Self Managed Super Funds

By: Prompt Tax Returns  02-Sep-2014
Keywords: Self Managed Superannuation, Self Managed Super, Self Managed Super Funds

We can help you with: Establishment - including all the requisite forms and paperwork to establish your SMSF. You can then administer the fund yourself or you can use our SMSF administration service. The steps generally involved in setting up a SMSF include: - Obtaining a Trust Deed - Appointing Trustees with each Trustee to sign a ‘Consent to Act’ Form - Each Trustee to sign the ATO Trustee Declaration - Electing to become a Regulated Fund - Trustees must elect to be ‘regulated’ under SISA to receive concessional tax treatment within 60 days of establishing the SMSF. - Obtaining a Tax File Number (TFN) and Australian Business Number (ABN) - Establishing a separate Bank Account for the SMSF to ensure that money belonging to the SMSF is held separate from accounts of the members, trustees and related employers. This is a SISA requirement but also helps SMSF trustees to preserve and protect their retirement income. - Preparing and implementing an Investment Strategy for the SMSF Our service offering includes all of these functions including: - Preparation of your SMSF Trust Deed - Completion and Lodgment of all the ATO Application Forms - Providing Trustee Declarations – Note that under the SIS Act, Trustees must consent in writing to their appointment and all new SMSF Trustees (and Directors of Corporate Trustees) must sign an ATO Declaration confirming that they are aware of their duties and responsibilities. This is required within 21 days of becoming a Trustee or a Director of a Corporate Trustee - Establishment of a Bank Account in the name of the SMSF - Completion of binding death nomination forms that provide guidance on how members want their assets distributed in the event of their death

Keywords: Managed Super, Managed Super Funds, Managed Superannuation, Managed Superannuation Funds, Self Managed Super, Self Managed Super Funds, Self Managed Superannuation, Self Managed Superannuation Funds

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