As the Government encourages Australians to take responsibility for and reach their financial retirement goals, citizens are repeatedly required to deal with superannuation funds. Self-managed superannuation is a means of saving for retirement. It enables you to control your investment strategy, reduce tax while obtaining tax benefits, and control administration costs.

Superannuation is an acknowledged tax-effective saving strategy with taxation concessions that include: 

    • tax deductions if you are self employed 
    • means tested rebates if you are an employee 
    • 15% taxation on capital gains of superannuation fund earnings

Superannuation can provide you with benefits beyond savings, like access to temporary or permanent disability protection. Particularly attractive when your insurance premium is paid from pre-tax employer or deductible member contributions. In addition, most superannuation monies are protected from creditors.

You do not have to retire to commence withdrawing your superannuation benefits either, by taking advantage of a transition-to-retirement pension (TTR or TRIP). You are able to continue in part-time, full-time or even casual work and still gain access to your pension’s tax advantages, particularly tax-free earnings, tax-free pension income for over 60s, or 15% pension rebate on pension income if you are under 60 years young. Your individual combination of salary and TRIP will depend on your age, your tax position, your salary level, the size of your super benefit and your income needs.

There are several trust laws and legislative requirements for setting up a self-managed superannuation fund (SMSF). Typically you need to:

  • Obtain a trust deed
  • Appoint trustees
  • Sign a trustee declaration (NAT 71089)
  • Elect to become a regulated fund
  • Obtain a tax file number (TFN)
  • Obtain an Australian business number (ABN)

Johnstone Haines & Fergusson Pty can provide detailed advice and assistance in setting up your Self Managed Super Fund. In addition to general areas of superannuation and estate planning, such as accounting, taxation, account based pensions and in-house asset rules we are able to arrange for Deed preparation. Deeds are prepared by solicitors, specifically tailored for your needs at the time. Such Deeds a designed to be updated as the SIS and taxation laws change. If you’re interested in a self-managed super fund, we can help you devise the most appropriate strategy, dependent on your individual requirements.

Discuss these with someone who can manage the statutory requirements of self-managed funds, who are Accountants as well as qualified Financial Planners and Advisors.

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