After putting off setting up an SMSF, the following promotion seemed too good to pass up. My only concern is whether to go for a company or two trustees? Does the second trustee who is not part of the fund assume any fiscal responsibility? Any comments appreciated. (The Village Idiot excepted) Free New SMSF Establishment If you apply to establish a New SMSF on or before 15 December, 2013, it is FREE to set up your own SMSF with ESUPERFUND under our current Promotional Offer. This is a saving of $699. In conjunction with our FREE First Year Annual Compliance Fee Offer this is a total saving of $1,398, unprecedented in todays market. ESUPERFUND attends to all aspects of the New SMSF Setup Process Our Free New SMSF Establishment Offer includes attending to ALL requirements to establish your SMSF including providing the following: The SMSF Trust Deed Documentation to appoint Trustees Trustee Declarations Lodgment of an Election for your SMSF to become a regulated SMSF ATO Application to obtain a Tax File Number for your SMSF ATO Application to obtain an Australian Business Number for your SMSF Sample Investment Strategy that you can adopt for your SMSF or modify if required Resolutions and minutes to acknowledge the establishment of your SMSF Application to establish a Bank Account with either ANZ or CBA (see here for more) Application to establish a Broker Account with either EBROKING or CommSec Our FREE New SMSF Setup Offer applies only to New SMSF applications submitted on or before 15 December, 2013. For example if you apply online on or before 15 December, 2013, however your SMSF is established after that date you will still qualify for our FREE Setup Offer.
I think I had the same free offer when I set mine up last year. I went with two trustees, my wife is the second trustee, she is joint responsible for any decisions made to the fund so I guess she is joint culpable for anything that goes wrong with it. She gets bank account info and all that sort of thing but hasn't had a hand in any of the day to day running.
Yeah I got the same deal. I think it must be almost a permanent thing. I had until September 15th to sign up
Yes free set up is a permanent deal and you will notice most SMSF administrators are offering free set up (including Redwood Advisory). My suggestion is that you should go with corporate trustee, as you may know, you set up a Corporate Trustee which will have the two members as directors of the company. No transactions will go through the company only the fund. There is a once off cost in setting up the company, however it is worth it in the long term and after all you are setting up the SMSF for your retirement needs. The benefit of a corporate trustee is: 1. Asset protection in the event of litigation against the members 2. Simpler to add members (such as children) in the long term 3. if you are borrowing through the fund, most banks require a corporate trustee 4. greater flexibility to make lump sum payments Hope that helps in making your decision.
I would also add you can set up a special purpose company to act as trustee of the fund so you don't have as high an ASIC fee every year.
And it's a pretty straight forward procedure which anyone can do through cleardocs.com without the need for expensive accountant fees.
