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Creating a Self-Managed Superannuation Fund (SMSF) while a major financial decision, offer you unparalleled control and flexibility over your retirement savings. While it opens doors to customised investment strategies and personalised financial planning, it also entails significant responsibilities and strict regulatory adherence – which is where we come in to help.
An SMSF grants you direct management of your superannuation investments, allowing for investment strategies tailored to your specific financial objectives. However, with this control comes the obligation to comply with stringent legal and regulatory requirements.
Prior to setting up an SMSF, it’s crucial to have a solid grasp on the responsibilities and legal obligations involved. Educate yourself on investment strategies, risks, and regulations related to SMSFs to make well-informed decisions.
If you’re just starting out, book a chat with one of our SMSF specialists and we can give you the complete run down while assessing how an SMSF might work best for you.
An SMSF can have up to four members, all of whom must serve as trustees or directors of a corporate trustee. Individual trustees must be over 18, while corporate trustees must be a company with all members as directors.
Engage a legal professional to draft a trust deed, a fundamental document that outlines how the SMSF will be managed and operated, ensuring compliance with legal requirements.
If you need guidance on who to speak to from a legal perspective, we can refer you to one of our experienced partners, so reach out for a referral if you require one.
Ensure that all trustees sign a trustee declaration within 21 days of assuming their role, acknowledging their understanding of their duties and obligations. By the time you’re appointing trustees, they should be aware of what’s involved, but once again, we can provide you the details to educate and inform your trustees if required.
To operate your SMSF legally, obtain a Tax File Number (TFN) and an Australian Business Number (ABN). You’ll need to register your SMSF with the Australian Taxation Office (ATO) to comply with tax regulations.
Again, this is something we can assist with as part of the set up process.
Formulate a detailed investment strategy that aligns with your financial goals. Consider factors such as diversification, risk tolerance, and liquidity to create a balanced and secure investment portfolio.
Building the best strategy for your unique situation is another key area we’re perfectly suited to assist with. Our experience means we can tailor our advice to you and help guide you with your strategy building.
Set up a bank account in the name of the SMSF to handle contributions, rollovers, and investments, ensuring a clear separation between your personal and SMSF finances.
This will operate solely for the purpose of your SMSF.
If members have existing superannuation accounts, roll these funds into the SMSF to consolidate and streamline your retirement savings.
Implement robust record-keeping systems to comply with reporting requirements. Maintain financial statements, member statements, and annual returns to ensure your SMSF meets regulatory standards.
There’s software to help with this – we can offer advice on the best methods to have easy to manage record-keeping as part of your SMSF.
Evaluate insurance options for SMSF members. Trustees are responsible for considering insurance needs to protect the fund and its members – this is a must.
Regularly review the performance of your SMSF and ensure it complies with current laws and regulations. We can be part of assisting you to submit the annual return to the ATO to maintain compliance and of course, through the life of your SMSF, the Attune team can help ensure operations undertaken within your SMSF are compliant.
Engage SMSF professionals – start with the Attune Advisory team and engage your existing financial advisers, and legal experts (if you have them), to ensure your SMSF is compliant and managed effectively.
The right, tailored professional advice is invaluable in navigating the complexities of SMSF management.
Attune Advisory can help you take control of your retirement savings with a Self Managed Super Fund. So, if you’re looking for assistance with setting up or managing your SMSF, Attune Advisory's experts offer a range of advisory and support services. Whether you aim to manage your retirement investments better, maximise tax advantages, or stay compliant with ever-changing regulations, our experienced team will guide you through the entire process.
Reach out to us via email or call the Attune team on 1300 866 113 to start the conversation. You’ll be glad you did.
