The sole purpose of a Self Managed Superannuation Fund (SMSF) is to provide a means to save for retirement and thus provide financial remuneration to its members upon retirement. The difference between SMSFs and other superannuation funds is that the SMSF members are also the trustees of the fund, taking on more responsibility. The trustees are decision makers of the Self Managed Superannuation Fund.
Does your Self Managed Superannuation Fund (SMSF) comply with Super Stream?
What is it?
Super Stream is the payment and provision of contribution data in an electronic standard format.
It requires all employers to make payment and provide details of the contribution payment and type, members name and their Tax File Number and the contribution amount to a SMSF via an electronic service address (ESA).
Why do I need to update my SMSF Deed?
The purpose of a Self Managed Superannuation Deed (Deed) is to provide retirement benefits to its members. It is a legal document that sets out the rules for establishing and operating a Self Managed Superannuation Fund (SMSF). The SMSF is governed by the Deed and superannuation laws. The Deed is not a “sign and forget” document, therefore if the Deed is not up to date, it may be restricted on executing your specific requests or transactions while the SMSF is in operation.
An investment strategy sets out the investment objectives and types of investments the trustees plan to invest in a Self Managed Superannuation Fund (SMSF). It is required by law to have a documented investment strategy and regularly review it.
An investment strategy can be prepared by the trustees or they can seek professional advice from a Financial Planner. The Auditor of the SMSF will request a copy to ensure the trustee’s are meeting their obligations.