The structure of the fund and initial set-up is very important. Deciding if a Corporate Trustee is necessary depends on Individual circumstances. Further, it is very important the set up process to be accurate otherwise your DIY Super Fund can become non-complying.
In our set up service we ensure
that your DIY Super Fund satisfies the following conditions:
- It has fewer than five members.
- Each individual Trustee (or director if a corporate trustee) must be a fund member.
- Each member must be a Trustee (or director if a corporate trustee).
- Each member must be 'linked' to the other members.
- Trustees must not receive remuneration for their services as a Trustee.
- Single member funds must have a corporate trustee with the member as the sole director or with a 'linked' director, or have two individual trustees - the member and a 'linked' person.
Failure to meet any of the above conditions may mean that the fund is not a DIY Super Fund.
The following are included in our Set Up Service:
- 1 hour meeting with a recognised accountant / Registered Tax Agent who is legally certified to give advise if a DIY Super Fund is suitable to you.
- Completion of all Trust Deed meetings and nominations forms
- Assistance in Roll Over of all existing Superannuation Fund in DIY Super Fund
- Checking if any Superannuation can be claimed from "Unclaimed Super"
- Employer Nomination Form - helping employer to contribute to your fund
- Assistance in opening bank account
- Application for Tax File Number, ABN and Complying status
- Assistance in opening accounts with Share Brokers etc
- Assistance in organising life / TPD / Insurance
At this meeting we also explain your obligation as a trustee of your DIY Super Fund and explain your record-keeping requirements.