SMSF Setup

[vc_row fullwidth=”true”][vc_column][mk_page_title_box page_title=”SMSF SETUP STEPS” section_height=”300″ bg_image=”https://www.mysmsfproperty.com.au/wp-content/uploads/2017/03/finance-piggy-lpee.jpg” bg_position=”center top” bg_stretch=”true” overlay=”rgba(10,10,10,0.2)” bg_effects=”parallax” font_size=”42″ font_color=”#ffffff” font_weight=”400″ underline=”false” padding=”0″ sub_font_size=”24″ sub_font_color=”#ffffff” el_class=”title”][/vc_column][/vc_row][vc_row fullwidth=”true” css=”.vc_custom_1496941579025{margin-top: 45px !important;}”][vc_column][mk_fancy_title color=”#545454″ size=”32″ font_weight=”400″ font_family=”none” align=”center”]WHAT TO CONSIDER WHEN
SETTING UP A SMSF[/mk_fancy_title][mk_divider style=”shadow_line” divider_width=”one_fourth” margin_top=”10″][/vc_column][/vc_row][vc_row][vc_column][mk_padding_divider][/vc_column][/vc_row][vc_row fullwidth=”true” css=”.vc_custom_1492592652232{padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column width=”1/12″][/vc_column][vc_column width=”5/12″ css=”.vc_custom_1492573845453{padding-right: 30px !important;}”][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”22″ font_weight=”400″ font_family=”none” align=”center”]1. DO YOUR RESEARCH OR GET ADVICE[/mk_fancy_title][vc_column_text]The first step is to understand your responsibilities and the tasks associated with running an SMSF. We suggest you watch and download and read the following guides including our own “A guide to setting up an SMSF” and the Australian Tax Offices SMSF Publications and video’s.
Alternatively you might need to obtain advice on the suitability of setting up a SMSF based on your investment intentions and your retirement objectives in your SMSF. Most SMSF members/trustees, appoint an administration company (such as My SMSF) and often appoint a financial adviser to assist them with their SMSF responsibilities and with investing in their SMSF.[/vc_column_text][/vc_column][vc_column width=”5/12″][vc_column_text]


[/vc_column_text][vc_row_inner css=”.vc_custom_1492591924456{padding-top: 10px !important;}”][vc_column_inner][vc_column_text]

WATCH THE SETTING UP A SELF-MANAGED SUPER FUND VIDEO

[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/12″][/vc_column][/vc_row][vc_row][vc_column][mk_padding_divider][/vc_column][/vc_row][vc_row fullwidth=”true” css=”.vc_custom_1492591038278{padding-top: 70px !important;padding-bottom: 60px !important;background-color: #fafafa !important;}”][vc_column width=”1/12″][/vc_column][vc_column width=”5/12″][mk_table]

SUPER RETAIL SMSF
Tax / Audit [mk_font_icons icon=”mk-moon-checkmark” color=”#4c82c3″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ align=”center”] Accountant / Auditor
BookKeeping [mk_font_icons icon=”mk-moon-checkmark” color=”#4c82c3″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ align=”center”] Members
Investments [mk_font_icons icon=”mk-moon-checkmark” color=”#4c82c3″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ align=”center”] Members
Legal [mk_font_icons icon=”mk-moon-checkmark” color=”#4c82c3″ size=”small” padding_horizental=”4″ padding_vertical=”4″ circle=”false” circle_color=”#f5f5f5″ align=”center”] Administration provider
Fee 1.50% $1,100
Number of members  1 1-4

[/mk_table][/vc_column][vc_column width=”5/12″ css=”.vc_custom_1492578513500{padding-left: 30px !important;}”][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”22″ font_weight=”400″ font_family=”none” align=”center”]2. HOW MUCH DO YOU NEED TO START AN SMSF?[/mk_fancy_title][vc_column_text]The next step is to consider is your starting balance and the number of members in your fund. This will determine whether setting up a fund is viable given your current super savings, your employer contributions into super, and the ongoing costs involved.
We suggest that $150,000 – $200,000 as a minimum starting balance. Find out if your super is in a defined benefit fund before setting up a SMSF.
Our SMSF Setup advice fee is only $550[/vc_column_text][/vc_column][vc_column width=”1/12″][/vc_column][/vc_row][vc_row fullwidth=”true” css=”.vc_custom_1492591139278{padding-top: 70px !important;padding-bottom: 65px !important;}”][vc_column width=”1/12″][/vc_column][vc_column width=”5/12″ css=”.vc_custom_1492579103081{padding-right: 30px !important;}”][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”22″ font_weight=”400″ font_family=”none” align=”center”]3. CHOOSE THE NUMBER OF MEMBERS
IN YOUR FUND[/mk_fancy_title][vc_column_text]An SMSF is allowed 1- 4 members, who are related or unrelated. If you are related you cannot be working in the same business.
* An important consideration with family smsf’s ( children and parents), is an exit strategy, if your children decide to form their own SMSF in the future[/vc_column_text][/vc_column][vc_column width=”5/12″ css=”.vc_custom_1492579097801{padding-left: 30px !important;}”][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”22″ font_weight=”400″ font_family=”none” align=”center”]4. CHOOSE YOUR TRUSTEE
(INDIVIDUAL OR CORPORATE)[/mk_fancy_title][vc_column_text]Next choose your trustee. We suggest a corporate trustee company, particularly if you are intending on buying property in an SMSF, but you can also setup an SMSF with the members acting as individual trustees of the fund.[/vc_column_text][/vc_column][vc_column width=”1/12″][/vc_column][/vc_row][vc_row fullwidth=”true” css=”.vc_custom_1492591159379{padding-top: 80px !important;padding-bottom: 70px !important;background-color: #4c82c3 !important;}”][vc_column width=”1/12″][/vc_column][vc_column width=”5/12″ css=”.vc_custom_1492573845453{padding-right: 30px !important;}”][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”22″ font_weight=”400″ font_family=”none” align=”center”]5. SETUP YOUR SMSF AND CREATE YOUR INVESTMENT STRATEGY[/mk_fancy_title][vc_column_text]These are some of the common tasks associated with an SMSF:

  • Setup a company to act as trustee
  • Create a SMSF Trust deed
  • Apply for an ABN / TFN for your SMSF with the ATO
  • Open a bank account
  • Transfer your super from your current provider
  • Review your insurance and apply for replacement cover
  • Complete your investment strategy
  • Make you sure you complete binding nominations for your fund

[/vc_column_text][/vc_column][vc_column width=”5/12″][vc_column_text]


[/vc_column_text][vc_row_inner css=”.vc_custom_1492591924456{padding-top: 10px !important;}”][vc_column_inner][vc_column_text]

COMPARE THE BENEFITS OF INDIVIDUAL VS CORPORATE TRUSTEE SETUPS

[/vc_column_text][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”1/12″][/vc_column][/vc_row][vc_row fullwidth=”true” css=”.vc_custom_1492591220263{padding-top: 75px !important;padding-bottom: 60px !important;}”][vc_column width=”1/12″][/vc_column][vc_column width=”5/12″][vc_column_text]


[/vc_column_text][vc_row_inner css=”.vc_custom_1492591924456{padding-top: 10px !important;}”][vc_column_inner][vc_column_text]

WATCH THIS VIDEO ON THE IMPORTANCE OF AN INVESTMENT STRATEGY

[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_row_inner css=”.vc_custom_1492591924456{padding-top: 10px !important;}”][vc_column_inner][/vc_column_inner][/vc_row_inner][/vc_column][vc_column width=”5/12″ css=”.vc_custom_1492589244287{padding-left: 30px !important;}”][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”22″ font_weight=”400″ font_family=”none” align=”center”]6. THE IMPORTANCE OF AN INVESTMENT STRATEGY[/mk_fancy_title][vc_column_text]

With your investment strategy, identify the asset allocation for your fund, IE: 60% property, 30% shares, and 10% cash. Finally don’t forget to include insurance to cover your loan debts and complete binding nominations so that you can transfer your funds’ assets to your children or to your estate, should something happen to a member of the fund.

For some people setting up and running a SMSF will be easier than for others. The administration tasks, investments and risk management, are areas that most people will need assistance with. It is always best to seek advice if you do not understand what is involved with running an SMSF and remember the buck stops with you.

[/vc_column_text][/vc_column][vc_column width=”1/12″][/vc_column][/vc_row][vc_row fullwidth=”true” css=”.vc_custom_1492591234543{padding-top: 75px !important;padding-bottom: 60px !important;background-color: #fafafa !important;}”][vc_column width=”1/12″][/vc_column][vc_column width=”5/12″][mk_fancy_title tag_name=”h3″ color=”#545454″ size=”22″ font_weight=”400″ font_family=”none” align=”center”]SOME OF THE ONGOING TASKS WITH YOUR SMSF ARE THE FOLLOWING[/mk_fancy_title][vc_column_text]

  • Complete a Tax return and Audit each year
  • Attending to the book keeping for your fund (Income/ itemise fund expenses)
  • Review your investments and your insurances and update your funds investment strategy
  • Review your binding nominations if your circumstances change

[/vc_column_text][/vc_column][vc_column width=”5/12″ css=”.vc_custom_1492589244287{padding-left: 30px !important;}”][vc_column_text]


[/vc_column_text][vc_column_text]

WATCH THIS VIDEO ON SMSF PROPERTY AND BORROWING

[/vc_column_text][/vc_column][vc_column width=”1/12″][/vc_column][/vc_row][vc_row fullwidth=”true” fullwidth_content=”false” css=”.vc_custom_1492593028471{padding-top: 40px !important;padding-bottom: 30px !important;background-color: #4c82c3 !important;}” id=”contact”][vc_column width=”1/12″][/vc_column][vc_column width=”10/12″][mk_fancy_title color=”#ffffff” size=”45″ font_weight=”400″ txt_transform=”uppercase” margin_bottom=”0″ font_family=”none” align=”center” el_class=”topbanner”]FREE CONSULTATION[/mk_fancy_title][mk_fancy_title tag_name=”h3″ color=”rgba(255,255,255,0.5)” size=”20″ font_weight=”300″ txt_transform=”none” margin_bottom=”5″ font_family=”Montserrat” font_type=”google” align=”center”]We’ll call you right back.[/mk_fancy_title]

Step 1 of 9

11%
  • Application Setup

    We just need a little bit of information from about your application so that we can streamline the process for you.
[/vc_column][vc_column width=”1/12″][/vc_column][/vc_row]

Leave a Reply

Your email address will not be published. Required fields are marked *