SELF MANAGED SUPERANNUATION FUND - TRUST DEED REVIEW

If you are a trustee of a Self Managed Superannuation Fund, the following quiz will help you ascertain whether your super fund should now be reviewed.

Ask yourself the following questions and then read on:

  1. Was your SMSF started before 2001?
  2. Is your Trust Deed up-to-date and compliant?
  3. Does your SMSF have more than four members?
  4. Are all members trustees (including you)?
  5. If you have a Corporate Trustee, are all members directors of the trustee company?
  6. Do you have a comprehensive, properly constructed and documented Investment Strategy that reflects the needs of fund members? (please note that the standard one-pager formerly used is no longer adequate or appropriate)
  7. Do your SMSF investments comply with the SMSF Investment Strategy?
  8. Are any of the investments "in-house" assets?
  9. Do you have holiday houses, vintage wine, art works, jewelry, stamp collections or other exotics in your SMSF?
  10. Do you understand the concept of "in-house" assets?
  11. Are the Pension Powers in the SMSF Trust Deed up to date?
  12. Do the Estate Planning provisions have the flexibility to comply with your wishes when you die?
  13. Do you have a properly constructed and documented Estate Planning Strategy in your SMSF?
  14. Do you have insurance policies in your SMSF?
  15. Do you have a properly licensed and accredited adviser to assist in administering and managing your SMSF according to legislative and ATO requirements?
  16. Have you retired but your SMSF is still in the Accumulation Phase?
  17. If your SMSF is in the Pension Phase, are the pensions paid appropriate?
  18. Do you understand the nature, uses and implications of Reserves?
  19. Has a properly licensed and accredited professional ever had a good hard look at your SMSF?
  • If the answer to any of the above questions is "No" or "I am not sure"; or
  • If you have never paid attention to any of the above questions; or
  • If you have relied on your accountant or tax agent only for advice on fund investments and strategies; or
  • If you deal only with an administration service (that does not offer advice or accept responsibility for compliance); or
  • If you do not understand any of the above questions, chances are

YOU NEED OUR SMSF REVIEW SERVICE

What does SMSF review cover?

Our SMSF Review Service:

  • Checks the fund Trust Deed and recommends changes or replacement if required.
  • Identifies all members and their suitability for membership and eligibility to act as Trustees.
  • Assesses the suitability of the pension powers and estate planning provisions.
  • Examines the Investment Strategy, if any, for compliance and suitability for purpose.
  • Assesses the investments for compliance and suitability for purpose.

Our Review Service fee will depend on the state and complexity of your fund and will be quoted for your consideration and acceptance prior to any work being undertaken.

Our findings and recommendations are provided to you in a written Statement of Advice for your further consideration.

Remember, as trustee of your self-managed superannuation fund, you have the sole responsibility for the conduct and compliance of your SMSF:

  • The numerous and comprehensive changes in legislation, economic environment, technical strategies and techniques, investment markets, life expectancy and lifestyles that have occurred in recent years all contribute to a much higher level of complexity in managing a SMSF. They are now beyond the experience and expertise of non-professionals.
  • The notion of DIY (Do It Yourself) is now an outmoded and dangerous one. The Australian Taxation Office is now the regulator and is not known for its benevolence.
  • Many businesses offering cheap establishment and/or administration services will most likely not accept any responsibility for compliance and provide only a 'bare bones' service.

For more information about our self-managed superannuation fund review service, or to discuss any aspect of the administration and management of your self-managed super fund, contact us on 02 4984 5545 for assistance and a confidential risk-free consultation.



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