Setting up a self-managed superannuation fund is an important strategic financial decision.

Having made that decision there are a number of legal situations to consider including the type of trustee and whether there are other circumstances personal to the parties which should be taken into account, such as the need for enduring powers of attorney or mitigation against bankruptcy.

Greg Finlayson does not provide ongoing superannuation administration or financial advice and so can give independent legal advice about the setup of your fund and the obligations it imposes upon trustees and the interaction with estate planning.

The standard setup process includes an hour of professional legal advice regarding the type of trustee, provision of a robust trust deed, an application for an ABN, two enduring powers of attorney which meet the requirements of the Superannuation Industry Supervision Act and a diarised follow-up for key year one trustee deadlines.

A pds is not required for a SMSF unless the investments in the investments in the fund breach the limits for the small scale personal offering of financial products or other exemptions. Be wary of SMSF setups which do provide or require a pds as it may reflect a lack of depth of knowledge of the setup provider and may over-prescribe the obligations of the trustees.

The service is delivered as a fixed price service.