Superannuation has become an increasingly significant and powerful tool for Australians in planning for their retirement, particularly in the self managed superannuation fund space.
The decision to establish and the ongoing management of SMSFs can be tricky and it should be carefully considered if it is appropriate for your circumstances.
Do I need a lawyer for SMSF?
A Self-Managed Superannuation Fund (SMSF) Trust Deed is a legal document that can involve a number of complexities and legal issues, so establishing a SMSF correctly requires a lawyer's assistance.
The creation of an SMSF requires initial advice about whether it will suit your affairs and, if it does, a number of legally compliant and binding documents to establish what you intend.
The regulation in this area is particularly complicated and is forever changing. The ongoing compliance and management of trustees, beneficiaries and the SMSF’s property and investments can be challenging without the right advice and without the fund being set up correctly at the outset.
How to set up self-managed super fund?
Setting up an SMSF involves steps such as:
- the appointment of an expert to run the fund;
- ensuring the eligibility of the members;
appointment of trustees;
- developing and managing an investment strategy;
- retirement planning;
- ongoing compliance with the Superannuation Law and taxation legislation.
We can assist you in understanding your responsibilities as a trustee in managing an SMSF in accordance with the fund’s deed and the relevant law.
We work closely with our client’s accountants and financial planners to formulate suitable superannuation and insurance strategies in which you can invest for your retirement and provide you with protection whilst allowing you to take advantage of taxation benefits available through effective investment strategy.
How can we help you?
- Establishing, reviewing, managing and updating your SMSF and SMSF deed
- Appointing and removing trustees and making amendments to the fund’s deed
- Advising on SMSF compliance
- Assisting on the use of superannuation and SMSFs as part of their estate or succession planning
- Binding Death Benefit Nominations and other estate planning arrangements
- Business structuring, conveyancing, property, corporate advice and family law as they relate to your superannuation
- Winding up of SMSFs
- SMSF borrowing - Limited recourse borrowing arrangements (LBRAs)
- Death benefit payment deeds
- Superannuation proceeds trusts
- Reversionary nominations of pensions
- Successor director appointments
- Investment strategies
If you have any questions about self-managed superannuation in regards to your Will or would like to find out how our Wills & Estates lawyers can assist you please don’t hesitate to contact us on +61 3 9822 8588 or email our team here.