Self-managed Superannuation Funds

There are several trust laws and legislative requirements for setting up a self-managed superannuation fund (SMSF). Typically you need to:

  • Obtain a trust deed
  • Appoint trustees
  • Sign a trustee declaration (NAT 71089)
  • Elect to become a regulated fund
  • Obtain a tax file number (TFN)
  • Obtain an Australian business number (ABN)

At Betts & Associates Pty Ltd we provide the professional advice you need to set up your own fund and greatly simplify the process for you.

Changes to Self-Managed Superannuation Funds (SMSF)

Recent legislative changes made to SMSFs, have affected the services our office provides.  The changes affect advice provided on the following:

  • Setting up an SMSF
  • Winding up an SMSF
  • Pensions (Transition to Retirement and Account Based, Market Link, Linked and Lifetime Complying)
  • Contributions Strategies (amount, types, withdrawal and re-contribution)
  • Transfer of business real property
  • Withdrawals, commutations and death benefit payments
  • Limited Recourse Borrowing Arrangements
  • Provision of a General Asset Class Investment Strategy

Please be aware that the above topics include matters that are discussed regularly regarding your fund. Further discussions will be necessary in order to take into account the recent government changes coming in to effect 1 July, 2017.

These legislative changes are enforced by the Australian Securities and Investments Commission (ASIC) and non-compliance will incur severe penalties.  As part of these changes, we have implemented all the necessary licencing, additional insurance, and additional staff training. We are now an authorised representative of the SMSF Advisors Network Pty Ltd (SAN) who provide us with further resources.

The most important aspect of these changes that directly impact you as a client is the provision of a Statement of Advice (SOA).  Every SMSF requires a completed SOA on file prior to advice being given.

The process of completing an SOA is as follows:

  1. Review of documents which include the Financial Services Guide, Advisor Profile, Fee Schedule and CPA material on the changes and types of advice now subject to the new licencing regulations.
  2. Complete an appointment with Mrs Kate Anderson, the authorised representative responsible for introducing you to the new advice process. A factfinder will be completed during this appointment in order to gather information on your current situation, goals and objectives. This factfinder will be used to prepare your Statement of Advice;
  3. Receive and review your Statement of Advice.

Click below for the SMSF Financial Services Guides

SMSF Financial Services Guide – Part 1 

SMSF Financial Services Guide – Part 2

If you have any queries regarding this matter, please contact the office.

Yours faithfully,

Kate Anderson

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