This is a very common question for those looking for simplicity in setting up a self managed super fund. Under Trust law this is not a possible option. Self managed superannuation are a trust in nature. For a trust to exist, the essential requirement of separation of legal and beneficial ownership needs to be present. […]
What does “absolute entitlement” mean and how to avoid paying stamp duty and CGT twice under a limited recourse borrowing arrangement? When preparing the loan documentation for a limited recourse borrowing arrangement, trustees must be mindful of the concept of “absolute entitlement”. If the documentation is not drafted meticulously, the bare trust (custodian) may be […]
Listed below are some of the superannuation trust deed clauses. They have been drafted under supervisory guidance to maximize flexibility of the fund to every member of regulated self managed super funds (SMSFs): Establishment of the fund; Structure & Purpose of the fund; Appointment & powers to removal Trustee; Covenants by Trustee; Powers of Trustees […]
When Is A Corporate Trustee Required? Self managed superannuation should be established for the sole or dominant purpose of providing retirement benefits for members. If the sole or dominant purpose is the provision of lump sum benefits then appointing a corporate trustee is mandatory. If the sole or dominant purpose is the provision of pension […]
If you have smaller superannuation balances from various other employments, they should be consolidated to save on annual administration fees. Follow the guide below to rollover super to your fund bank account: Contact the retail or industry super fund and request for a benefits transfer form; Complete the form and nominate the name of your […]
