Whether you’re looking to set up or maintain a SMSF, working with our Self Managed Super Fund legal services team will get the job done quickly and efficiently.
There are comprehensive legal requirements for Self Managed Super Funds and that’s why you need an expert to assist you. We work with you and your financial adviser to provide fully compliant SMSF documents. You can rest assured knowing that your SMSF will be meeting its legal obligations and working to maximise the benefits to you in your retirement.
Working with you through establishment and management of your SMSF
Our team has the expertise to ensure that your SMSF is properly structured. We work with you, your financial advisor, and business banker to provide fully compliant SMSF documents. You can rest assured knowing that your SMSF will be meeting its legal obligations.
Our team has the expertise to ensure that your SMSF and its investments are properly structured, meet your goals, protect your future and get you the best return on your investment to provide you with a comfortable retirement.
As the name implies, a Self-Managed Super Fund (SMSF) (also known as DIY super) is a private super fund that you manage yourself.
All members of an SMSF must also be its trustees. If a fund chooses to have a corporate trustee, each SMSF member must be a director of the company concerned. The company must be registered with the Australian Securities and Investments Commission (ASIC) and each director of that company must also be a member of its corresponding SMSF. An SMSF can currently have up to four trustees/members, although there has been talk about increasing this to six.
An SMSF gives you greater investment flexibility and greater control of your assets and investment decisions which may allow you to better manage the tax effectiveness of your superannuation savings and your estate planning decisions.
An SMSF can borrow money for a short period of time if the amount borrowed is less than 10 per cent of the fund’s total assets or it can borrow to invest by what is known as a limited recourse borrowing arrangement (LRBA).
A limited recourse borrowing arrangement (LRBA) is a financial arrangement which enables an SMSF to purchase property or shares with borrowed money. It is limited recourse because if the trustee defaults on the loan, the lender’s recourse is generally limited to the asset acquired which protects the value of the other assets of the fund. To achieve this the asset acquired must be held on trust until the loan is repaid. A bare trust is established to hold the asset as custodian but the SMSF has full beneficial interest in the asset.
A bare trust is a basic form of trust under which the trustee holds property on behalf of a beneficiary. The trustee has no discretion and no duties other than to transfer the property to the beneficiary when required.
Self Managed Super Fund Legal Services more info
Looking for more information? We have prepared a number of articles about Self Managed Super Funds on our blog.
- Government Responds to Murray Inquiry and Borrowing by SMSFs
- Borrowing by SMSFs to be Prohibited
- SMSF Legal Service Update
- Superannuation: Streamlined and Standardised
- Self Managed Super Fund (SMSF) Legal Services
- Top 10 Tips and Traps for Trustees of SMSF’s
- Self Managed Superannuation Funds (SMSF)
- Self Managed Super Funds and Borrowing
Building your retirement
Retirement should be a time for you. We work closely with NAB to create a Self Managed Super Fund that works to meet your goals, protecting your future and getting you the best return on your investment.
For legal advice that protects your interests phone now for an appointment: Bendigo 03 5434 6666; Castlemaine 03 5472 1588 or Melbourne by appointment.