Self Managed Super Funds

Did you know: Your Self Managed Superannuation entitlements are not dealt with under your will?

Self Managed Super Funds (SMSF’s) can be a great tool manage your wealth in a way that is more productive or beneficial than a retail or industry superannuation fund. Whilst your reasons for having a SMSF and your management of the wealth therein is a matter for which you should receive specific financial advice, the compliance and operation of the fund is a legal matter which should be reviewed periodically.

SMSF’s are essentially a trust. They have a Deed which governs their management, membership and distribution provisions.

A SMSF is governed not only by the Deed, but also the Superannuation Industry (Supervision) Act 1993.

It is imperative that your Fund complies with both, or it may not be deemed to be a Superannuation Fund at all, which may have dire consequences for you and your assets.

Constant changes to the legislation and regulations means a SMSF is anything but a “set and forget” structure.

Each SMSF Deed is different and often need to be tailored to your specific needs. They each have their own death, Binding Death Benefit Nomination pension provisions.

It is imperative that you not only fully understand these provisions, but that any Binding Death Benefit Nomination and/or Reversionary Pension is in the proper form, is properly executed and is served and accepted by the correct parties.

Non-compliance with these provisions may result in your nomination not being accepted.

It is for this reason that we highly recommend that you attend to the following on a semi-regular basis:-

1. Review your SMSF Deed for compliance with the Act and Regulations;
2. Review the Death Benefit, Pension and Insurance provisions of the Deed to ensure your wealth will be paid in accordance with your wishes on your retirement and/or death;
3. Draft the requisite Binding Death Benefit Nomination and/or Reversionary pension forms in accordance with your instructions.

This is a complex matter which is separate from your standard will. Accordingly, it will be assigned to one of our senior practitioners.

We offer the above services for a fixed fee of $1,200.00 plus GST.