Our personal approach helps you to decide whether a SMSF is suitable, or other better options for your super savings. We have over 20 years in Cairns helping our client’s setup and run their SMSFs.

We provide a seamless personal approach to our local SMSF processing. Preparation of all documents necessary to fulfill trustee obligations, including annual financial statements, member reporting obligations and income tax lodgement. We also arrange for the independent SMSF audit under our own roof.

We understand your duties and responsibilities as a trustee of a SMSF. Our personal approach provides peace of mind in ensuring your legal requirements are maintained in accordance with your own SMSF trust deed and government legislation requirements.

In some cases our estate planning strategies mean we need to plan up to 20 years in advance to ensure the death benefit is paid where you want it to be, and is tax effective. Major changes may need to be implemented, and with the current limit on superannuation contributions, the timeframe is a major limiting factor.

Most people don’t understand their superannuation does not form part of their will. Our approach in reviewing your estate planning outcomes as part of superannuation planning, ensures that the money built up over a lifetime of hard work goes where it should, and with the tax consequences minimised.

A self-managed super fund is a special type of trust set up and maintained for the sole purpose of providing retirement benefits to its members. You can have up to four members in an SMSF, comprised of either individual trustees or a company serving as a corporate trustee. The trust deed is a legal document that covers how to establish and operate your SMSF. You should refer to it when making decisions about your fund.

Trustees must sign and date the trust deed, and make sure it is executed properly under the law. To establish a trust, the fund must have assets, even if it’s just a small amount of cash until the members roll over existing benefits or make a contribution. The trustee declaration is a statement that you understand your duties and responsibilities. You must sign the declaration within 21 days of becoming a trustee or director of the corporate trustee, and a signed copy must be kept.

Your SMSF needs to register through the Australian Business Register. To save on tax, you must elect to be regulated by the ATO. Once registered, your SMSF will be listed on Super Fund Lookup, so that other funds and employers can check your fund’s eligibility to receive rollovers or contributions.

You may also need to sign up with an SMSF messaging provider before your fund can receive employer contributions. You will be asked for each member’s TFN. If a member doesn’t supply their TFN, you cannot accept personal contributions from them and the fund will have to pay more tax on their employer contributions. These are just some of the steps to get your fund set up.
Depending on your circumstances, there may be more things you need to consider.

Business and Wealth Partners are SMSF Cairns professionals able to help you set your fund up correctly and answer any other questions you may have.

• Self managed superannuation set-up
• Trust deed upgrade
• Contribution issues – cash and in specie
• Benefit payment compliance issues
• Rolling out members
• Pension preparation and rollover
• Financial statements and income tax returns