream” ready
Once your fund has been set up, you will then need to arrange to:
- Rollover existing superannuation accounts;
- Organise any future employer contributions to be paid into your new fund;
- Decide and make investments that align with your investment strategy and comply with your trust deed, super laws and meet the sole purpose test.
- Ensure contributions accepted by the fund meet the age and work tests and are within allowable limits; and
- Ensure that your investment strategy is regularly reviewed.
Then, each year you need to
- Ensure assets held by the fund are correctly valued;
- Appoint a registered SMSF auditor;
- Prepare statutory financial statements and a regulatory (annual) return ;
- Have all Trustees sign any necessary documents;
- Have the SMSF audited for the financial year
- Lodge the SMSF annual return;
- Pay the Supervisory levy and arrange payment of any outstanding income tax due.
When you retire or start drawing a pension, you may need to
- Prepare documents and provide a PDS in relation to commencing a pension
- Decide if any assets need to be sold to provide you with your payments.
- Ensure that a minimum level of pension payments are made at least annually each year; and you may also need to
- Withhold tax
- Give payment summaries to members as well as the ATO.
- Appoint an actuary;
Sounds daunting?
It need not be…. Super Advisor is here to help and guide you through the process.
Contact us now for a free consultation.
24/7 Access
Managing Your SMSF Investments
Through our Partner Program, we can introduce you to your very own Investment Management Team who can manage your superannuation investment portfolio based on your needs and objectives. You will be able to check the performance and value of your portfolio 24/7.