RUNNING A SELF MANAGED SUPER FUND PDF DOWNLOAD
Once you've decided an SMSF is right for you, it's important to understand the steps involved in getting your SMSF established. We outline the 5 key steps. You can appoint other people to help you or provide services to your fund (for example, an accountant, super fund administrator, tax agent or financial planner). However, the ultimate responsibility and accountability for running the fund in a sensible manner lies with you as the trustee of the SMSF. Running a successful SMSF involves much more than choosing the right investments.
|Author:||Robin Batz DDS|
|Published:||23 October 2014|
|PDF File Size:||13.49 Mb|
|ePub File Size:||32.98 Mb|
|Uploader:||Robin Batz DDS|
Self-managed super funds
Provisions that could be contained within a trust deed A trust deed for an SMSF could contain provisions that deal with the following: Sign a running a self managed super fund Upon becoming a trustee or director of the corporate trustee of an SMSF, you are required to sign a declaration form stating that you understand your obligations, duties and responsibilities as a trustee or director of the corporate trustee of an SMSF.
The declaration must be in the approved form available from the ATO and completed within 21 days of you becoming a trustee.
Unless you are an accountant by trade, you really should think about engaging an accountant to assist with the running of the fund — someone to help with the accounts, book keeping and preparation of statements and returns.
Your existing accountant may not have this.
Another aspect of the administration of your fund is the annual tax and audit requirements. Plan for fees Setting up and running a SMSF costs money and like most things in life you get what you pay for.
For some people these costs are just part of doing business and they are happy to pay for the control they get, for others they are simply a cost to be resented. What would they be for you? The appearance of being set up for the wrong reason e.
What you need to know before setting up a self-managed super fund - SmartCompany
Also in focus is ensuring compliance with the new collectables rules 5 that came into effect on 1 July Investment decisions Deciding what to invest in can be another challenge. Challenging market conditions, especially during protracted downturns in the market. From start to end it can be potentially up to 50 years.
A good investment strategy that keeps members disciplined and focused on the long-term is essential. And what about the protection for you, the self-managed super fund SMSF manager? The person who has found themselves responsible for the futures of others in between doing a proper job and having a life?
What happens if the well-intentioned amateur SMSF trustee splits up, or falls out with their spouse, de facto, relative, business partner, friend or child —the people whose money they are managing — and those people come after some restitution for the hapless destruction of their combined funds by someone they now don't like.
Failure to make money when managing money can cause running a self managed super fund fractures to widen at the worst possible times. Those of you nearing retirement are particularly vulnerable.
This is the classic moment to visit some lazy financial professional for the first time and the opportune moment for them to make the suggestion you run your own super.