Rands Advisory Group can assist you through the total SMSF establishment process. We can provide information to inform your decisions about various aspects of the structure, and can then arrange the acquisition and completion of the necessary documentation.

Is an SMSF for You?

We can help you address the first and most fundamental question, such as “Is an SMSF for you?” With the complexity of rules and the cost structure, SMSFs are not appropriate for everyone. You need to understand all the implications so an informed decision can be made. This has to be your informed decision; we do not advise people whether or not they should have an SMSF.

The Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office have both provided guidance for people considering SMSFs and you should have regard to these, which can be accessed below:

Is Self-Managed Superannuation right for me?

SMSF Investment Strategy

It is a legal requirement that an SMSF has a written investment strategy and that the fund invests in line with that strategy. Rands Advisory Group has devised a template to ensure trustees cover the minimum areas required by Australian Taxation Office guidelines. The strategy covers a number of important areas, and we can work with trustees or their nominated financial planner to ensure all required matters are properly addressed.

Rolling Other Superannuation Funds into Your SMSF

Money can come into an SMSF from existing superannuation funds or as contributions. We can help trustees understand the taxation and other implications of the different methods used to create SMSF assets.

For example, superannuation assets may be held in an industry or retail fund where valuable life insurance is provided. Before transferring these assets to an SMSF, it is essential to assess insurance coverage and make an informed decision about the level of cover required by the SMSF. This must be done before the non-SMSF is cancelled, as insurance cover may not be replaceable or replaceable on similar terms.

Trustee Responsibilities and Compliance

Trustees can access a basic superannuation trust deed from a number of sources. While trustees may physically establish the SMSF, they must have guidance on what other arrangements are legally required to properly implement the fund.

The Australian Taxation Office places the legal obligation on trustees to know the law and follow the required procedures.

Rands Advisory Group can review existing arrangements to identify refinements needed to ensure trustees’ legal obligations are met. It is not unusual for new clients with an SMSF already in place to require documentation to be put in place or adjusted to ensure compliance with legal requirements.