About the SMSF - Minute to Appoint Administrator

Fully compliant with 1 July 2007 Commonwealth legislation being the "Plan to Simplify and Streamline Superannuation"


Resolution to Appoint an Administrator

What is a SMSF?

A SMSF is a Self Managed Superannuation Fund. This is a Superannuation Fund that you operate and run by yourself. A SMSF consists of 1 to 4 members. All of the members are trustees of the fund. Even though you run your SMSF yourself, you will need to have an Accountant and an Adviser to help you.

Why do I need these minutes?

It is Best Practice to formally appoint an administrator to manage your superannuation fund. These Minutes achieve that. They are in line with the ATO's desire for proper compliance. When everything is done correctly the ATO is more likely to leave you alone.

What is an administrator?

An administrator is a company specialising in the administrative and compliance functions of a self managed superannuation fund.

Why would I appoint an administrator when I can run the fund myself?

Yes you could run a self managed superannuation fund all by yourself. However, the role and responsibilities of Trustees are very onerous.

Can you afford to slip up?

Can you afford the Australian Tax Office auditing your fund or stating your fund is not complying?

If you appoint a specialist administrator to take over then they would ensure that all the regulatory requirements of your fund are met. You would not have to worry about deadlines or forms, leaving you to concentrate on investment decisions and family matters.

WARNING

If you fail to keep a record of minutes the Tax Office may state your fund is non-complying. A non compliant fund is not entitled to any tax concessions and is taxed at the highest marginal tax rate.