Self Managed Super Funds (SMSF) are becoming more popular as a way of securing long term financial independence and security. However the compliance regime is proscriptive and severe penalties are imposed the fund is not administered in accordance with the law. MLC Lawyers can assist you at start up with advice on the trustee and the trust fund deed.
If you are intending to use the fund to buy real property and need to borrow funds, then you will require the formation of a bare trust with a corporate bare trustee. SMSF require the beneficiaries to be actively involved in the administration but this is not always possible. Accident or illness may prevent a member of the fund from actively participating for a short period of time. If this situation become more permanent it is important to ensure the correct documentation is in place to allow an Attorney to act on behalf of the disabled member. The ATO has strict guidelines as to an acceptable form of power and her at MLC Lawyers we assist you in providing the correct documentation.
The fund is subject to annual audit and if legal issues arise MLC Lawyers can assist addressing the concerns of the auditor.
The fund is for the benefit of its members however if sufficiently well managed there should be assets to be passed to the next generation.
MLC Lawyers can assist with advising on the drafting of suitable wills and the preparation of supporting documentation that will assist in securing the most beneficial as well as tax effective gifts to the following generations.