Superannuation and Self Managed Superannuation Funds (SMSF):

The Australian Superannuation Industry is an enormous industry.  For most Australians, superannuation is a flexible, effective wealth accumulation and investment vehicle that transforms into a significant asset throughout their lives.  A thorough understanding of superannuation and the laws applicable to it can be immensely rewarding, empowering you with the tools to ensure your wealth accumulation and financial wellbeing.  Specialised and tailored advice from one of our Superannuation Lawyers can be hugely informative and useful in this regard.

Superannuation can be industry managed or self managed.  Industry superannuation funds allow you to choose a type of fund with an investment mix that caters towards your financial goals and risk profile.  You may need thorough advice from a financial advisor throughout the life cycle of your superannuation fund, from contributions, accumulation, transition to retirement, retirement, estate planning and finally release.  There are a many benefits in having legal and financial advice provided in relation to your superannuation etstate, to ensure that you are aware of your rights, particularly the obligations that the trustee (a corporate trustee in the case of industry superannuation) owes to you.  Superannuation law is constantly being reformed and amended and it is important to understand how these changes affect you and your superannuation. Proper legal advice from a skilled Superannuation and Taxation Lawyer may be immensely useful in this regard. Sound financial advice from a financial advisor may also greatly assist you in choosing the correct fund that meets your financial goals and purposes.   

Self Managed Superannuation Funds (SMSFs) are funds with four or less members in which each member is a trustee or director of trustee.  SMSFs allow a much greater level of control, management and flexibility - for instance, an SMSF can acquire business real property from a related party of the fund, encapsulates the ability to make indefinite binding nominations and allows greater freedom in dealing with taxation liabilities.  Generally speaking, SMSFs are more compatible with more sophisticated and business savvy clients with a greater net worth. SMSFs may take a greater amount of time and effort in management and administration, but they have various advantages in terms of flexibility and ability to tailor to individual needs and circumstances.  An experienced Superannuation and Taxation lawyer may be able to greatly assist you in establishing an SMSF, ensuring reporting and legal compliance, ensuring that trustee obligations are fulfilled and providing proper legal advice in making contributions, claiming deductions and withdrawal and release from the SMSF.

There are various legal and taxation compliance issues relating to superannuation. Acquiring assets using your superannuation may have various tax implications such as Capital Gains Tax (CGT).  There may be concessions applicable for contributions made into superannuation and these are subject to caps which may regularly change. The Australian Prudential Regulation Authority may update standards within the financial advisory and superannuation industry to include changes in reporting and accountability as a measure to maintain and/or strengthen the integrity of the industry.

If you need legal advice on your SMSF matter, you may book an appointment to see one of our qualified Private Client Superannuation and Taxation lawyers. To arrange an appointment please call 02 9233 4048 or send an email to info@navado.com.au. 

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Tax or Accounting Advice. It does not take into account your objectives, financial situation or needs or your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.