The process of
establishing an SMSF is often a stumbling block that makes it all too hard for
people to go about this venture. However,
by following these steps from Future Assist Financial Services Group will help to make it as easy as possible for you to do.
Step one
Establishing the trustee.
There are two types of trustees that a Self Managed Superannuation Fund can
have, a corporate trustee or individual trustee. We recommend a corporate
trustee as it provides an easy transition when members come and go from the Self
Managed Superannuation Fund as well as the fact that makes it a lot easier in handling
the affairs of the state of the Self Managed Superannuation Fund in the event
of the death of a member. A corporate
trustee involves obtaining a company from ASRC; this step involves obtaining a
company name which needs to be unique. The name of the superannuation fund however
can be far more generic. For an example,
your Self Managed Superannuation Fund could be known as The Tucker Family
Superannuation Fund. However, your
corporate trustee would be something like ANDL Propriety Limited, which is
basically the letters of my kids’ first names.
Step two
Involves
registering new superannuation fund with the Australian Taxation Office. The Self
Managed Superannuation Fund will require an ABN number, a text phone number and
may be required to register for GST depending on what you wanna do the fund. To register these numbers with the ATO you
need to fill out an application form which can be found online.
Step three
Commence rollover.
The prospective Self Managed Superannuation Fund members will make contact with
their current retail master fund plans and arrange for the rollover to be commenced.
The retail master fund plan will forward a form to you, which you will need to
complete and return to them. These fund
managers, the majority of these fund managers do not put this form online as naturally
they don’t want to see the money going out of their funds and into someone
else’s fund. Hence the reason you need
to contact them verbally.
Step four
Is setting up the
bank account. Within two to five days of
ordering the company and ordering the superannuation fund deed, you will have a
copy of the company constitution and also a copy of the fund deed. You will
take this to your local bank and they will arrange for a bank account to be
established for you. Step four establishing a bank account. Within two to five
days of ordering the company and the superannuation find deed the documents
will arrive to you. You will take a copy
of these documents and a copy of the company’s constitution and the Self
Managed Superannuation Fund deed to the bank that you wish to use and they will
set up the bank account for you. It is important for that this bank account is
set up prior to the finalistion of the rollover as most retail fund managers
would want to transfer your superannuation benefits via AFT.
Completing the
rollover. Following completion of the bank account and the return of the forms
to the retail master fund plan the money should then be rolled over into your
account. Note that on completing of the
forms they need to be as accurate as possible. Retail fund managers love
nothing better than to return the form to you advising that there has been an
error in its application.
Step six
Is once the monies
are in the bank account you're on your way to running your own Self Managed Superannuation Fund.
Future Assist can
help you with setting up your fund as it can be a complex and confusing
process. Future Assist order the company, order the Superannuation Fund deed and
we will register with the ATO all relevant numbers.
So come and speak to a Specialist Adviser about whether or not it would be suitable for you in setting up your own Self Managed Superannuation Fund.
Remember SMSF's are not for everyone and it is important to see if you can benefit from taking control of your superannuation.
Call us today: 1300 118 618
or visit: www.futureassist.com.au/setupansmsf
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