SMSF - Acorn Financial Group

Self Managed Superannuation Funds

For more than twenty years self managed funds (SMSF’s) have been the largest growing sector within the Australian superannuation system. Currently their are in excess of 410,000 SMSF’s in operation with more than 800,000 members.

Self managed funds have a numbers of advantages when compared to traditional corporate funds, master trusts and public offer funds.

Self managed super fund advantages

A greater level of control over your fund
The opportunity to reduce tax on capital gains and income.
Increased flexibilty in relation to asset and investment selection.
Increased flexibility in relation to the selection of available pension income streams .
The ability to own business real property within your self managed super fund, which can assist buisnesses purchase their business pemisis within thier fund.
The ability to transfer (In-specie) listed shares and securities directly into thier self managed super fund.
These advantages include a greater level of flexibility, control and investment options.

Why is Self-Managed Superannuation so attractive ?

The rapid growth in the number of self managed superannuation funds over the past ten years has occurred due to a number of reasons. Self managed superannuation funds can offer substantional tax benefits for those that choose to save for their retirement in this type of structure.

A self managed superannuation fund in the accumulation stage are usually taxed at a minimum rate of 15%, if the fund has access to imputation credits through its underlying investments this figure can be significantly lower than 15%. If a member of a self managed superannuation fund is in pension phase there will be no tax payable on income that is generated and no tax payable on any capital gains.

With a self-managed superannuation fund in retirement you have the choice of pension income stream or a lump sum depending on what your needs and requirements are. One of the major benefits of a self managed superannuation fund is the ability to have control over the investment strategy and investments within the fund.

A self managed superannuation fund is controlled by the trustees who have a duty to act in the best interests of the funds members. With a self-managed superannuation fund the trustees, or the directors of the corporate trustee, are required to be the members of the fund. This means that the members have control of the fund and carry the responsibility for the fund’s performance and compliance related obligations.

The self managed superannuation environment involves many complex rules and regulations. Time and expertise are required to keep up to date with legislative changes as well as undertaking the day to day administration and compliance related tasks for the fund.

Self-managed superannuation funds are generally more appropriate for people with larger account balances (upwards of $200,000) who want to have more control over their superannuation benefits.

Our self Managed superannuation service is designed for an investor who is concerned about the management of their investments but does not have the skill to administer the fund to the level required by the increasingly complex legislatiive changes and statutory requirements. Our service will assist you in dealing with the responsibilities associated with running a self managed superannuation fund by taking over the day to day compliance and administration responsibilities of the fund.

What is a Self-Managed Superannuation Fund ?

A self-managed superannuation fund is established by the execution of a trust deed. It may be established by employees, self employed individuals or retirees and may have one member with a maximum of four members.

All members must be trustees or directors of a corporate trustee except in the case of a single member fund where there may be a second trustee who is not a member. The fund’s assets must be invested in accordance with the trust deed, the fund’s investment strategy and the SIS Act. Supervision of self managed superannuation funds are undertaken by the Australian Taxation Office.

What does our Self-Managed Superannuation Service cover ?

Our self-managed superannuation service provides you with a complete self managed superannuation fund offering, from the establishment of the fund to the ongoing returns, preparation of financial statements, preparation of member statements and annual completion of the independent audit.

Your Acorn Financial Group adviser will assist you in the development and implementation of your funds investment strategy and will provide you with ongoing advice in relation to your strategy and investment options. An in-house self managed superannuation fund adviser is available to answer any technical issues you may have concerning your fund and to assist you with your choice of retirement benefit options.

The main features of our Self-Managed Superannuation Service include:

Establishment

Starting a New Fund

Preparation and establishment of superannuation fund Trust Deed
Preparation of all statutory related information to establish your fund including:
Preparation of fund Product Disclosure Statement (PDS)
Tax File Number and Australian Business Number applications and registrations
Resolutions and minutes to establish the fund
Notice of consent to act as a trustee
Rollover of existing super benefits into your self managed super fund
Establishment of appropriated insurances within your fund
Preparation of Binding Death Nominations within your fund
Appointment to your existing fund
Preparation of amending Trust Deed / Deed upgrade
Compliance check of statutory related information including
Minutes of previous meetings
Review of the existing investment strategy to ensure that is current and up to date
Implementation of insurance coverages and Binding Death Nominations
Establishment of portfolio administration services

What does our Self-Managed Superannuation Service cover ?

Portfolio Administration

Your Acorn Financial Group adviser will establish your fund’s cash management account and will formulate and implement your investment strategy in consultation with you to ensure that your fund’s investment objectives are met.

Some of the features of the Acorn Financial Group portfolio administration service include:

Operation of the funds cash management account
Portfolio valuations and performance reporting
Capital gains tax administration and reporting
Access to our partners' equities research reports

Your adviser is available to provide you with strategy and investment recommendations with respect to your funds investment objectives asset allocations, cash position and ongoing liquidity requirements.

Administration and Compliance Obligations

Superannuation funds require regular attention to ensure day to day operations are conducted with respect to relevant laws, including:

Ongoing maintenance of fund and member records
Preparation of full financial accounts and income tax returns
Preparation of business and instalment activity statements
Completion of the annual independent audit of the fund
Assistance with the preparation of minutes of meetings and supporting documentation with respect to statutory reporting obligations
Paying lump sum and or pension benefits and remitting the appropriate PAYG to the ATO

The compliance function of the fund enabless the records to be kept in an accurate and up to date manner. All minutes, forms, accounts will be prepared for you by Acorn Financial Group and will require a review and sign off by you (the trustee(s)).

Each year after completion of the financial statements, the fund will be audited by an independent auditor in accordance with relevant laws and accounting and auditing standards.