SMSF Setup Services

 

Elite Accounting Solutions can set-up a complying Self Managed Super Fund (SMSF) for you. Our Trust Deeds are drafted to provide maximum flexibility, while complying with all prevailing superannuation laws. Using our set-up service will ensure that your new self managed superfund is up and running as soon as possible without any fuss.

 

First you need to determine your fund structure - who is going to be the trustee of your fund?

 

Who can be the trustee of a SMSF?

  • All the members of a SMSF must be a trustee.

  • The trustee can be the individual members or a company where all members must be directors of the trustee company.

EXCEPTION Single member funds

  • If the fund has only ONE member the trustee may be a "single director" company with the member as the single director. Alternatively, the trustee company may have a maximum or two directors (including the member). If the fund has only ONE member and the trustee is NOT a company there MUST be one other individual trustee. The other director or other individual trustee can be a relative OR any other person who is not an employer of the member.

 

Corporate vs. Individuals

Company as trustee:

  • Cost - Need to establish a company

  • Change of membership - Trustee can operate as a sole director company or add new directors / members without the need to change name of investments holdings

  • Administration - Less work required if a member / trustee leaves the fund as investment records remain unchanged

Individuals as trustee:

  • Cost - No additional cost incurred

  • Change of membership - Must maintain a minimum of two trustees and will require a replacement trustee should a member die or leave the fund through divorce

  • Administration - If a member / trustee leaves the fund, investment records need to be changed to reflect the new trustee composition

Who CANNOT be a member / trustee of a SMSF?

The Superannuation Industry (Supervision) Act 1993 provides that the following persons are DISQUALIFIED from acting as an individual trustee or a director of a corporate trustee:

  • Persons who have prior convictions involving dishonest conduct, wherever or whenever such conviction may have occurred.

  • Persons who are insolvent, bankrupt, or have entered into arrangements, assignments or compositions with creditors under Part X of the Bankruptcy Act 1966 (Cth) or a similar foreign law.

  • Persons in relation to whom a civil penalty order has been made under theSuperannuation Industry (Supervision) Act 1993.

  • Persons expressly declared not to be "fit and proper" persons under section 120A(3) of the Superannuation Industry (Supervision) Act 1993.

 

What's next?

Is a corporate trustee for you? 

You may need to register a new company, or you might already have one. Be aware that a sole purpose SMSF trustee company can only be used for the purpose of acting as a SMSF trustee and the ASIC annual lodgement fee for this type of company is much less than for a normal company. We also offers a company formation service, if required please contact us.

Contact us

Tel: 0403 777 738

Skype: eliteaccsolutions

E: info@eliteaccountingsolutions.com.au

w: www.eliteaccountingsolutions.com.au

P: PO Box 688, Heathmont, VIC 3135

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NTAA Public Accountant