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SMSF Toolkit

Clicking on the links or videos below will take you to a variety of resources that we have compiled to assist you with either a) your decision to go into a SMSF or b) what you need to be aware of in managing your fund.

Should you wish to speak with one of our SMSF Specialists, please call John Tsolakis on 02 9410 6999 or email john@trumans.com.au

Seven things you need to know about Self-Managed Super Funds The Benefits of a Self Manged Superannuation Fund 7 Key Reasons to Have a Corporate Trustee in Your SMSF	Click here Click here Click here
Setting up your SMSF What are the key steps to take in setting up an SMSF?
Can I do it all myself? No - watch this video to find out why not
Annual obligations There are important obligations to be met before your annual return can be lodged.
Developing your investment strategy Having an investment strategy is a requirement under the superannuation laws.
What type of property can a Self-Managed Super Fund buy? You can use your SMSF to buy residential or commercial property. However, any property held by your SMSF must meet the sole-purpose test of providing retirement benefits to fund members, or a benefit to their dependants if a member dies before retirement. Residential property There is nothing to stop an SMSF from investing in residential property as long as you don’t buy the property from a related party of a member. For example, you can’t own the family home through your super fund. Nor can you rent a residential property owned by your SMSF to a fund member, or to their related parties. However, you can buy an investment property that you rent to tenants who are not fund members or relatives. Commercial property You can also hold commercial property, including your own business premises, through your SMSF. While the property still needs to meet the sole-purpose test of providing retirement benefits to its members, when dealing with commercial property, an SMSF can generally buy the property and lease it back to a member or a related party of the fund – including the member’s business. An arm’s length sale price and lease arrangement is especially important when acquiring and/or leasing property to a member or related party of the fund.
Legislation and Regulations Some explanations to assist trustees with the meaning of important parts of the legislation and regulations.
Explanation	Section or Regulation
The fund must meet the definition of an SMSF	S17A
The trustees must keep and maintain accouting records for a minimum of five years	S35AE
The trustees must prepare, sign and retain accounts and statements	S35B
The trustees must provide the auditor with the necessary documents to complete the audit in a timely and professional manner; and within 14 days of a written request from the auditor	S35(C)(2)
The trustee / director of a corporate trustee must not enter into a contract that would prevent / hinder them from exercising the powers of a trustee / corporate trustee	S52B(2)(e)
The fund must be maintained for the sole purpose of providing benefits to any or all of the following: fund members upon their retirement fund members upon reaching a prescribed age the dependants of a fund member in the case of a members death before retirement	S62
The trustees must not loan monies or provide financial assistance to any member or relative at any time during the finacial year	S65
The trustees must not acquire any assets (not listed as an exemption) from any member or related party of the fund	S66
The trustees of the fund must not borrow any money or maintain existing borrowing (not listed as an exemption)	S67
The fund must comply with the limited recourse borrowing arrangement rules when borrowing to purchase single acquirable asset or replacement assets (not listed as an exception of the borrowing rules)	S67A - 67B
The trustees must comply with the in-house asset rules (these relate to transactions of any kind with a related party of the fund)	S69-71E
The trustees must comply with the rules relating to the valuation of in-house assets (arms-length market value)	S73-75
The trustees must comply with the in-house asset rules	S80-85
The trustees must keep minutes of all meetings and retain the minutes for a minimum of 10 years	S103
Trustees who became a trustee on or after 1 July 2007 must sign and retain a trustee declaration	S104A
All investment transactions must be made and maintained at arms- length – that is, purchase, sale price and income from an asset reflects a true market value/rate of return	S109
A disqualified person cannot be a trustee, investment manager or custodian of a superannuation fund	S126K
Pension payments must be made at least annually, and must be at least the amount calculated under Schedule 7 of the compliance report	Sub Reg 1.06 (9A)
Trustees must formulate, regularly review and give effect to an investment strategy for the fund	Reg 4.09
The assets of the SMSF must be held separately from any assets held by the trustee personally or by a standard employer sponsor or an associate of the standard employer sponsor	Reg 4.09A & S52B(2)(d)
Investment returns must be allocated to members in a manner that is fair and reasonable	Reg 5.03
Member minimum benefits must be maintained in the fund until transferred, rolled over, allotted (to the member’s spouse) or cashed out in a permitted fashion	Reg 5.08
Payments of member benefits must be made in accordance with Part 6 or Part 7A of the regulations and be permitted by the trust deed	Reg 6.17
Contributions can only be accepted in accordance with the applicable rules for the year being audited	Reg 7.04
When preparing accounts and statements required by subsection 35B(1) of SISA, an asset must be valued at its market value	Reg 8.02B
Trustees must not recognise an assignment of a super interest of a member or beneficiary	Reg 13.12
Trustees must not recognise a charge over or in relation to a member’s benefits	Reg 13.13
Trustees must not give a charge over, or in relation to, an asset of the fund	Reg 13.14
Investments in collectables and personal use assets must be maintained in accordance with prescribed rules	Reg 13.18AA

SMSF Toolkit

Seven things you need to know about Self-Managed Super Funds

The Benefits of a Self Manged Superannuation Fund

7 Key Reasons to Have a Corporate Trustee in Your SMSF

Setting up your SMSF

Can I do it all myself?

Annual obligations

Developing your investment strategy

What type of property can a Self-Managed Super Fund buy?

Legislation and Regulations

Explanation

Section or Regulation

Section or
Regulation