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Self Managed Super Funds

Today the structure and management of self managed superannuation funds is an integral component of effective estate plans.

This is an area of expertise that sets Merthyr Law apart from other law firms. Merthyr Law Principal, Kieran Hoare, is an accredited SMSF Specialist Advisor™. His expertise has added another valuable dimension to the Family Safe estate and succession planning offered at Merthyr Law.

Ten years ago, your most valuable asset may have been your family home. Now the lion’s share of your wealth is likely to be held within your Self Managed Superannuation Fund (SMSF)

The law with respect to superannuation seems to change so regularly that most clients aren’t sure what will happen with their superannuation after they die.

Your five year old Will might adequately deal with your family home and investments outside of superannuation, but cannot adequately consider or deal with your superannuation savings.

Merthyr Law offers the following SMSF solutions
  • business real property advice;
  • in house asset advice, including related trusts, Part 8 associates, loans;
  • gearing in the superannuation environment including limited recourse loans, instalment warrants, instalment contracts, joint venture agreements, non related trusts and pre 1999 unit trusts and ensuring they can continue post 30-6-09;
  • other SMSF investment structures such as non related trusts, non geared trusts;
  • penalties;
  • residency;
  • general rules and framework of the SIS legislation;
  • taxation within superannuation;
  • succession planning and strategies within superannuation including binding death nominations, re contribution strategies and use of enduring powers of attorney;
  • deed updates and reviews;
  • responding to audits and ATO and auditors;
  • strategies to pay out death benefits;
  • related party transactions;
  • in house assets;
  • in specie distributions and contributions;
  • helping overcome breaches and providing innovative solutions to audit problems;
  • defending ATO actions against SMSF trustees;
  • challenging death benefits, death benefit disputes
  • administration of SMSFs following the death of a member; and
  • regularly presenting seminars on the above topics.

Our SMSF  Team

SMSF FAQ’s

When should i review my SMSF Estate Plan?
  •  Annually as part of your Merthyr Law Family Safe™ Program
  • At least every 2 years if over 50
  • At Least every 5 years if under 50
  • When there are major changes to superannuation laws
  • When SMSF investments change
  • When personal circumstances change

To book an initial meeting with Kieran Hoare, Merthyr Law’s SMSF Specialist Advisor™ please call (07) 3252 5044.

What is involved in an SMSF Estate Planning Review and what does it cost?

If you book in a meeting to have your SMSF planning reviewed, we can assist by:

  • ensuring you understand what happens with your superannuation once you die;
  • ensuring your superannuation savings are safe and end up with your loved ones as planned;
  • ensuring that tax is minimised on your death;
  • liaising with your accountant, financial planner or superannuation fund administrator about your SMSF estate planning;
  • dealing with any issues that might be apparent to us now so there is less risk of problems and fights down the track;
  • giving you the benefit and peace of mind of an Accredited SMSF Specialist AdvisorTM individually considering your circumstances;
  • eliminating any surprises: should you wish us to implement further strategies or recommendations or receive written advice, these would be quoted to you, at the meeting.

Our fee for an initial meeting is $400.00 (plus GST).

To book an initial meeting with Kieran Hoare, Merthyr Law’s SMSF Specialist Advisor™ please call (07) 3252 5044.

 

What can happen to my SMSF benefits without the adequate planning?
  • Superannuation benefits may not ultimately end up with loved ones as planned.
  • Out-of-date superannuation deeds may not be compliant with new laws
  • Out-of-date superannuation deeds may not allow tax effective strategies to be implemented.
  • People you want to take control of superannuation investments may not be able to do so.
  • The trustee may use their discretion to pay member benefits as they wish which may not be in accordance with your wishes.
  • It is not uncommon for superannuation benefits to be lost by the surviving spouse, lost under Family Court orders to a non-family member or under a Family Provision claim.
  • Wills often refer to Reasonable Benefit Limits (“RBLs”) which are now redundant.
  • Tax of up to 30.5% can be payable on death benefits.
  • Assets inside their SMSF may need to be sold or transferred in order to pay out benefits, creating capital gains tax implications.
  • If you or your spouse are incapacitated, your fund may become non-compliant, possibly having significant adverse taxation consequences.
  • “Binding” death benefit nominations can be invalid, ineffective, or even worse, be binding but cause benefits to be ineffective for tax purposes or to be paid to a child going through bankruptcy.

To book an initial meeting with Kieran Hoare, Merthyr Law’s SMSF Specialist Advisor™ please call (07) 3252 5044.

Contact Us

To make an appointment with one of our team, fill in the form below or phone us on 07 3029 1600

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