Self managed super fund is a perfect way to ensure fruitful retirement. However, self managed super fund is not for everyone. You need to be certain of your skills before setting up your own superannuation fund. This is a unique and effective way to save for your retirement, but if you manage the fund right. If you follow the rules, you will increase your fortune within few years. As a trustee of own fund, you will have to make important decisions yourself, therefore it is important to follow the facts stated in the superannuation trust deed. Thanks to the self managed super fund trust deed, members know exactly what their obligations and responsibilities are and how can the fund money be invested and managed. Here are some useful facts you should know about superannuation trust deed.
Self Managed Super Fund Trust Deed
- Did you know that a trustee that does not meet all the obligation set by the superannuation trust deed will lose tax advantages and will be taxed the top rate of 45 %. He/She may even end up with criminal penalties imposed by the Australian Taxation Office.
- Even if you let professionals deal with your fund, the superannuation trust deed says that you need to have a working knowledge of all the operations and activities done through your fund.
- The superannuation trust deed is one of the five legal documents you need to sign in order to set up the self managed superannuation fund. This document states all the rules you need to follow in order to properly manage the fund.
- Once you sign the self managed super fund trust deed, you don’t have to do any updates unless you change certain clauses.
- Did you know that you won’t be charged anything for setting the self managed super fund trust deed. However, for any future changes, you will be charged.
- Before you actually sign the superannuation trust deed make sure you have listed all the assets you want to invest in. A self managed super fund trust deed includes all the specific investments you want to make. In case you want to change anything, talk to your accountant and the document immediately updated.