|
|
| Q. |
What is the difference between the Strategist and Standard Trust Deed? |
| A. |
The Strategist Deed is drafted by a panel of SMSF expert practitioners, reviewed and updated regularly with the latest legislative changes. The deed is written in an educational format with explanation boxes to educate Trustees in areas such as strategy and compliance.
The Strategist SMSF product includes an instructional DVD that highlights the key features of SMSFs to assist Trustees in making decisions. The Strategist SMSF product also includes a compliance package comprised of detailed minutes and notices documenting transactions that may occur throughout the life of the Fund with references to the Deed.
Strategist Deeds are updated by a rule replacement rather than an upgrade, making it easier to maintain the compliance of the Fund.
|
| TOP |
|
|
| Q. |
How many Members/ Trustees are required? |
| A. |
The maximum number of persons in an SMSF regulated by the ATO is four (4). Each fund must have at least one (1) Member. Generally, all Trustees must be Members (except for Sole Member funds) and vice versa. If there is a corporate trustee, all Members must be a Director of that company. |
| TOP |
|
|
| Q. |
Can I have a sole member fund? |
| A. |
Yes, however the sole member can not be the sole trustee, and must either be a sole director of a corporate trustee or appoint a co-trustee individual. |
| TOP |
| |
|
| Q. |
What is the purpose of a Sole Purpose SMSF Company? |
| A. |
A Sole Purpose SMSF Company is solely set up for the purpose of a Super Fund and will never trade. ASIC is notified of the company's special purpose upon registration and will receive a concessional annual review fee of $40. |
| TOP |
|
|
| Q. |
What is the difference between the Standard Sole Purpose SMSF Company and the Strategist Sole Purpose SMSF Company? |
| A. |
The difference is the voting rights. Standard SMSF constitution gives the option of either a single vote per director or a vote for each dollar in the members' account. For example, one member may hold $400,000 and the second member $100,000; it would be unfair if votes were issued evenly where a member holds 80% of the fund's balance. The Strategist constitution also links to specific clauses in the Strategist SMSF trust deed. |
| TOP |
|
|
| Q. |
Does Reckon Docs SMSF trust deed allow for Instalment Warrants? |
| A. |
Yes. Both the Standard and Strategist trust deeds allow for Instalment Warrant arrangements. Please note that an Instalment Warrant is a separate product and will need to be purchased separately. |
| TOP |
|
|
| Q. |
What do I receive with my SMSF? |
| A. |
The package includes the trust deed, consent and declaration forms, membership applications, product disclosure statement for each member, death nomination forms and a suggested investment strategy. For more information click here. |
| TOP |
|
|
| Q. |
I need to make changes to my SMSF, what do I need to do? |
| A. |
Please complete a Change of Trustee/ Fund Name order form and attach a copy of the original (executed) trust deed with any amendment deeds made from the fund's original start date to present. Any original copies mailed to Reckon Docs will be sent back with the ordered documents. |
| TOP |
|
|
|
| Q. |
I have lost my trust deed, do you have a copy? |
| A. |
If the SMSF was ordered with Espreon or Reckon Docs, we may have a copy in the system, however, if it is not in the system or the SMSF is not an Espreon or Reckon Docs trust deed, you would need to complete the Deed of Confirmation order form. A replacement deed with Reckon Docs current version of the SMSF trust deed will be issued. |
| TOP |
|
|
| Q. |
How much is Stamp Duty? |
| A. |
Stamp Duty differs from state to state and you will need to refer to the stamp duty chart (included in the package). The chart is merely a guide and you must contact your relevant state revenue office for confirmation. |
| TOP |