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There are a number of
trust law and legislative requirements involved
in setting up a self-managed super fund
(SMSF).
If you are thinking of establishing your
own fund, it is important to get the professional
advice so that the establishment process
goes smoothly and the correct choices are
made at each stage.
The five key steps
- Obtain a trust deed -
The first thing you need to do is have
a trust deed prepared. This confirms the
existence of the fund and contains its
operational rules. The deed needs to be
prepared by a solicitor or legal service
to ensure that it is drafted correctly
and meets your objectives.
- Appoint trustees - All super
funds are required to appoint trustees
who will managed the fund and ensure that
it complies with its legal obligations.
Broadly speaking, anyone over 18 can be
a trustee as long as they are not a 'disqualified
person' - e.g. someone convicted of a
crime involving dishonesty or an undischarged
bankrupt.
- Elect to become a regulated fund
- To receive concessional tax treatment,
the fund needs to be become a regulated
fund (as defined in the SIS Act 1993)
within 60 days of establishment. This
requires an Application to Register
for the New Tax System form to be
sent to the ATO.
- Obtain a tax file number (TFN)
- All super funds need a tax file number
and this is allocated once the Application
to Register for the New Tax System
form mentioned above is received by the
ATO.
- Obtain an Australian Business Number
(ABN) - This will also be allocated
once the Application to Register for
the New Tax System form is received.
How Wren Super can
help
Wren Super can assist you through the process
and can also help you with rolling over
or transferring your existing benefits into
your new fund.
For more information, please contact
us on (03) 9663 6602
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