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Instructions for Completing an
Application to Establish a New Fund
PLEASE PRINT ALL INFORMATION CLEARLY. WE
CANNOT BE HELD RESPONSIBLE FOR PRINTING AND OTHER ERRORS. Name of Fund
There are no statutory naming standards
for self managed superannuation funds. Indeed, two people may have the same
fund name –The Smith Superannuation Fund. Self managed funds have
unique statutory numbers (ABN) not names. Therefore, you can call your fund
whatever you like. However, it is common that the words ‘Superannuation
Fund’ or ‘Retirement Fund’ are used. Name of Contact
The name of contact will be the person who
the regulator (ATO) may contact, at first instance, should they wish to
contact the fund. The Principal
Under The Super Group trust deed, the
Principal is the one who is empowered to appoint or remove the Trustee. You
can have more than one person assume the role as Principal, like you can have
more than one trustee. The Principal is usually the members of the fund. The
Principal is defined as those persons nominated or their personal
representatives, heirs, assigns or successors, in the event of the death of
the Principal. This is an important concept, particularly if all members were
to die. Their representatives would assume the role of Principal who would in
turn be empowered to appoint a replacement trustee. In the absence of Binding
Death Benefit Nominations, the trustee has discretion with respect to the
treatment of death benefits. Should you require more specific information in
relation to this, please do not hesitate to contact us on (02) 9328 9328. The Trustee
All self managed superannuation funds are
required to appoint either individual trustees or a corporate trustee.
Moreover, to qualify as a self managed superannuation fund, all members must
also be trustees, either as individuals or directors of the trustee company.
Please refer to the ‘Decision Tree’ pdf below for more information
on the trustee/membership rules. Special arrangements may apply for single
member funds.
The role of the trustee is an important
one. For more information on trustee responsibilities please refer to the
‘Role and Responsibilities of Trustees’ tab on our web page under
“Getting Started”. The Members
As mentioned above, all members must be
trustees or directors of the trustee company and all trustees must be members
(but for a few exemptions). Please complete all member information as
requested on the form. In relation to your personal tax file number (TFN),
you are not under any legal obligation to provide your personal tax file
number here, hence it is discretionary. However, a TFN is required by the ATO
for the purposes of proof of identity of the trustees/member(s). If the TFN
is not supplied, the ATO may request additional information from the trustee
after the lodgement of your Election Notice to be Regulated. This will slow
down the SMSF establishment process. Furthermore, recent changes to super mean that if your super fund
doesn't have your TFN they will have to pay extra tax on certain contributions
your employer makes for you and if your fund doesn't have your TFN you may
not be able to make personal contributions or receive a super co-contribution. Should you have any queries with any
aspects of the Application Form, please do not hesitate to contact this
office on (02) 9328 9328. TSG Self Managed Super Fund Application
Form (Cost $675.00 incl. GST)
This document is in PDF format so you will
need the Adobe Acrobat Reader installed. Corporate Trustee Application Form (Cost
$825.00 incl. GST)
If both a Self Managed Super Fund and
a Corporate Trustee are ordered together, the total cost will be $1500.00
incl. GST. Instructions for lodging the application
form with The Super Group (TSG)
Print the forms, complete and either
Please note we will not be dispatching
your fund or your company until we receive payment of $675.00, $825.00 or $1500.00
depending on your requirements. Cheques should be made payable to The
Super Group. If you have any questions in regards to
completing the application form or lodging it for processing, please contact
Scott Marcellos on (02) 9328 9328 or admin@supergroup.com.au. |
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