PKF can assist you through the total SMSF establishment process. We can provide information to inform your decisions about various aspects of the structure and can then arrange the acquisition and completion of the necessary documentation.

Is an SMSF for you?

We can help you address the first and most fundamental question – Is an SMSF for you? With the complexity of rules and the cost structure, they are not appropriate for everyone. You need to understand all the implications so an informed decision can be made.

The Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO) have both provided guidance for people considering SMSFs and you should have regard to these, which can be accessed here:

Is Self-Managed Superannuation right for me?

SMSF Investment Strategy

It is the law that an SMSF must have a written investment strategy and that the fund must invest in line with this strategy. PKF has devised a template to ensure that the trustees cover the areas which are the minimum required by the Australian Taxation Office guidelines. The strategy covers a number of important areas and we can work with the trustees or their nominated financial planner to ensure all required areas are properly addressed.

Rolling Other Superannuation Funds into Your SMSF

Money can come into the SMSF from existing superannuation funds or as contributions. We can help trustees understand the various taxation and other implications of the different ways that can create SMSF assets. For example, superannuation assets can be held in an industry or retail fund and valuable life insurance may be provided by this fund. Before transferring these assets to an SMSF, it would be essential to ensure that the level of insurance coverage was assessed and an informed decision made about the necessary level required by the SMSF. This must be done before the non SMSF is cancelled as the insurance cover may not be replaceable or replaceable on similar terms.

Trustees can access the basic superannuation trust deed from a number of sources. This may physically establish the SMSF, but trustees should have guidance on what other arrangements are needed to properly implement the SMSF. The Australian Taxation Office puts the legal obligation on the trustees to know the law and the required procedure.

PKF can also review arrangements to see what refinements are needed to ensure the trustees’ legal obligations are met.