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Setting up and running a SMSF


There are a number of one-off steps in the set up process for a fund. These are:

  • Decide on the fund members and the Fund Trustee
  • Will you have a corporate Trustee or Individual Trustees?
  • Go through the establishment process and obtain an ABN, TFN and Trust Deed
  • Organise any rollovers of existing Superannuation into the new SMSF
  • Set up a fund bank account
  • Make any initial contributions
  • Consider and arrange, if necessary, whether any life insurance is required in the fund.


After this process is completed, the next step is to formulate the fund objectives and investment strategy. The superannuation fund is then in a position to start investing their fund monies.


During the financial year all income should be banked and expenses paid.

 

After the end of the financial year, the Trustees need to arrange to:

  • Have the annual accounts prepared
  • Prepare and lodge the SMSF Annual Return with the tax office
  • Have the fund audited by a qualified auditor.


If you elect to use the administration services of The Alan Skerritt Consultancy we can take most of the hassles away from running your SMSF. You still need to formulate and implement your investment strategy. But we can look after the daily tasks associated with managing your SMSF such as banking of dividends etc. We provide regular reporting, and, arrange the tax return and audit.

Quick Links to FAQt

Frequently asked Questions (Q&A)

The Alan Skerritt Consultancy

                   Specialists in Superannuation

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We are an independent family owned business that has specialised in Self Managed Superannuation (SMSF) for more than 30 years..

 


Insurance within a SMSF


It is possible for life insurance and Total and Permanent Disability (TPD) Insurance to be held within a SMSF. The owner of the policy must be the superannuation fund. The premium for this insurance is then paid by the Superannuation fund and is a deductible expense of the fund.


It is also possible for income protection cover to be held by a SMSF. The general rule is that a premium deduction is permitted where the benefit is an income stream due to a person’s inability to perform normal employment duties, and the benefit in payable for no longer than 2 years.


However, provided certain conditions are met, these benefits may potentially be paid for a longer period, not exceeding the period of the incapacity.


Whilst there are benefits of holding insurance in Superannuation, there may be taxation consequences if a TDP claim is made to a member under age 60, or a death benefit is paid to a non-dependant. It is important to seek advice on this before entering any insurance contracts.


If you currently have insurance with your Superannuation and you elect to set up a new SMSF and roll your accumulated superannuation to this fund, It is important to know that your current insurance will cease on rolling the entire balance to your SMSF. You should consider replacing this insurance before you commence a rollover which will cause the insurance to be terminated.




  

Welcome

The Alan Skerritt Consultancy

Windsor Holdings Pty Ltd  (ACN 010 018 041 ABN 12 862 040 559)

(Incorporated in Queensland)  Trustee

 info@skerritt.com.au