Self Managed Super Fund Service

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1 Self Managed Super Fund Service You re better off with Kelly+Partners

2 Your Retirement: Helping you with Superannuation WHAT IS A SELF MANAGED SUPER FUND? A Self Managed Super Fund (SMSF) is a form of superannuation fund that is controlled by the members, giving greater control over their retirement savings than other types of superannuation funds such as industry or retail super funds. This includes wider investment choice and greater control over investments and flexibility in the payment of retirement benefits, such as pensions and annuities, directly from the fund. SMSFs must be established for the sole purpose of providing benefits to fund members on retirement. Or, if the member dies before retirement, a benefit to that member s dependants. This is referred to as the Sole Purpose Test. WHY ESTABLISH AN SMSF? Some advantages of an SMSF include: + Being able to invest, so that income and capital gains are taxed at the lower superannuation tax rates. These rates can be as low as 0% and no higher than 15%. + Being able to invest in a wide range of assets, including direct property, which are not normally available in traditional super funds. + Being able to co-ordinate your superannuation investment strategy with your non superannuation assets and business. + Being able to structure income streams or pensions in a very tailored way, that suits you and your family. + Being able to structure your estate planning to ensure certainty about what happens to your assets when you pass away. An SMSF offers many advantages for estate planning over other ownership structures and over traditional super funds. + Being in control of all key decisions, including investment decisions, but still having the ability to take advice from specialists. You will need specialist accounting, taxation, investment, estate planning and strategic advice for your fund. + An SMSF can give you the ability to transfer personally owned shares and some property into the fund + An SMSF can be used to buy business premises for use in your business. 2 KELLY + PARTNERS SMSF

3 2014 KELLY PARTNERS GROUP HOLDINGS PTY LTD KELLY + PARTNERS SMSF 3

4 Your Retirement: Helping you with Superannuation REQUIREMENTS FOR ESTABLISHING AN SMSF To establish an SMSF, the fund must meet the following conditions: + have fewer than 5 members + each individual trustee of the fund must also be a member of the fund + each member of the fund must be a trustee of the fund + no fund member can be an employee of another fund member, unless they are related, and + no trustee of the fund can receive remuneration for their services as a trustee. An SMSF can alternatively have a company trustee (known as a corporate trustee). Each director of the trustee company must be a fund member, and each fund member must be a director of the company. There are some exceptions involving single member funds and minors. ABOUT SUPER FUNDS Of the $1.23 trillion invested in super at 30 June 2010, $390.8 billion was in self managed super funds (SMSFs). That s 31.8% of all superannuation funds, with SMSFs now representing the largest slice of the super industry. For many Australians, SMSFs offer 4 major advantages: 1. More control over investments. 2. Greater investment flexibility. 3. Generally lower fees than industry and retail funds. 4. On average, better performance than industry and retail funds. BENEFITS OF SMSFS Self managed super funds have many advantages over other types of super. Depending on your situation, these advantages can include: + more control over your investments + greater investment choice + flexibility to implement tax planning strategies + the ability to transfer personal assets into your SMSF, and + pooling family assets to lower overall fees and to implement financial strategies involving the transfer of benefits between family members. 4 KELLY + PARTNERS SMSF 2011 KELLY PARTNERS GROUP HOLDINGS PTY LTD

5 MORE CONTROL AND GREATER FLEXIBILITY OVER INVESTMENTS SMSF members can choose where their retirement savings are invested, with options including listed shares, bonds, listed investment companies (LICs), managed funds, ETFs and direct property. This flexibility in investment options allows SMSF members to actively manage their investments. With a hands-on investment approach, SMSF members can quickly adjust their portfolios as markets change. LOWER FEES AND BETTER PERFORMANCE A Commonwealth Government report titled A Statistical Summary of Self-Managed Superannuation Funds (Dec 2009), based on ATO and APRA data, found SMSF members generally pay lower fees and that, on average, SMSF investments performed better than all other super funds over 2006, 2007 and HOW AN SMSF COULD BENEFIT YOU Depending on your individual situation, the advantages of an SMSF may include: + tailored tax management on investment income and capital gains + greater flexibility in investment choices and asset selection + control over your total investment portfolio, with the ability to take account of the risk profile of all your assets, including those held outside superannuation + the ability to pool your resources with up to 4 fund members with similar financial objectives, such as family members + maximum flexibility in establishing and managing pensions, including account based, transition to retirement and pensions + greater flexibility for accessing Centrelink benefits such as the age pension + investing in direct property + the ability to transfer personally owned listed shares, business real property and managed 2011 KELLY PARTNERS GROUP HOLDINGS PTY LTD KELLY + PARTNERS SMSF 5

6 SMSF Team Brett Kelly B.BUS, CA, M.TAX, DIP.FS, FTIA, JP Chief Executive Chairman Kim Meredith BCOM, CPA, JP, SSA, DIPFP Senior Client Director - SMSF Specialist Advisor Troy Marsh Apps B.COM, CA, CTA, DIPFP, SSA, JP Senior Client Director - SMSF Specialist Advisor Brett has over 20 years commercial and professional accountancy experience. He has specialised in Structuring, Strategy and Valuation. He commenced his career with Price Waterhouse and has worked in senior management roles across Audit, Business Services and Corporate Finance. Brett is married to Rebecca and they have three children Thomas, Nicholas and Audrey. His interests include reading, sports especially snow skiing, fine arts and study. Brett is also the best-selling author of four books. Kim has over 30 years experience in public practice. The first 13 years were in business services (incl. superannuation) with a Sydney CBD firm and of late as part of the BCP Group/Kelly+Partners. She is recognised as a SMSF Specialist Advisor with Australia s peak SMSF body, SMSF Accociation. Kim specialises in providing compliance and taxation advice to Trustees and other advisors of SMSFs. Kim has two children and her interests include reading, movies, theatre and spending time with family and friends. Troy is a qualified Chartered Accountant who specialises in business consultation, entity structuring, taxation, and corporate value advisory services. He is also an ICAA SMSF Specialist, ASIC Registered SMSF Auditor, and Registered Financial Adviser. He is a dedicated accountant and business consultant working with entities in most industries particularly Development and Construction, Real Estate, Engineering, Mining, Medical, Legal and other Professional Services. Troy is married to Tanika with three children Arian, Preston and Savannah. His interests Include beach, movies, and all sports particularly league, union and soccer. 6 KELLY + PARTNERS SMSF

7 Ada Poon B.COM, CA, M.COM, DIPFP, SSA, JP Client Director - SMSF Specialist Advisor Ada has over 15 years professional accountancy experience. She has specialised in Outsourced Finance Department Services Personal and Business Compliance, Taxation and Self Managed Superfunds. Ada is married to Patrick and they have two children. Her interests include reading, travel and spending time with her family. Amanda Brooks B.COM, CPA, JP Manager, Superannuation Consulting Amanda has 15 years professional accountancy experience. She has specialised in Taxation and Self- Managed Superfunds Amanda graduated from Griffith University with a Bachelor of Commerce. She is also a qualified CPA, completed a graduate diploma for Self-Managed Super Funds through University of Adelaide and is in the process of completing her Master of Taxation at Sydney University. KELLY + PARTNERS SMSF 7

8 KELLY+PARTNERS CHARTERED ACCOUNTANTS PTY LTD E southwestsydney@kellypartners.com.au W kellypartners.com.au Liability limited by a scheme approved under Professional Standards Legislation Disclaimer: The information contained in this document is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. The information contained is not intended to address the circumstances of any particular individual or entity and is not to be relied upon by individuals or any other entity in making financial or investment decisions. Individuals and other entities should seek appropriate professional advice tailored to their circumstances in making financial decisions. Although Kelly+Partners has taken care in creating this document, no guarantee is given as to its accuracy, currency or correctness. Kelly+Partners is under no obligation to update any information included in this document. To the extent permissible by law, Kelly + Partners and its associated entities shall not be held liable for any errors, omissions, defects or misrepresentations in the information contained in this document, or any loss or damage, however caused, suffered or incurred by persons who rely on information in this document for any purpose. Each office of Kelly+Partners (Office) is a separate legal entity. Services are delivered independently by each Office. These Offices are not members of one national partnership or otherwise legal partners with each other, nor is any one Office responsible for the services or activities of any other. Kelly+Partners Holdings (KPGH) is not responsible or liable for any acts or omissions of an Office and specifically disclaims any and all responsibility or liability for acts or omissions of an Office. An Office cannot act as agent of KPGH or any other Office, cannot obligate KPGH or any other Office, and is liable only for its own acts or omissions and not those of KPGH or any other Office. Similarly, KPGH cannot act as an agent of any Office, cannot obligate any Office, and is liable only for its own acts or omissions Kelly Partners Group Holdings Pty Ltd _KP_RETIREMENT PLAN