A self managed superannuation fund

Peter & Sue were existing accounting clients of BCV. During a meeting with their accountant, they expressed their frustration at the poor returns from their retail super fund, and the lack of control they had over the shares that their funds were invested in.

BCV suggested that Peter & Sue discuss their concerns with a qualified financial planner. We then arranged a meeting between Peter & Sue and the financial adviser, so that they could discuss their options.

The financial planner recommended that Peter & Sue establish a Self Managed Super Fund, enabling them to have greater control over their superannuation. Peter & Sue also received various recommendations on the type of investments they should be considering, being a mix of direct shares, managed funds, and borrowing within the Super Fund to purchase an investment property.

Peter & Sue’s financial adviser, with their permission, sent a copy of the recommendations to their accountant at BCV, who then discussed the advice with them. Peter & Sue were advised of the tax consequences of the recommendations, and after deciding to proceed with the suggested plan, they enlisted the assistance of BCV to organize various requirements, including the following:

  • Establishment of the Superannuation Fund, including all Trust Deeds and statutory documentation, as well as ABN and Tax File Number registrations.
  • Provision of the necessary documentation required to enable Peter & Sue to open bank accounts in the name of the Super Fund.
  • Assisting Peter & Sue in completing the documentation required to transfer their superannuation funds from their retail fund to their self managed fund.

Several months later Peter & Sue entered into a contract to purchase an investment property within the Super Fund. BCV then arranged for them to meet with a Licensed Mortgage Broker, who outlined their options and arranged the necessary mortgage allowing the super fund to purchase the property. It was at this time that BCV provided further assistance, including:

  • Establishment of a Property Trust, an entity required to hold the geared property on behalf of the Super Fund.
  • Direct liaison with the Mortgage Broker, ensuring he had all documentation necessary for the property purchase to proceed.
  • Referral of Peter & Sue to a licensed Conveyancer, who assisted them and the Super Fund with the legal settlement of the property.

Today, BCV continue to assist Peter & Sue with the ongoing administration of their Super Fund, most importantly, ensuring that they meet all of their statutory and taxation obligations in a timely manner. This ensures the ongoing compliance of their Super Fund.