SMSFs or self-managed super funds give you the opportunity to have more over your retirement planning. The superannuation fun is regulated by the Australian Taxation Office (ATO) and must comply with all the relevant regulations and laws. You are responsible for managing the super fund which in turn gives you more freedom when it comes to making investment choices and being in charge of your retirement funds. The only purpose of your SMSF should be to provide for your retirement and before you establish the super fund your should be familiar with all the rules and laws and understand all your responsibilities.
Your SMSF must be set up according to all the relevant rules, otherwise it will not be compliant and this can cost you additional fees and cause many other problems. So during the whole process you will need the expertise of an SMSF specialist advisor that will give your professional advice on how you can set up your super fund properly. Before you begin with the procedure you must first choose your fellow members. You probably know by now that your SMSF can’t have more than four members. Since your SMSF is a trust you should create a trust deed and select a trustee structure, you have two options here- individual trustees that are also members of the fund, or corporate trustees where every member is a director of one company that has the role of a trustee. Specialist advisors can give you reliable advise and help you decide which structure is the right for your. Besides this they can facilitate every step of the whole set up process and can take care of the accounting and audit obligations of your super.
There are many important considerations to bear in mind when choosing a specialist advisor that can give your professional insight when establishing and managing the SMSF. By following a few important steps you can easily make the right choice. It is a well-known fact that experience is crucial when it comes to successfully doing pretty much any job in the industry so this of course applies for SMSF advisors as well. So prior to choosing your advisor make sure he has great experience and has successfully established many funds before. Your SMSF specialist advisor should be able to guide you and help you with different duties regarding your super fund. So check the adviser’s qualifications and ask what kind of services he offers, for example whether he can only help you with the set up process or maybe he also provides administration services. Also don’t forget to ask how much the advisor will charge your for all those services. Reputable advisors can help you both establish and manage your SMSF, plus they have know all the relevant ATO regulations and will make sure your super complies with all those laws and rules.