How to Setup a self managed superannuation fund (SMSF)
1. How much does it cost to setup a fund
Answer: Depends on whether you have individual trustees or a Corporate trustee – preferred option is to have a Corporate trustee for altermate protection of your other personal assests.
To setup a corporate trustee means you have to incorporate a company as trustee for your super fund and the typical ASIC cost of this is approximately $600 with a yearly ASIC renewal fee of around $50.
To setup a SMSF with yourself as the individual trustees of your fund will be the cheapest options as you do not have to purchase a corporate structure however Corporate trustees are still the preferred option for holding of super fund assets. Please call us to discuss this in more detail.
2. What are the running costs of a Self Managed Super Fund
Yearly compliance is essential to ensure your fund does not become a non-compling super fund and the ATO then taxing your fund at 48% instead of 15% so you will require a full set of financial statements, member statements and tax return prepared by a qualifed accountant. Fees for this range from $600 upwards depending on your investments and amount of money in your fund. What do I do first to setup my fund?
Contact us directly so that we may obtain your details to setup your fund within 48 hours.
Superannuation is paid by every employer now under the the Superannuation Guarantee Levy Act.
If you are self employed you may have your own Self Managed Superannuation Fund. Superannuation Guarantee Rates will change on the 1st July 2013.
To get assistance with setting up your SMSF (Self Managed Super Fund) you should call us on 1300 766901 so we can help with making sure you get the right advice to setup you fund.
So other things you might like to know to boost your super
If an individual is eligible for the co-contributions (e.g. their income is below certain thresholds) and they make personal superannuation contributions, the Government will match them with a co-contribution. The figures below rreflect the announced changes that will reduce the maximum co-contrubtion payable, from $1,000 to $500 (based on 50c for every $ contributed), up to $1,000 of contribution), from 1 July 2012 (the way the thresholds are indexed is also expected to change).
2013-2014 $33,517 – $48,515 – Calculation of Maximum Co-Contribution = $500 -3.3333%x (total income – $$33,516.