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 Freuently Asked Questions
In this section you will find the most commonly asked questions and the corresponding answers.
Is it possible to have a self-managed superannuation fund with only one member?
Yes. The fund must have two trustees. The member must be the trustee with another person who is a relative of the member, or any other person provided the member is not an employee of that person.
What happens if I want to include a family member that is a minor (under 18 years of age)?
Minors (under 18 years of age) are considered to be under a legal disability and are unable to be trustee of a superannuation fund. A parent or guardian can be a trustee in place of a member if the member is a minor.
How does GK & Co. assist me if I choose to set-up my own self-managed superannuation fund?
We can provide you with comprehensive solutions to help you establish, administer, and comply with all relevant superannuation and taxation laws. We will have a trust deed prepared and properly executed, ensure the fund becomes a regulated fund, obtain a tax file number and Australian Business Number. We can then help you with ongoing compliance requirements.
What is the process of setting up my self-managed superannuation fund?
Trust law and legislative requirements are involved in the setting up of a self-managed superannuation fund The major steps involved are as follows:
1. prepare a trust deed (the governing rules of the fund) properly executed to evidences the existence of the trust. You should ensure that the deed is correctly drafted to achive the fund's objectives.
2. appoint trustee, who are responsibole for ensuring the fund is complying and properly managed. To be a complying self-managed superannuation fund, all members must also be appointed as trustees of the fund (except single member funds).
3. elect to become a regulated fund to receive concessional taxation treatment, obtain a tax file number and obtain an Australian Business Number.
Can I roll-over or transfer my monies from another fund (such as public offer superannuation fund) into my own self-managed superannuation fund?
Yes. You monies can generally be rolled-over or transferred in. We can help with roll-overs or transfers.
Can my self-managed superannuation fund borrow money?
No. Self-managed superannuation funds are prohibited from borrowing money, except in some limited circumstances.
I want to invest my funds from my self-managed superannuation fund in my business premises. Can I do that?
Yes. Your self-managed superannuation funds can invest funds into your business premises, and derive income on an 'arms-length' basis from your business.
Can my self-managed superannuation fund invest partly (together with me) in real property (such as residential property)?
Yes. The self-managed superannuation fund may, however, the transaction is technical and specific.
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