The ATO has a Trustee Guide "Setting up a self-managed super fund" which covers the important points for anyone considering a SMSF.

The Commissioner released the document which is a comprehensive read and available to download below. Some of the important statements from the Commissioner include :

On Professional SMSF Advice

"We recommend you seek professional advice before setting up your fund.... If you decide to use and SMSF Professional, choose one who's qualified and right for you and your circumstances." Commissioner ATO

Merideon Wealth Strategies have specialist SMSF Advisers who have undertake extensive ongoing SMSF training (through a number of channels including Grant Abbott, one of Australia's leading SMSF trainers and lawyers) to remain up to date with the intricacies of SMSF legislation. They are also experienced in a wide range of SMSF strategies including setup, Investment strategies, pensions, reserves and SMSF borrowing arrangements. The other advantage of using a Merideon Specialist adviser is that we are a fee-for-advice firm which means you pay a flat fee for our advice, we are investment neutral and will work with your other specialist advisers (accountants, stockbrokers, property advisers) to achieve the outcomes you desire and ensure your fund remains compliant.

On SMSF Trust Deeds

"The trust deed needs to be tailored to your fund and correctly drafted to meet its objectives and the members' needs (for example, allowing for the payment of specific benefit payments). .... As a trustee, you need to make sure the trust deed is regularly reviewed and updated so it complies with the super laws (including changes to the law) and the members'needs." Commissioner ATO.

We utilise the SMSF Strategies Trust Deed which is one of the only deeds created specifically for the new regime of Simpler Super legislation in 2007. There have also been some major changes to the law since then and the SMSF Strategies deed is upgraded biannually to ensure it allows you to take advantage of the strategies you require and it will meet your needs.

On SMSF Estate Planning

"If your fund does not have a valid binding nomination for a member, their death benefit is paid according to the fund's trust deed," Commissioner ATO.

Many SMSF trustees dont realise the implications of their SMSF estate plan (or lack of). The Commissioner has stated that the laws relating to binding death nomination do not apply to SMSF's and that the trust deed is the key to a members Death Benefit payments. Therefore if the Trust Deed provides great flexibility, then it is the remaining trustees (or the replacement trustees) who will decide what happens to your money on your death. If you require certainity around this, we can work closely with SMSF Strategies to develop an SMSF Estate Plan that will achieve your desired goals.

Download the ATO Trustee Guide