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Self-Managed Superannuation Funds
Starting a SMSF
We can establish your SMSF, provide Trust Deeds, Minutes, Consents to Act as a Trustee, Trustee Declarations, Membership Applications Forms, Product Disclosure Statements etc.
Click here to view our Product Disclosure Statement.
Click here to view our SMSF Set-up Guide
Our comprehensive Trust Deed allows your SMSF to:
- Enter into Borrowing Transactions in terms of Section 67 (4A) of the SIS Act
- Pay Account Based Pensions, Allocated Pensions and Market Linked Pensions
- Pay Transition to Retirement Income Streams
- Accept spouse contributions and contributions for members age 65 and over
- Split contributions with spouses
- Retain benefits in the fund regardless of age or work status
- Make Binding Death Benefit Directions
- Have flexibility in the payment of death benefits.
Our Trust Deed is regularly reviewed and updated and we consider it to be one of the most comprehensive deeds currently available. There are many inferior quality Trust Deeds available in the market and it is important to start and maintain your Fund with a quality Deed so that you have the most flexibility and at all times comply with the Law. It will also ensure that you do not have to amend your Trust Deed unnecessarily which will only add expense. Our rates are very competitive.
If you would like to start an SMSF please complete this Order Form and return it to us.
Amending your SMSF trust deed
We regularly review and amend SMSF Trust Deeds.
Superannuation Laws constantly change and Trust Deeds can quickly become outdated and therefore restrictive. For instance, in recent years, the types of benefits that may be paid from a Fund (or the acceptance of contributions) have changed dramatically and older Trust Deeds will not allow for this. Recently, the Law was altered to allow Funds to borrow money and specific provisions in the Trust Deed to do this are now necessary.
If you would like to amend your SMSF Trust Deed please complete this Order Form and return it to us.
Changing the Trustee of your SMSF
The members of an SMSF must also be the Trustees or directors of a Corporate Trustee. As membership changes (through either retirement, divorce, dispute or death) you will need to alter the Trusteeship to ensure compliance with the Law.
It is generally preferable for a Corporate Trustee to be appointed to avoid regularly having to change the Trustees, for asset protection reasons and to ensure that the whole of your retirement benefit may be paid as a lump sum (as opposed to 50% of it being paid as a pension which is the case when personal trustees are used).
If you would like to change the Trustee of your SMSF please complete this Order Form and return it to us.
Binding death benefit nomination
Most SMSF Trust Deeds allow for Non-Binding and Binding Death Benefit Directions. If your personal and family circumstances require that you should make a Binding Death Benefit Direction we can assist.
In the absence of a valid and enforceable Binding Death Benefit Nomination, Super Fund Trustees usually have a discretion to pay death benefits to essentially your spouse (defacto, current and former), children (natural and step), other dependants or your Estate.
Any Binding Death Benefit Direction you make should be part of an overall estate plan and certainly it should be reviewed in conjunction with your Will.
If you would like to make a Binding Death Benefit Direction please complete this Order Form and return it to us.
New member documentation
We prepare the necessary documentation to admit new members to SMSFs, including Trustee Minutes, Membership Application Forms, Product Disclosure Statements and ATO notification of change of details.
If you would like to admit new members to your SMSF please complete this Order Form and return it to us.
SMSF borrowing documentation package
We advise on and provide documentation to implement a borrowing arrangement that complies with the new s 67(4A) of the Superannuation Industry (Supervision) Act 1993 (Cth). Our SMSF Borrowing Document Package includes:
- a letter to the advisor/client
- checklist providing guidance on the timing and implementation of the arrangement
- suggested resolutions for the SMSF trustee, lender and nominee trustee
- bare trust deed
- non-recourse loan agreement
- SMSF Borrowing Memo (which provides extensive information of s 67(4A) borrowings).
How are the documents structured?
The documents are structured for an SMSF trustee who has sourced a lender willing to lend on a non-recourse basis. This could be a direct lender, or the loan may be from a related party (eg, family trust) who in turn has access to a loan or loan facility.
The agreement provides a loan facility whereby the SMSF trustee may draw down amounts up to the specified maximum facility amount (which may be increased at the lender’s discretion). The loan agreement is capable of satisfying the requirements for a Division 7A loan, if required. The loan may also be varied by the written consent of the parties.
Some terms of the loan (interest rate, repayment intervals, default interest rate) are to be advised by you and the criteria/formulae for calculating the amount of periodic repayments is to be determined by the lender. This is to offer maximum flexibility, provided always that the loan reflects arm’s length (commercial) terms where the parties are not at arm’s length.
The package is designed for a nominee (or security) trustee with only a minimal role [i.e., who holds the asset being acquired on trust for the SMSF trustee's role, although we recommend that advice be obtained in this respect (particularly in respect of the possible taxation implications].
What if I can't find a lender?
It is possible for, eg, a related family trust to obtain a loan and then in turn act as lender to the SMSF trustee. Alternatively, there are a number of financiers in the market place who offer both finance and documentation. In this case, you may simply wish to obtain independent advice and have the financier’s documentation reviewed by us.
Advice
The documentation package does not include specific advice. Any advice required will be billed at our hourly rates and we can provide a fee estimate if requested.
We strongly recommend that you and your advisors obtain advice before entering into such transactions given that these are relatively new and there are a number of complexities and traps. It is also important to ensure that trustees and advisors understand the correct timing and procedures for implementing an SMSF borrowing arrangement.
You should obtain specific advice on the Duty and Land Tax implications with respect to the structure of the borrowing and all transactions contemplated by it. We will not advise you about these matters unless you specifically instruct us to do so. You should also ensure that you have obtained advice of the taxation implications of the arrangement as these can have significant consequences for taxes such as stamp duty, CGT and GST.
If you would like us to document a Borrowing by your SMSF please complete this Order Form and return it to us. Upon receipt we will send our standard Costs Agreement to you which will include an estimate of our Fees.
Read our blog, written by Paul Radford on Superannuation Death Benefits HERE
What does it cost?
After reviewing your situation and instructions we will provide you with a costs disclosure before doing any work for you.
There is no obligation if you decide not to proceed after receiving our costs disclosure.
For advice on Wills and Estates and Self Managed Super Funds, please call or email:
