Smsf Minutes Template Free – 2 Control Why set up a self-managed super fund (SMSF)? The assets of the SMSF are fully controlled by the trustees. Trustees are responsible for making all decisions about where to invest funds, whether it’s investment property, shares, a managed fund or a fixed deposit. In other words, control is in the hands of those who actually invest the managers’ money. Low tax At fifteen percent, SMSFs have one of the lowest tax rates of any entity in Australia. The great thing is that the SMSF tax rate can be further reduced by offsetting other tax reliefs. SMSFs have the right to control exactly when funds are released. So if an SMSF acquires an asset today and it grows by xxx% by the time its members retire, it can be transferred to an allocated or qualifying superannuation fund and will pay 0% tax on the capital gains realized in the relevant active state. Low cost setup Harris Fraser (Australia) offers a low cost setup that makes it easy for you to start an SMSF. We even tell you how to do it all yourself and charge a $799 help fee if you want us to set it up for you, which includes the Trust documentation (but excludes financial advice). A low fee SMSF from Harris Fraser (Australia) provides you with a highly competitive fixed fee structure with certainty around the cost of managing your fund. These are described in the How much does it cost section. Protection of assets In the event of bankruptcy, the assets of SMSF members are generally protected from creditors. Retirement Income Control SMSFs provide the highest level of flexibility and control over the distribution of your pensions, depending on whether you want to take your pensions in a lump sum, continue to invest or receive them as a pension. Combining pensions for family members. Designed for four or fewer carers, SMSFs are a great option for a family of husband, wife and two adult children who want to pool their pensions and buy investment assets, including investment or business property. 2
3 1. Deed of trust The ATO sets out guidelines on what is required for a deed of trust and can be obtained from a solicitor. Harris Fraser (Australia) will provide you with a trust certificate which is included in your SMSF set up facilitation fee. 2. ABN and TFN registration The ATO is the SMSF regulator and regulates the registration of new funds. You can apply for an ABN yourself from the Australian Business Register. The web address is: 2. Trustee’s Minutes The new trustee and beneficiaries must attend a meeting and prepare minutes on the establishment of the new SMSF. For this meeting and similar meetings held by trustees in the future, please use Harris Fraser’s opening minute template. 3. Investment strategy An SMSF must have an investment strategy that sets out what to invest in and the risk profile of the investments. Take a look at our investment strategy template, which you or your advisor can modify for this purpose according to your financial plan. 4. Trustee Declaration Trustees must elect to be a qualifying SMSF to be taxed at a reduced rate of 15%. If you do not make this election, the fund will be taxed at a marginal tax rate of 46.5%. Download Administrator’s Statement 3
Smsf Minutes Template Free
4 5. Annual financial statement The trustees must keep records of all transactions carried out by the SMSF during the year. Next, prepare a set of financial statements. We have a template that you can use to prepare your SMSF 2011 accounts, or our accounts department can also prepare your accounts. 6. Tax return You must also prepare a tax return for your SMSF. You will obtain all the information required for the tax return from the financial statement template. This is similar to an individual tax return and if you have already done your personal tax return you should be able to complete a trust return but this is provided by our accounting office. 7. Audit The only function that administrators cannot perform themselves is the annual audit. Administrators can prepare a financial statement and prepare supporting documents. Audit requirements are attached to this document. If you have all these, the audit should go smoothly. Our audit service offers an audit at a flat rate of $699, or you can use whichever provider you prefer. The audit requirements you need to prepare before the audit are attached to the SMSF Audit Checklist (from the ATO). See Appendix A page for all requirements. 8. Scrutiny Fee Remember that a $180 Scrutiny Fee must be paid to the ATO. This is for the trust, so if there is more than one member in the SMSF, you will split these costs equally between the beneficiaries. This, along with annual income tax, is paid to the ATO on behalf of your SMSF. 4
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5 Conclusion The DIY SMSF route is open to you as trustees. You can use this. If you wish to use an administrator, please see general fees. Also flexibility. It makes no sense to pay the lowest administrative fees and pay higher brokerage services and receive low bank interest. Harris Fraser (Australia) offers an excellent SMSF service. If you would like to use Harris Fraser to carry out these steps for you, we advertise our service which has an installation, trust and facilitation fee of $699. Or try it yourself. Let us know how we can help. YOUR PEACE Harris Fraser (Australia) is an independent company providing specialist Self Managed Superannuation Fund (SMSF) services. We are based in Sydney and have clients all over Australia. We provide our SMSF administration services in an efficient and paperless way, at a low cost. 5
6 SMSF Audit Checklist Self-Managed Super Funds for SMSF Audit Fund Name: (Under Trust Agreement) Fund ABN: Fund TFN: Audit Year: The basic format is that you have the financial statements, tax return, supporting documents and then the trust agreement and protocol ready for your SMSF. It is preferred if it is Audit Warehouse. Divide the revision file into sections and add relevant documents to this file. See below for the details that should be in each section. Tax return information: Fund auditor information entered in the annual return and regulatory statement Q6 Name of auditors: Mr. Johann Heinrich Preler Professional body: 3 Membership number: not specified Auditor’s phone number: 02 XXXXXXX Postal address: PO Box 121 XXXXX 6
7 Key components of an audit file A signed letter from the trustees about the audit engagement Financial statements A completed tax return (see below for auditor details) Supporting documents for all items in the financial statement A letter from the trustee signed by the trustees Current investment strategy Evidence of the trustees (individual document) that signed by the trustee who agrees to act as trustee or confirmation by the trustee of the company of directors) Signed trust deed Section 1: Permanent file Copy of trustees ATO statement Copy of trust minutes Bare trustee documentation [ If SMSF has loans] Copy of recent leases Copy of property of deeds Company trustee’s report Real estate investment trust statement Pension documentation Investment strategy Trust document Section 2: Compliance letters Audit engagement letter Management letter from previous year Fiduciary representation letter Previous year Financial statements Previous year’s tax return 7
8 Section 3: Accounting Statements Financial Statements Income Tax Refund Summary of Investments Member Statements Notes to Financial Statements Statement of Chargeable Income / Provisions for Income Tax Section 4: Source Documents Actuarial Certificate [if the fund is in retirement phase] ATO Portal Reports Bank Statements Purchases /sales agreements Dividend Statements Life Insurance Statements Managed Fund Statements Rental Income and Expenses Supporting Documentation Equity Statements Section 5: Customer Contact Details Primary Contact: (documents and inquiries will be forwarded to this person) Name: Company: Contact Number : Postal address : Member 1: Member 2: Member 3: Member 4: Previous auditor (if not already audited by our audit service): 8
Smsf Investment Strategy Template (2022)
9 Name: Address: Contact number: Section 6: Fund administration If the answer is YES to any of the following questions, please provide copies of relevant documentation YES/NO Change of trustee? YES / NO Members added / fired? YES / NO Upgraded trust agreement? YES/NO Changed investment strategy? YES/NO Change in tax status? ie: member moved from accumulation phase to pension phase YES / NO Has ATO correspondence been received regarding significant events? YES / NO Nominations for new beneficiaries? YES / NO Checked points from the audit letter to management for the previous period? YES / NO Signed engagement letter and audit presentation letters? YES / NO Are financial statements (including notes), member statements, balance sheet, general ledger and journal entries included? YES / NO Prepared working documents and attached additional documentation for the client? YES / NO Corporate Trustee’s latest ASIC annual return included YES / NO / NO Corporate Trustee a
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