Setting up a self-managed superfund can be a daunting task. If you want the process to go smoothly, then there are several things you should have ready before you visit your SMSF strategy specialists Gold Coast office. The following checklist will help you get started.

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  • Trustees, Beneficiaries, & Assets

In order to have a trust, you must have trustees and assets. This arrangement involves a person or company that holds assets for the benefit of others. You will also need to know who the beneficiaries will be (or the people who will benefit from the trust). Before you visit your SMSF strategy specialists Gold Coast location, make sure you have the names, addresses, dates of birth, and tax file number for every member.

  • Trust Deed

Next, you’ll need to make the trust legal with a trust deed. This official document will establish rules of operation. The deed will outline the rights of members as well as the powers, responsibilities, and duties of fund trustees. The deed will have to be signed and dated by each trustee to be valid.

  • Trustee Declaration

New trustees are required to sign a declaration. This must be done within 21 days of becoming a director (for corporate trustees) or trustee. The document verifies that the individual signing understands their responsibilities and duties.

  • Registration with the ATO

All trust funds must be registered with the ATO. This is also the step that allows you to register for GST, obtain an ABN and TFN, and choose the option to be regulated. Regulation must be elected within 60 days of establishing the trust fund. Any fund not regulated will not be entitled to tax concessions and employers of members will not be able to claim a deduction for contributions.

  • Record of TFN

Your SMSF strategy specialists Gold Coast will need a record of every member’s TFN. This is also needed when registering the fund with the ATO. If a member does not supply their TFN, then you can’t accept certain contributions from them. Your fund will be required to pay additional tax on some of the contributions made by the member, including personal contributions claimed as an income tax deduction and salary sacrifice contributions.

Know What to Expect When You Create an SMSF

A little information will go a long way when visiting your SMSF strategy specialists Gold Coast location. The best way to get started is to talk to an expert who can provide information and answer questions. Contact Bis Cosgrove today to learn more about setting up your self-managed superfund.