|
Deeds Created in 20 Minutes 24/7
EMAILED INSTANTLY |
SMSF Strategies for 2009 : SEMINAR
Response to our last newsletter was overwhelming - we have requested more seats and have only 12 seats left - Do not miss to learn New SMSF Strategies..book now
18th November Tuesday 6 PM
Coronation Club,
86 Burwood Road, BURWOOD NSW
Cost $55
|
Since the 9 May 2006 Federal budget, superannuation has become the most tax effective vehicle for wealth accumulation, asset protection & estate planning. Superannuation is becoming the first or second largest asset for most individuals.
This ATMA professional development group presents a great opportunity for advisors to learn how interesting strategies can be structured so that they can assist their clients to maximize their retirement benefits.
Advert: Company Formations $455 Instant Email
Strategies covered
- How to get more money into super
- Why paying off principal of your own home loan could be the worst decision you would ever make
- How a 50 year old can pay only 4% interest on own home loan
- Instalment warrants Vs joint venture Unit trust arrangement
- Preservation and conditions of release requirements
- Re-contribution strategies - are they still alive
- Splitting super with spouse
- Transition to retirement pensions
- How 75 + year olds can contribute into super
- Other interesting and complex strategies
Manoj Abichandani
SMSF Specialist Advisor
 
Manoj has worked in the SMSF industry forthe past 19years and currently audits more than 250 funds. He develops SMSF strategies and advises accountants on complex SMSF matters.
Cost of seminar is $55 and for ATMA members $44, to book click here
|
Corporate Trustee Vs Individual
Trustee
Should you start a SMSF now?
It
is frustrating to learn that you are paying 2% to 5% fees (for a $100k family
super, means $2,000 to $5,000 per year) to top superannuation professionals / investment
advisors / managers to loose 15% to 25% of your super money.
If
you have decided to take matters in your own hands and manage your money
yourself, it is likely that there is limited option in your super to protect it
from recent down turn. You can choose a lower risk, "cash investment option",
within your super fund.
Some
commentators including minister of Superannuation Mr. Nick Sherry, has
commented, that since superannuation is a long term investment, any change now
may crystallize your loss. However, it can be daunting to see your super
balance drop every week. The question on everyone's lips is; when is the
meltdown going to hit bottom?
Due
to various layers of fees, most cash portfolios offer 2 % - 3% less return than
any bank fixed deposit rate. Once your family super is over $200,000, a self
managed fund starts to look attractive and cheaper.
Setting
up a SMSF is very easy, it takes only 20 minutes to create a trust deed, click here to learn more. First decision one has
to make: Who will be the trustee of the SMSF? Options are "Trustee Company" or "Members"
themselves.
Corporate Trustee Vs Individual
Trustee
There
are advantages of both Corporate Trustee and Individual Trustees, please read
comments below and seek advice from your advisor.
A
corporate Trustee from this website costs only $455 (Incl. GST), click here to read more and every year ASIC
charges only $40 Annual Review fee as long as the corporate trustee's constitution restricts directors to do any business and the company acts only
as Trustee of the Superannuation fund. In our opinion it is a small price to
pay for a solid foundation.
Advantages of Corporate Trustee
Increased flexibility
when a member
joins or leaves the fund
In case of individual trustees, all investments have to be
in the name of all trustees "In Trust For" the superannuation Fund. When a
member joins or leaves the fund - all ownership documents, including the title
deed of each investment have to be amended. If the fund has many investments,
this change of investment name can be a daunting task.
However in the case of a corporate trustee, the name of the
corporation remains unchanged, the member simply has to become a director or
resign from directorship on leaving the fund.
A corporation can have a
single director
One individual cannot act as sole individual trustee of a
SMSF. Hence, where there is only one member, a corporate trustee is the only
solution.
Assets of SMSF are kept
separate
Sometimes individuals can have several accounts and assets
in joint names - like property, bank accounts., broker accounts etc, if there
is a corporate trustee, then it is a bit easier to make sure that SMSF assets
are kept separate from members own assets outside of the fund.
For example if Mum & Dad own several properties in their
own name outside of Super, their SMSF can also own a property.
Since most land titles office's only records the name of the
trustee as the owner of the property and does not recognize a trust - it can be
confusing to note that the asset is actually held in trust - or the true owner
is the SMSF and not the individual trustees in their own right
Some trust deeds also require having a separate "declaration
of trust" document to be drawn up at the time of purchase of real property.
This document will be soon available from our website under "SMSF Tools".
In case of older members
Many SMSF are established when two members are of ages of
60+. Due to life expectancy issues, when one member dies, it can leave the fund
a "single member fund". In this situation, a corporate trustee is inevitable,
hence it could be argued to start the fund with a corporate trustee.
Advantages of individual trustees
No ASIC forms
With Individual Trustees, there is no need to complete ASIC forms
at the time of adding or deleting a member or ASIC annual returns.
However, these tasks are not particularly onerous or time
consuming. Very soon you will be able to purchase these documents from our
website under "SMSF Tools" Click here to
read more.
Two set of rules
The trust deed of a SMSF will determine procedures which must be
followed for decision making for example, any notice periods for the calling of
meetings, what constitutes a quorum, whether resolutions can be passed by
circulation rather than attendance at a meeting etc.
A corporate entity will also specify these provisions and are
outlined in its Constitution. If a
SMSF has a corporate trustee, the trustees must ensure that it complies with
both the Constitution of the company and the requirements of the trust deed.
A solution to this problem is to amend the constitution of the
corporate trustee, so that it is Sync with requirements of the Trust Deed. Our
trust deed and constitution compliment each other.
Establishment Cost
Unless you already have a company to act as corporate trustee,
there is n o need to establish a new one, even a trading company can also act as
a corporate trustee as long as all directors are members of SMSF and all
members of SMSF are directors of corporate trustee.
If you need to establish a new company, there could be additional
cost to establish a company although not a big one as you can purchase a
company form our site for only $455, click here to
read more. The ongoing cost is not a significant amount, only $40!
Different penalty's for breach of legislation
Under Superannuation law , fines are imposed on trustees, advisors
etc are defined in terms of "penalty units". Each penalty unit is currently
worth $110 - ie, a fine of 100 penalty units equates to a fine of $11,000.
In the case of some breaches, Superannuation Law gives the courts
the ability to levy a higher fine on companies than individuals (the company
fine is five times the individual fine).
Since the corporate trustee will be a $2 shelf company, it is
quite unlikely that the regulator will be paid from Trustee Company.
However, in the event of a serious breach, it is possible in case
of a trading company which acts as a trustee of a SMSF to be fined higher by
the regulator.
Conclusion
Regardless of who is trustee, the responsibilities of those acting
as trustees of a SMSF are not diminished where there is an individual or a
company acting as trustee of the SMSF.
In all cases, you must
follow advice from your legal advisor. Please note that setting up and
operating a SMSF is not easy, members have to follow strict SIS Act and
Regulations.
|
|
www.trustdeed.com.au provides online service for creating, storing & managing legal documents for Companies and Trust deeds for SMSF, Family, Unit & Hybrid Trusts, click here for more information.
 New / Update SMSF Trust Deeds cost only $110 and can be created in 20 minutes, Trust Deeds are emailed instantly!
|
|
FIRST TRUST DEED FREE |
if you are an advisor, financial planner, accountant or a solicitor, we can offer you to create one trust deed on our system for free. This offer is valid provided you purchase 10 or more new SMSF deeds or update 10 SMSF trust deeds for your clients. To claim your first free trust deed, first register on our website www.trustdeed.com.au and phone our office on 02 9638 2807 for a promotional code.
If want to communicate with your clients, advising them the need & advantages to update their trust deed, click here to download a pro-forma letter to your clients.
|
| remeber you can create a SMSF trust deed at any time 24 / 7 |
|
www.trustdeed.com.au goes on live help
If you are an advisor and use our website for your clients SMSF Trust Deed. You now have access to SMSF Specialist Advisor who will answer all your technical questions online for you. Simply click the button above and start chat.
New or update your existing SMSF Trust Deed for $110 You can keep the trust deed up to date for the next five years for only $165.
Our SMSF trust deed has been prepared with input from accountants who have over two decades of experience in setting up structures for their clients and have combined knowledge of auditing and lodging tax returns for more then 2000 SMSF's, their practical experience is an invaluable contribution.
For further questions on our trust deed, ring 02 9684 4199 or email sales@trustdeed.com.au |
| |
Our Website has complete Document manager for all future downloads
We are the only online SMSF Trust Deed providers where you can purchase a Trust Deed 24/7 for $110
It takes only Less then 20 minutes to register and build a SMSF Deed.
|
|
| Phone 02 9684 4199 or visit www.trustdeed.com.au |
|
This email is sent by:
Sales Team
www.trustdeed.com.au
Deed Dot Com Dot Au Pty Ltd
P 02 9684 4199 F 02 9838 3060
Unit 4, 287 Victoria Road, Quantum Corporate Park NSW 2116
PO Box 1010 Dundas NSW 2117
| |
|
|
