Celebrating 22 years in Legal Practice
Stay connected with Navado:

 

In Australia, retirement incomes are funded privately through superannuation savings (both voluntary and compulsory) or publicly through the age pension under the Commonwealth social security system. In June 2015, the total estimated superannuation assets value totalled $2.02 trillion and this figure continues to grow. In fact, over the last 12 months to June 2015, there was a 9.9% increase in total estimated superannuation assets. Therefore superannuation is a major asset that requires close attention and consideration.  For any number of reasons you may wish to manage your own superannuation as this provides a number of benefits and liberties. Consultation with an experienced Tax and Superannuation Law can ensure that your deed is appropriately drafted to meet all your needs, goals and expectations and is compliant with the applicable superannuation and taxation law.

The value of SMSFs should not to be underestimated as they constitute a large proportion of all superannuation assets.  In fact, at 30 June 2013, SMSF held the largest proportion of superannuation assets accounting for 31.3% of total assets, followed by retail funds with 26.1%, industry funds with 20.0%, public sector funds with 15.9%, corporate funds with 3.8%, and small APRA funds with 0.1% of total assets.

There are 4 main types of superannuation funds: retail, employer, industry and self managed superannuation fund (SMSF). Under the SIS Act and the income tax laws, superannuation funds can exist in several forms. These are broadly categorised as managed funds (retail, employer/corporate and industry) and non-managed funds (SMSFs and small APRA funds). SMSFs currently represent the largest segment of the superannuation industry if measured by total assets held and the number of funds in existence.

The term “self-managed superannuation fund” (SMSF), according to Superannuation Law requires the superannuation fund to satisfy certain basic conditions, which includes that the fund must have less than five members, all members are trustees (or directors of a corporate trustee) and there are no other trustees, unless the fund has only one member, and no member of the fund is permitted to be an “employee” of another member (or associate) unless the members concerned are “relatives”. Obtaining professional legal advice from a qualified and experienced Tax and Superannuation Lawyer can assist in ensuring that your SMSF trust deed satisfies these conditions and takes advantage of the concessions and discounts that are available.

If you would like further information or wish to discuss your SMSF matter with us please do not hesitate to contact us by telephone on (02) 9233 4048 or by email to info@navado.com.au. 

Bookmark and Share

This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, 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.

Sorry, but no Articles are available at this time.

Sorry, but no FAQs are available at this time.

If you require assistance with a Tax matter, you should make an appointment to see one of our Lawyers in one of the following locations:

  • Sydney

Our Locations

  • Tax Lawyer Sydney
  • Superannuation Lawyer Sydney
  • Tax Lawyer Parramatta
  • Superannuation Lawyer Parramatta
  • Tax Lawyer North Sydney
  • Superannuation Lawyer North Sydney
  • Tax Lawyer Rockdale
  • Superannuation Lawyer Rockdale
  • Tax Lawyer Liverpool
  • Superannuation Lawyer Liverpool
  • Tax Lawyer Gordon
  • Superannuation Lawyer Gordon
  • Tax Lawyer Baulkham Hills
  • Superannuation Lawyer Baulkham Hills
  • Tax Lawyer Campbelltown
  • Superannuation Lawyer Campbelltown
  • Tax Lawyer Bondi Junction
  • Superannuation Lawyer Bondi Junction
  • Tax Lawyer Chatswood
  • Superannuation Lawyer Chatswood
  • Tax Lawyer Miranda
  • Superannuation Lawyer Miranda
  • Tax Lawyer Bella Vista
  • Superannuation Lawyer Bella Vista
  • Tax Lawyer Erina
  • Superannuation Lawyer Erina
Quick enquiry
  • Request an appointment
Stay connected
Ask an expert