Superannuation has become an increasingly significant and powerful tool for Australians in planning for and making investment decisions for their retirement, particularly when it comes to self managed superannuation funds.

The decision to establish an SMSF can be tricky and before doing so it is important to carefully consider if it is appropriate for your circumstances.

Do I need a lawyer to establish an SMSF?

A Self-Managed Superannuation Fund (SMSF) Deed is a binding legal document that can be complex and give rise to a number of legal issues, so we recommend that assistance of a lawyer be sought in order to establish an SMSF correctly.

The creation of an SMSF requires initial professional advice from your accountant or financial adviser about whether it is appropriate for you and will suit your circumstances. If it does, there will be a number of binding documents which will need to be properly and compliantly prepared in order to establish what you intend.

Regulation in this area is particularly complicated and is constantly evolving and changing. It is critical to obtain the right professional advice and to set up the Fund correctly at the outset.

What to consider in setting up a self-managed super fund?

Establishing an SMSF involves:

• appointment of appropriate professionals to assist the trustees to manage the fund;
• ensuring the eligibility of the members;
• appointment of trustees;
• developing and managing an investment strategy;
• retirement planning with advice of a qualified financial adviser or accountant; and
• ongoing compliance with Superannuation Law and taxation legislation.

We can assist you in understanding your responsibilities as a trustee in managing an SMSF in accordance with the fund’s deed and the relevant law.

We work closely with our clients’ accountants and financial advisers to ensure they are properly advised in the establishment and compliance of their superannuation fund.

How can we help you?

With respect to SMSFs, we assist with:

• Establishing or winding up your SMSF
• Reviewing, amending and updating your SMSF deed
• Appointing and removing trustees and making amendments to the SMSF’s deed
• Advising on SMSF compliance
• Binding Death Benefit Nominations
• Advice on superannuation in the context of your broader estate planning
• Conveyancing and property: Sale and purchase of property relating to superannuation (including stamp duty advice)
• SMSF borrowing - Limited recourse borrowing arrangements (LRBAs)
• Superannuation death benefit payment deeds
• Superannuation death benefits proceeds trusts
• Reversionary nominations for SMSF pensions
• Successor, additional and alternate director appointments (for the SMSF trustee)

If you have any questions about superannuation or would like to find out how our lawyers can assist you please contact us on +61 3 9822 8588 or email our team HERE.