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Superannuation Structuring Advice

AustAsia Group Pty Ltd (ACN 069 869 920) can help you plan out a successful retirement plan. With over $10 million in managed super funds AustAsia Group is one of Western Australia’s leaders in supporting people’s financial future.

We at AustAsia can help you with you through advising on a variety of superannuation advice and management including;

  • Industry Super Funds where the superannuation funds manages your money. There are no shareholders this type of fund, so members’ benefit.
  • Public sector employees superannuation funds. Provided for government employees only; it is the government that operates this fund.
  • Master trusts, which can be either a retail or wholesale master trust. These types of funds are generally managed by banks.
  • Set up you own self-managed superannuation fund (SMSF), which gives you more control of your financial future.

AustAsia Group can advise on setting up and operating an SMSF. To help make your decision if a SMSF is right for you here is a short guide for you to consider.

Step 1. Look at all the options

SMSF can provide you with direct control of your financial future. If you are not sure if you want that full responsibility it is important to speak to a AustAsia superannuation adviser on the advantages and disadvantages of other superannuation funds before you make your decision.

Step 2. Understand the responsibilities

SMSF requires you to be a trustee and/or a company director of a trust which is a trustee. In this position you will have obligations and responsibilities as in a director of a company or business.

AustAsia Group will guide and support you with all obligations and operations of your SMSF. AustAsia will ensure your SMSF is managed professionally, safely, correctly and satisfy the superannuation regulations you have the advantage of being in control of its future.

To be a trustee you must comply with the Australian Tax Office’s standards. These include the following criteria:

  • Must be over 18 years of age;
  • Not had been bankrupt;
  • Not mentally impaired;
  • Never been convicted of an offence involving dishonesty;
  • Never been subject to a civil penalty order under superannuation laws;
  • Never been insolvent under administration;
  • Never been disqualified by a regulator the ATO or by the Australian Prudential Regulatory Authority (APRA).

Step 3. SMSF structures and investment strategy

Once you have decided that a SMSF is the best way forward for your superannuation, AustAsia will work with you to create the right structure of the fund. Many types of assets including shares, bonds, property (commercial and residential), and cash are considered in the SMSF step up and liable for ATO tax concessions.

AustAsia will also help and advise on estate planning and the members in the structure of the SMSF.

Step 4. The Trust

AustAsia will work with you to establish your trust. This is a legal document outlining the rules for operating and establishing the fund, who is involved in the trust (you, family, spouse / partner), and the benefit payment structure.

Step 5. Bank account set up

Opening a bank account will allow you to manage the SMSF’s operation, such as paying expenses and liabilities, and provides a depositing point for cash contribution.

Step 6. Registering with ATO

AustAsia Group will resister you with ATO once all paperwork is in place. Your SMSF will be fully operational and your path to a successful retirement plan will be underway.