To establish and run an SMSF in a compliant it is recommended you have the knowledge and skills, or have engaged, the following service professional. Ideally, who are working together with one another to achieve your self-managed super fund’s objectives.
To establish and run an SMSF in a compliant it is recommended you have the knowledge and skills, or have engaged, the following service professional. Ideally, who are working together with one another to achieve your self-managed super fund’s objectives.
“Having come from an adviser who was a total disappointment, it’s been great dealing with Adrian and the team at Wealth Seekers. They are helpful, easy to get a hold of and go above and beyond to understand your financial situation and formulate a plan to meet those requirements. Thanks for a great experience so far!” – Grant Sherwin
“Having come from an adviser who was a total disappointment, it’s been great dealing with Adrian and the team at Wealth Seekers. They are helpful, easy to get a hold of and go above and beyond to understand your financial situation and formulate a plan to meet those requirements. Thanks for a great experience so far!” – Grant Sherwin
Although titled ‘self-managed’, an SMSF is not something that should be attempted without professional guidance to support you…
SMSF trustees need to be vigilant and actively involved with the decision making and ongoing compliance of their self-managed super fund (SMSF). There are significant costs – such as financial planning, accounting and compliance – associated with setting up and running an SMSF. This means they are suited to those with larger superannuation balances who can ensure the investment growth exceeds the related costs.
Because of the costs and compliance associated with an SMSF, the help of a professional financial advisor has never been more important.
Financial Advisor
To meet your SMSF compliance requirements, you will need a SMSF accredited financial planner who can develop and model your investment strategy, explain the rules and establish the trading platforms as well as the bank accounts for your new SMSF.
A financial planner can also assist with completing rollovers, establishing trust deeds, meeting your insurance obligations, developing and implementing your investment strategy and closing any old superannuation accounts.
Accountant
An accountant can also help to setup the trust deeds and explain your obligations, they are usually not qualified to set up your insurances and investments, do the rollovers, or settle any transactions – you will still require a financial advisor.
Ongoing administration, audits, and tax returns can be organised by an accountant or an SMSF administrator.
Mortgage Broker
A mortgage broker is the best person to help you determine the right SMSF loan and liaise between the vendor, the bank, the financial planner and solicitors to effect settlement.
Ensure the mortgage broker is authorised and has SMSF experience. Depending on the lender, an independent solicitor, who is not the lenders conveyancing solicitor, will be required to sign off on the loan documentation, to acknowledge that you are aware of your obligations as a trustee.
Solicitor
A solicitor will be required to complete your conveyancing requirements and to sign off on the loan documentation, to acknowledge that you are aware of your obligations as a trustee.
Because superannuation is held in trust for you, and not owned directly by you, it falls outside the scope of your Will. Considering that the majority of insurances are held in super and can represent a large proportion of your death benefit, it is important to consider these funds in your overall estate plan.
SMSF is a great vehicle for estate planning and can be used for asset protection, reducing tax to beneficiaries or even dealing with issues facing troubled or blended families. An estate planning solicitor is best placed to advise you on these matters.
Seeking out these professionals
You can seek out these professionals separately, but, often the best way to ensure that your SMSF is run properly is to engage an integrated financial services provider who will organise, oversee and manage the scope of work involved to your ultimate benefit.
Want to know more about Self-Managed Super Funds?
Self-Managed Superannuation Funds (SMSF)
