Luke on 2CC – How to set up a Self Managed Super Fund – Part 1
03/16/20 • -1 min
What should you know before setting up a SMSF?
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 13 March 2020.
In this episode Financial Planner Luke Smith joins Leon from 2CC take a closer look at self managed super funds and specifically how to set one up. It’s been a popular topic with radio and podcast listeners so Luke’s going to take a closer look. They start the show though by talking about the continued volatility of the share market. On Friday at the time of the show, Australian Shares had bounced back following a Government announcement about Covid-19. Clearly volatility is going to continue and Luke warns about the dangers of emotional decision making during times of volatility.
Key highlights include:
- Where do you start setting up a SMSF?
- The importance of understanding your ‘Why’ before you begin?
- Do you have a corporate trustee or joint partnership of a self managed super fund
- Pick a name for your fund, self managed super funds names are not registered, however the corporate trustee is a registered name if you use one. There’s often a role for a solicitor here.
- Creating the deed, it’s the rule book for how your self managed fund will work.
- New binding death nominations for your fund, what are they and what do they do?
- Tax file numbers and ABN – they’re also required
- You’ll also need a bank account for the fund
- Rolling over and contribution issues to consider
- You’ll also have a legal requirement to create an investment strategy
- There’s also responsibilities as a trustee that you should be aware of
- You’ll also need to open a trading account, if you intend buying and selling shares
- You’ll also need an accountant to help you meet your ongoing accounting SMSF obligations and Luke shares some tips on finding the right accountant.
Listen to the Podcast right now
Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’Would you like to talk about setting up a self managed super fund or managing one?
Make an appointment to catch up with Luke at his office over a cup of tea or coffee.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your superannuation plans. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.
What should you know before setting up a SMSF?
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 13 March 2020.
In this episode Financial Planner Luke Smith joins Leon from 2CC take a closer look at self managed super funds and specifically how to set one up. It’s been a popular topic with radio and podcast listeners so Luke’s going to take a closer look. They start the show though by talking about the continued volatility of the share market. On Friday at the time of the show, Australian Shares had bounced back following a Government announcement about Covid-19. Clearly volatility is going to continue and Luke warns about the dangers of emotional decision making during times of volatility.
Key highlights include:
- Where do you start setting up a SMSF?
- The importance of understanding your ‘Why’ before you begin?
- Do you have a corporate trustee or joint partnership of a self managed super fund
- Pick a name for your fund, self managed super funds names are not registered, however the corporate trustee is a registered name if you use one. There’s often a role for a solicitor here.
- Creating the deed, it’s the rule book for how your self managed fund will work.
- New binding death nominations for your fund, what are they and what do they do?
- Tax file numbers and ABN – they’re also required
- You’ll also need a bank account for the fund
- Rolling over and contribution issues to consider
- You’ll also have a legal requirement to create an investment strategy
- There’s also responsibilities as a trustee that you should be aware of
- You’ll also need to open a trading account, if you intend buying and selling shares
- You’ll also need an accountant to help you meet your ongoing accounting SMSF obligations and Luke shares some tips on finding the right accountant.
Listen to the Podcast right now
Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’Would you like to talk about setting up a self managed super fund or managing one?
Make an appointment to catch up with Luke at his office over a cup of tea or coffee.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your superannuation plans. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.
Previous Episode
Luke on 2CC – Share Market Volatility and Covid-19
What should you know about current share market volatility?
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 6 March 2020.
Stock market volatility continues to be front and centre of finance news but Australia has enjoyed many years of economic growth. This probably makes the current share market volatility seem more pronounced as we’re simply not used to it. In this episode Financial Planner Luke Smith and Leon from 2CC take a closer look at the personal finance issues surrounding movements and the importance of keeping perspective. Certainly the media like talking about losses, but in the current environment we’ve seen both down days and up days. What are the things smart investors need to be aware of at times like this?
Key highlights include:
- Long-term investors beware: If you jump out of shares right now what are you jumping into? Cash rates are at record lows
- Did you know that share dividends are a function of profit and do not directly correlate with the share price?
- What business sectors are likely to be affected by covid-19?
- Remember your ‘Why’, what are your goals and timeframe for investing?
- Beware if sensationalist media reporting, percentage losses provide more useful information than total market rises or falls.
- Do the down days on the stock market present buying opportunities?
- What is short selling?
- What are the mistakes people make during times of market volatility?
- Above all, don’t panic.
- There’s also an offer to meet with Luke at Envision Financial to talk about managing your own situation.
Listen to the Podcast right now
Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’Would you like to talk about managing share market volatility with your own investments?
Make an appointment to catch up with Luke at his office over a cup of tea or coffee.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your financial concerns, options and plans. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.
Next Episode
Luke on 2CC – Running a Self Managed Super Fund – Part 2
How do you run a self managed super fund?
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 20 March 2020.
Covid-19 Financial discussion
In this episode Financial Planner Luke Smith joins Leon from 2CC via telephone given the new social distancing requirements that have come into play. They start the conversation about accessing super – during the covid-19 crisis – and we’ve since seen the Government bring new rules into place. To access your super early contact your super fund.
We’ve also seen that the Government has also introduced the ability for those on account-based pensions to reduce the amount of pension they need to take to help preserve the capital. Again contact your Super Fund to do this.
It’s also important to remember the impact of the market on your superannuation. Please remember most people don’t have all of your assets in a super fund invested in shares. People in balanced and diversified funds won’t rise or fall at the same rate as the share market.
The topic for this episode – Self Managed Super Funds – Part 2
In today’s topic we continue the to take a closer look at self managed superannuation funds. Now that the fund has been set up, how do you manage it?
Key highlights include:
- Consider the super fund investment strategy – must happen annually. A financial planner like Luke at Envision Financial can also help you do this.
- Consider the insurance needs of the members within the fund – must happen annually. A financial planner can also assist.
- When a pension income stream is started, you need to complete paperwork for the accountant and auditor.
- The accountant needs to complete a tax return for the self managed super fund.
- Your accountant will need information from you to complete the administration and tax requirements. Luke outlines the information requirements.
Listen to the Podcast right now
Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’Would you like to talk about running your own self managed super fund?
Make an appointment to catch up with Luke at his office over a cup of tea or coffee.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your superannuation plans. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.
If you like this episode you’ll love
Episode Comments
Generate a badge
Get a badge for your website that links back to this episode
<a href="https://goodpods.com/podcasts/the-strategy-stacker-luke-talks-money-205833/luke-on-2cc-how-to-set-up-a-self-managed-super-fund-part-1-24938805"> <img src="https://storage.googleapis.com/goodpods-images-bucket/badges/generic-badge-1.svg" alt="listen to luke on 2cc – how to set up a self managed super fund – part 1 on goodpods" style="width: 225px" /> </a>
Copy