offers an affordable way to take control of your super
Custodian Super Accountants
We can help you set up a Self-Managed Superannuation Fund (SMSF) through our SMSF establishment service that includes the following:
Custodian Super Accountants are specialists in the establishment of SMFS’s, and comprehensive SMSF set up services for clients looking to establish their own SMSF. We pride ourselves on outstanding, timely customer service.
Before and even after establishing an SMSF with Custodian Super Accountants you may wish to discuss your financial situation with an accredited SMSF Specialist Financial Advisor, and at Custodian Super Accountants we highly recommend that you should seek professional financial advice.
Our SMSF Staff is Chartered Accountants or CPAs who are, qualified to attend to all your SMSF set up needs.
Why Establish an SMSF
Take greater control of your super
A self-managed super fund (SMSF) may give you greater control over your Super and financial future. Being in the driver’s seat of your Super means you make all the investment decisions and can put your Super to work for you, including accessing investment opportunities your current funds cannot take advantage of. But there is also the challenge of managing the administration, compliance, and auditing of an SMSF.
Please read this document to fully understand your obligations.
Choose your own investments
Ability to develop your own investment strategy and make decisions on when to buy and sell individual investments. An SMSF offers a wide choice of investments including (but not limited to) corporate bonds, managed investments, listed shares, listed investment companies (LICs), exchange-traded funds (ETFs) and direct property and even precious metals. Discuss with a Financial Advisor as to what is most appropriate for your personal financial situation.
Through an SMSF, costs may be reduced due to the one off cost of the administration and audit, where as a traditional super fund typically charges on a percentage basis of the value of the assets held with in it.. Also, as the fund only does one tax return even though there can be up to four (4) different members of the fund, there can be savings on member fees and incidental costs.
For those members nearing the pension phase, an SMSF allows a seamless transition from accumulation phase into flexible income streams during the pension phase. As with all Super funds, an SMSF offers the ability to take tax free income streams in retirement.
The Asset protection afforded in an SMSF can protect you from litigation and bankruptcy. In either of these events, your benefits are protected, even if you withdraw some of this to live on. Note that this is the same with commercial super funds.
An SMSF is one where you, as a trustee and member, have responsibility over the management, investment and administration of your super fund. SMSFs are different from other super funds because you run them, for your own benefit and that of any other member of the SMSF. SMSFs are established for the purpose of building retirement savings.
A super fund (except in the case of a single member fund) is an SMSF if all of the following applies:
no member is an employee of another member, unless they are related and
each member is a trustee of the fund or a director of the corporate trustee of the fund
no trustee of the fund (or director of a corporate trustee) is paid for services performed in relation to the fund, except in certain limited circumstances.
if the trustees of the fund are individuals, each individual trustee is a member
if the trustee of the fund is a corporation, each director of the corporation is a member
the fund has up to four members
There is a lot to consider in the establishment and structuring of an appropriate SMSF. However, an SMSF gives you the opportunity to outsource some aspects of the overall management of the SMSF, such as administration, compliance and auditing to save you time and free you up to focus on what’s important to you.
The benefits of SMSFs include:
Greater control over your super, as you make the decisions and you’re in charge of where you invest your money;
Flexibility and choice. You construct your fund’s investment strategy and enjoy more investment choice. The choice of investments in SMSFs is far greater than what other super arrangements can offer. You can invest in property, direct shares, cash, term deposits and more;
Costs. You are in control of what services you require and how much you pay for them;
Tax advantages. There are potential tax savings in SMSFs depending on your personal circumstances and investment strategy;
Pool your super with family or other members of the fund, for potential cost savings;
The potential to borrow to buy a property within your super fund;
Insurance can be included in your SMSF to protect your income and assets, for example life insurance, total and permanent disability (TPD) and income protection;
Planning for when you’re not around, by specifying who you want to leave your money to.
An SMSF can have either individual trustees or a corporate trustee. In the case of individual trustees, each member of the fund is appointed as a trustee of the fund, while with a corporate trustee, each member of the fund is a director of the corporate trustee.
An SMSF may have individual trustees, however a company trustee may be a good option where:
there is only one fund member
membership of the fund may change, e.g. through divorce or children subsequently joining the fund, or
it’s envisaged that the fund will outlast the original members.
Choosing between an individual or corporate trustee structure may influence the way you manage your fund, so it’s important you choose the option that meets your needs.
SMSFs give you full involvement in your fund’s operation and the opportunity to make decisions around how your super is managed. However, as an SMSF trustee, you’re also responsible for running the fund in accordance with your fund’s trust deed, as well as super, taxation and corporations law and other general rules such as trust law.
You will need to stay on top of your fund’s ongoing compliance requirements including tasks such as fund reporting, record maintenance and monitoring, meeting minutes, statutory obligations, tax, audit and actuarial reporting.
As the name suggests, an SMSF is generally appropriate for those DIY Investors, who like to manage their own affairs. There’s a lot to consider before deciding to set up and establish an SMSF. This includes, among other things, your super balance, the number of members joining the fund and their ages, how much time you have to spend on your SMSF, your retirement goals, investment preferences and your risk profile.
You generally need someone to help you set up your SMSF (say an adviser or accountant)
As an SMSF trustee, it is important that you are aware of and understand the duties, responsibilities and obligations of being a trustee. You will need to ensure that your fund operates in accordance with all applicable laws. You will also need to be aware of and follow the rules set out in your fund’s trust deed.
You need to be comfortable making investment decisions around when, where and how to invest or consider working with an adviser to help you. In particular, you should seek advice around borrowing if this is of interest to you. Depending on your own circumstances, gearing in your super may not be appropriate.
You should consider discussing your situation with a professional financial adviser before deciding if an SMSF is right for you.
To learn more about our Super Accountant Services
Custodian Super Accountants Pty Ltd ABN 79 159 692 010
All information contained on this website is of the nature of general information only and must not in any way be construed or relied upon as financial or personal financial advice. Custodian Super Accountants is not authorized to provide Financial Planning advice, therefore no consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. We recommend you seek advice from an Australian Financial Services Licensee. © The copyright in all information displayed on this website is owned by or licensed to Custodian Super Accountants Pty Ltd. Except as expressly permitted; no information may be copied, reproduced, downloaded, transmitted or redistributed.