January 2016 – No1 SMSF Auditor in Australia

Consider appointing professionals to help you

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An SMSF is a complex undertaking and you can’t do it all yourself. Each year you’ll need to appoint an approved SMSF auditor to audit your fund. You can also engage other SMSF professionals, such as accountants and financial advisers...

Choose individual trustees or a corporate trustee

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You can choose one of the following structures for your fund: up to four individual trustees a corporate trustee (essentially, a company acting as trustee for the fund). You should discuss this decision with an SMSF professional. The two...

Create the trust and trust deed

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A trust is an arrangement where a person or company (the trustee) holds assets (trust property) in trust for the benefit of others (the beneficiaries). A super fund is a special type of trust, set up and maintained for the sole purpose of...

Appoint your trustees

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New funds usually appoint trustees under the fund’s trust deed. All trustees and directors must: consent in writing to their appointment sign a Trustee declarationThis link will download a file (PDF 315 KB) stating that they understand their...

Check your fund is an Australian super fund

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To be a complying super fund and receive tax concessions, your SMSF needs to be an Australian super fund at all times during the financial year. If your fund stops being an Australian super fund because it does not satisfy the residency rules, It...

Register your fund

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To establish your fund, assets must be set aside for the benefit of members. A nominal amount (for example, $10) can be held with the trust deed until the fund is registered. Once your fund is established and all trustees have signed a trustee...

Set up a bank account

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You need to open a bank account in your fund’s name to manage the fund’s operations and accept cash contributions, rollovers of super and income from investments. This account is used to pay the fund’s expenses and liabilities. Keep the fund’s...

Get an electronic service address

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If your SMSF will receive contributions from employers (other than related-party employers), it needs to be able to receive the contributions and associated SuperStream data electronically. SuperStream is a data and payment standard that applies...

Prepare an exit strategy

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Even when you’re setting up your SMSF you need to consider what happens when the SMSF ends, or ‘winds up’. Consider including specific wind-up requirements in your fund’s trust deed. This would cover the events that could lead...

Contributions you can accept

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There are minimum standards for accepting contributions into your SMSF, and the trust deed of your fund may have more rules. Whether a contribution is allowable depends on: whether you have the member’s tax file number (TFN) – if not, you...

Contribution caps

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The contribution caps limit the amount that can be contributed for a member each financial year. The caps are indexed annually. A member whose total contributions in a year exceed the contribution caps may be liable for additional tax on the...

Rollovers

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A rollover is when a member transfers some or all of their existing super between funds. On this page: Receiving a rollover Making and reporting a rollover Receiving a rollover Before rolling over benefits to your SMSF, APRA-regulated super funds...

Monthly Archives: January 2016