ADVICE
We offer a specialised and personal advice service in addition to our administration, auditing and compliance services through our sister company, Lighthouse Super Advice Pty Ltd. Lighthouse Super Advice Pty Ltd was established specifically (and more importantly is appropriately licensed) to provide advice in relation to your self-managed superannuation ranging from the establishment of your fund, contributions planning, pension/retirement planning and if the time comes, winding up your self-managed super fund.
Now for the legal bits...
LICENSEE
Lighthouse Super Advice Pty Ltd ABN 41 612 160 620 is a Corporate Authorised Representative (No. 1243667) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services Licence / Australian Credit Licence No. 223135.
Capstone Financial Planning Pty Ltd
Level 1, 607 Bourke St, Melbourne VIC 3000
Ph: 03 8622 0700 | Email: info@capstonefp.com.au | www.capstonefp.com.au
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FUND
ESTABLISHMENT
We can assist you with the preparation of the trust deed, documenting minutes to establish the fund, and providing membership and death benefit nomination forms. We also offer a Product Disclosure Statement, consent to act as trustee declarations, and a sample investment strategy. Additionally, we can help with the application for ABN, TFN, and GST, and can organise the establishment and registration of a corporation with ASIC if you choose to have a corporate trustee. The turnaround time for the establishment of an SMSF and a corporate trustee, (if applicable), is typically 1-3 days, and the ATO usually issues an ABN and TFN within 28 days once the paperwork is signed and lodged.
AUDIT
All Self-Managed Superannuation Funds (SMSFs) are required to undergo an annual audit, covering both financial and compliance aspects. We can help facilitate the annual audit of your SMSF via a panel of our preferred auditors or the auditor of your choice.
We also offer an 'audit only' service for trustees or accounting firms that cannot meet the independence requirements established by various professional bodies and the Australian Securities and Investments Commission (ASIC). Our comprehensive audit procedures ensure that your fund complies with all legal requirements, while also providing support to trustees who may have inadvertently breached the rules.
ADMINSTRATION/
COMPLIANCE
Some of the services we offer for SMSF management include preparing annual financial statements and member statements, preparing and lodging the SMSF Annual Return, maintaining records of trustee decisions, maintaining records in relation to Capital Gains Tax history, reviewing minimum and maximum pensions required to be paid, and ensuring compliance generally with the fund's rules. We also review investment strategies, liaise with the ATO on tax matters, and respond to member queries promptly. Additionally, we can liaise with the fund Actuary on exempt pension income and complying pensions.
ESTATE PLANNING
For many people, superannuation is often their largest asset aside from the family home. Therefore, it's crucial to consider how your superannuation will be distributed to beneficiaries after your death. Common questions include: Who will inherit my money? How much tax will be paid? How do I protect my assets? Depending on your estate planning requirements, we will guide you through the process and collaborate with your lawyer or one of the estate planning specialists on our panel to achieve your desired outcome.
WHAT IS ESTATE PLANNING?
Estate planning involves creating a strategy to distribute your assets tax-effectively to your intended beneficiaries upon death. This plan ensures your intentions are realised and facilitates a smooth transition of your wealth to the next generation. Your superannuation entitlements in your SMSF are not covered under your Will because an SMSF is legally considered a separate entity. Therefore, we recommend having at least:
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An SMSF estate plan that addresses your superannuation.
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A Will.
WHY IS IT IMPORTANT TO CONSIDER MY SMSF IN THE ESTATE PLAN?
Generally, the trustees of an SMSF are responsible for making decisions for the fund. Establishing an SMSF estate plan ensures the trustees follow your wishes regarding the distribution of your death benefits. Without an SMSF estate plan, the trustees can exercise their discretion in distributing your death benefits.
HOW CAN I START ESTATE PLANNING FOR MY SMSF?
Preparing an SMSF estate plan is a detailed process that typically involves multiple professionals working together to help you make informed decisions about the distribution of your superannuation upon death. The most important element of an SMSF estate plan is you. Professional advisers need to understand your story and your wishes. Clearly articulating your intentions also helps minimise the costs of preparing the plan.
A GREAT WAY TO START THE PROCESS IS TO SIT DOWN AND WRITE OUT THE FOLLOWING:
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Map out your family tree, including birth dates for all members.
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Note your relationship to each person (e.g., spouse, child, step-child).
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Consider whether any beneficiaries have special considerations or needs, such as:
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Disability or intellectual impairment
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Issues with drug, gambling, or financial management
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Current support you provide for relatives (e.g., grandchildren, parents, or adult children)
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Specify where you would like your super to go upon your death.
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Although it may be uncomfortable, consider different death scenarios and their impact on your plan—such as if you and your spouse die simultaneously, or if your entire family dies together.
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List where you want your super to go in each scenario.
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Identify the people you trust to carry out your wishes after your death.
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Note down any other important details you deem relevant.
COMPLIANCE BREACHES
Since the Simpler Super changes in 2007 and the finalisation of the Cooper Review in June 2010, the SMSF environment has undergone significant transformation. The reforms regarding access to entitlements, taxation implications of withdrawals, contribution limits, and restrictions on fund assets have made managing an SMSF a complex task. Proper management is crucial to navigate this potential minefield.
Simple issues like incorrectly registering assets, loaning money from the fund, and other related party transactions can escalate into major problems if not addressed promptly. These breaches often trigger ATO audits, exposing trustees to administrative and monetary penalties. In severe cases, a fund may be deemed non-complying, resulting in a 'penalty tax' of 45% on its assets.
We regularly liaise with the ATO on behalf of clients who have inadvertently breached the rules. Our goal is to achieve outcomes that satisfy both the client and the ATO, ensuring the fund maintains its compliance status.