Yes. It is possible to have an SMSF with only one member.
If the single member fund has a corporate trustee, the member must:
- be the sole director of the trustee company; or
- be related to the other director of the trustee company and there are only two directors of that company; or
- not be an employee of the other director of the trustee company and there are only two directors of that company.
If the single member fund does not have a corporate trustee, the fund must have two individuals as trustees. The member must be the trustee with:
- another person who is a relative of the member; or
- any other person provided the member is not an employee of that person.
We are an independent firm in that we are not owned by or affiliated with banks or other financial institutions. SuperHelp is proudly owned by its employees.
We constantly seek to minimise our costs and overheads so we can pass on the benefits to you.
- We specialize in SMSF. We use well refined, standard procedures thereby maximizing the efficiency of our work. Improvement in our efficiency will mean lower cost for our clients.
- We use technology extensively to minimise errors and improve efficiency. This saves time and reduces costs.
- Our accountants and auditors solely perform their accounting duties without having to do administrative work such as collecting information or client contact services thereby increasing productivity.
- Our offices are located away from the city CBD area and therefore we do not pay high rents.
No. All work is done by our staff in Sydney.
We will mail your setup kit within 3-4 working days of receiving your order and the payment.
Annual Administration consists of
- Preparation and lodgement of Tax Return with the ATO.
In most cases, our work will be completed in 4-8 weeks from the time we receive all your documents. Some delays will be experienced, on rare occasions, if we do not receive all the information required to complete the work.
All documents sent to us for Annual Administration such as Bank Statements, Trust Deed, invoices, and other financial statements will be returned to you after the work is complete.
Yes. We normally supply your copy of the documents in printed form. We charge and administration fee of $150 to supply the electronic copy. If you prefer to receive only an electronic copy of your completed documents, please contact us, as we will supply the electronic copy only, with no additional charge.
The Superannuation Product Identification Number (SPIN) was previously used for surcharge reporting processes; however, the superannuation surcharge was abolished on 1 July 2005 so a SPIN should no longer be necessary for new funds.
In most situations it will be better for an SMSF to have a corporate trustee, rather than individual trustees. The major disadvantage of a corporate trustee is the up-front cost of establishing the company. However, there are longer-term benefits of having a company which generally outweigh the extra costs. The following table looks at the advantages and disadvantages of a corporate trustee over an individual trustee:
|CORPORATE TRUSTEE||INDIVIDUAL TRUSTEE|
|Sole member SMSF||Sole member SMSF|
|You can have an SMSF where one individual is both the sole member and the sole director.||A sole member SMSF must have two individual trustees.|
|Continuous succession||Ceases upon death|
|A company has an indefinite life span; in other words, it cannot die. Therefore, a corporate trustee can make control of a SMSF more certain in the circumstances of the death or incapacity of a member.||If the SMSF has individual trustees, eg, a mum and dad SMSF, then timely action must be taken on the death of a member to ensure the trustee/member rules are satisfied (SMSF rules do not allow a sole individual trustee/member SMSF).|
|Lump sums and pensions||Lump sums only payable on commuting pension|
|An SMSF with a corporate trustee can pay benefits either as pensions or as lump sums.||The member must surrender their pension entitlement if they wish to obtain a lump sum (as an SMSF must have its primary purpose of paying a pension). You cannot simply pay a lump sum benefit as extra paperwork is needed to evidence the pension entitlement first being requested and then being surrendered.|
|Administrative efficiency||Extra and costly paperwork|
|When members are admitted to, or cease, membership of the SMSF, all that is required is that the person becomes, or ceases to be, a director of the corporate trustee. The corporate trustee does not change as a result. Therefore, title to all the assets of the SMSF remains in the name of the corporate trustee.||To introduce a new member to an SMSF with individual trustees requires that person to become a trustee. As trust assets must be held in the names of the trustees, this will require the title to all assets to be transferred to the new trustees when a member is admitted to or exits the fund.|
|Greater asset protection||Less asset protection|
|As companies are subject to limited liability, a corporate trustee will provide greater protection where a party sues the trustee for damages.||If an individual trustee suffers any liability, the trustee’s personal assets may be exposed.|
|Estate planning flexibility||Extra administration and costs|
|A corporate trustee ensures greater flexibility for estate planning, as the trustee does not change as a result of the death of a member.||The death of a member requires there to be a change of trustee, and this gives rise to considerable administrative work and costs at an inopportune time.|