Self managed superannuation funds

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Do you have your own self-managed super fund or are you contemplating establishing one as part of your overall wealth management and estate plan?

Superannuation has become an increasingly significant tool for many Australians in planning for their retirement, particularly in the area of self managed superannuation funds.

What are self-managed superannuation funds?

Like other superannuation funds, self-managed super funds (SMSFs) are a way of saving for your retirement. The difference between an SMSF and other types of funds is that, generally, the members of an SMSF are also the trustees. This means the members of the SMSF run it for their own benefit.

In brief terms, an SMSF can have between one to four members.  Each member is a trustee (or director if there is a corporate trustee).  In either case, you will be responsible for managing it according to its trust deed and the laws and rules that apply to SMSFs.

What are the key principles behind SMSFs?

The key principles are that you must:

    • Run your SMSF for the sole purpose of providing retirement benefits to members;
    • Set and follow an investment strategy that ensures the fund is likely to meet your retirement needs;
    • Keep comprehensive records and arrange an annual audit by an approved SMSF auditor.

The laws and rules that apply to SMSFs are constantly changing and it is therefore critical that your SMSF is compliant in all respects.

How we can help you

Di Rosa Lawyers can provide you with advice and assistance in relation to all SMSF matters including:

    • Establishing and updating SMSFs
    • Changing trustees and making amendments to SMSFs
    • Advising clients on compliance for SMSFs
    • Assisting clients in using superannuation and SMSFs as part of their estate plan
    • Binding death benefit nominations and other estate planning arrangements in relation to SMSFs
    • Assisting clients with related aspects of SMSFs such as business structuring, conveyancing, corporate advice and family law and
    • Winding up of SMSFs.
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