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Self Managed Superannuation Funds Australia

Self Managed Superannuation Funds Australia

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Published by paulrigby58
A Private Self Managed Superannuation Fund allows you the ultimate say on how your funds are invested or spent provided you keep within the legislative requirements. If an opportunity presents itself you can take it.
A Private Self Managed Superannuation Fund allows you the ultimate say on how your funds are invested or spent provided you keep within the legislative requirements. If an opportunity presents itself you can take it.

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Categories:Business/Law
Published by: paulrigby58 on Jan 05, 2011
Copyright:Attribution Non-commercial

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01/05/2011

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Private Self Managed Superannuation Fund
Introduction
A Private Self Managed Superannuation Fund allows you the ultimate say on how your funds areinvested or spent provided you keep within the legislative requirements. If an opportunity presents itself you can take it. It is essential that the fund is properly administered. Werecommend that you only consider this type of fund where you have accumulations in excess or $150,000, which are likely to have significant growth in contributions, in order to recoup thecosts of establishment and the administration costs. However the flexibility it offers can affordyou opportunities that are not available in industry and financial market funds.In Australia, your employer is required to pay into your superannuation fund an amount equal toat least 9% of your ordinary earnings, and most employers will allow you to top that figure upfrom your pretax earnings subject to certain limits. With the tax incentive to make contributionsit makes sense that this is one of the first things you should consider in building your family’sfinancial security.
How It WorksEstablishing the Fund
 The trustee will be the trustee of the Fund which, under superannuation law, is a
Self ManagedSuperannuation Fund
regulated by the Australian Taxation Office. A person is not eligible for appointment as a trustee of a superannuation fund or as a director of a corporate trustee unlessthat person has consented in writing to the appointment and is not a disqualified person.Therefore, each person should sign the Consent and Declaration forms before the Trust Deed isexecuted. The trustees should then pass resolutions along the lines of the enclosed drafts beforeexecuting the Deed by signing and dating as indicated. The draft resolutions we provide mayneed to be changed in order to accurately record the actual resolutions that are passed.
Important Features
A member, or a member's employer, may contribute to the Fund, provided the Trustee agrees.Also, amounts may be transferred into the Fund from other complying superannuation funds.Amounts contributed and transferred in, are allocated to individual member’s accounts, whereinvestment earnings are added and expenses (tax, administration fees etc.) are deducted. Theaccumulated balance represents the member's benefit which is payable when a member retiresfrom the workforce, having reached the statutory preservation age, or commences a pensionunder the “Transition to Retirement” provisions. Benefits are also payable before retirement inthe event of death or total permanent disablement, and, subject to certain conditions, on totaltemporary incapacity.
ABN & TFN Application, and Election to be Regulated

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