Self Managed Superannuation Fund (SMSF) Specialists

Superannuation Accounting Kings Cross

Rose Guerin and her team are highly experienced in the establishment and running of Self-Managed Superannuation Funds (SMSF’s), ensuring that her clients receive the very best accounting and administrative support. We offer the following services:

1. Taxation advice in relation to the establishment of a SMSF
2. Establishment of an SMSF
3. Establishment of a property trust for limited recourse borrowing arrangements
4. Establishment of related party loans for SMSFs
5. SMSF administration and compliance
6. Asset Protection and Estate Planning strategies
7. Establishment of Transition to Retirement Pensions (TTR)
8. Establishment of simple account based pensions


Information and facts about SMSFs

In recent years, the superannuation fund industry has seen an increase in people choosing to invest their retirement savings into Self Managed Superannuation Funds. Our SMSF fact sheet titled “Did you know” provides some interesting statistics about SMSFs.
When considering whether or not an SMSF is for you, our article on 10 things you need to know about a SMSFs provides general information about setting up and running a fund.


SMSF Trustee

If you decide to start your own SMSF, you will need to choose between using a corporate trustee or using individual trustees. There are many benefits in using a corporate trustee and these are discussed in a recent article written by Rose. Download this article here.

 
SMSF trust deeds

SMSF deeds are widely available and can even be downloaded from the internet at no cost.
Care must be taken when choosing a trust deed. Generally a good quality SMSF deed will contain as a minimum the following:

• Be up to date with the latest changes in the law
• Allows for an SMSF to borrow
• Details what your SMSF can receive as contributions
• Considers bankruptcy protection
• Terminal medical condition benefits
• Includes estate planning and death benefit nominations
• Enables the trustee to establish and keep reserves
• Contains general deeming clauses giving trustees greater flexibility

The deed should also be flexible and enough to allow for succession planning opportunities.

Rose Guerin sources quality deeds from specialist SMSF lawyers who are specialists in their industry.

 

Binding Death benefit nominations

Nomination forms provide instructions to the trustee of the fund to distribute their benefits to named beneficiaries. Without this document, trustees may use their discretion when distributing member benefits.

Rose supplies quality death benefit nomination forms for all of her SMSF clients.

 

Property ownership using your SMSF

Estate agents are reporting an increase in interest by SMSF trustees wanting to purchase an investment property using their SMSF.

An article in the Gold Coast Bulletin on the 4th September reported “a leading Gold Coast real estate figure said more operators of self-managed super funds were set to buy property as they moved to avoid the volatility in the sharemarket. John Henderson Professionals Mermaid Beach principal Andrew Henderson said property had become an increasingly popular investment for SMSFs since the global financial crisis crunched share prices around the world. He said in recent months his agency had been dealing with number of representatives looking for super fund investments. "We are seeing more representatives of super funds looking to make purchases," said Mr Henderson. The most recent was the $950,000 unconditional purchase of an older style home at 69 Petrel Avenue, Mermaid Beach, which is due to settle next month. The buyer was a SMSF for an interstate family”.

 

Borrowing to buy a property using your SMSF

Recent changes to the SIS Act permit SMSFs to borrow money to purchase an investment property for their superannuation. Download Rose’s article on 10 things you need to know about a SMSFs to read more about this.

Note : Under the new SMSF borrowing legislation, any personal guarantee sought by the lender can only be limited to the “single acquirable asset” which is the subject of the loan.

 

Using a Bank as a lender

Many high street retail banks now offer loans to SMSFs. Care must to taken to ensure that the loan conditions – particularly any personal guarantees and bank recourse for default are compliant with the recent changes to the SIS Act.

 

Related party loans

It may be more appealing for an SMSF trustee to borrow funds from a related party. The main benefits of this arrangement is the ease of setting up the loan and the potentially lower fees (SMSF bank loan fees may be more expensive).

Care must be taken to ensure that the loan is kept at an arms length and the interest rate used is comparable to a retail bank’s loan rate.

Rose provides quality SIS ACT compliant documentation for these loans.

Contact Rose Guerin for further information about borrowing to buy a property for your SMSF.



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