Family Superannuation Funds

Setting up funds

Dolfinwise advisers are able to provide advice around the setting up of Self-Managed Super Funds.  This includes advice around choice of trustees, using the right trust deed and tax effective strategies for moving money into the fund. All these are critical to maximising long term wealth. Tailored advice rather than pre-packaged solutions are a must for clients setting up a new fund if they want the best outcomes. We also design and help trustees draft compliant personalised investment strategies.

Supply of Trust deeds and Pension Documents

Legislation limits what trustees of Super funds are able to do. It is however subject to these limitations that trust deeds tell trustees what they are able to do. If the trust deed is too simple as many are, opportunities to save tax and improve outcomes can be severely limited.  Also many current trust deeds in the market have simply not been upgraded to take advantage of more recent legislation. We also provide compliant pension commencement documents for clients who wish to start new pensions within their fund.

Borrowing in Superannuation Funds

Legislation around borrowing is still relatively new. There are however some great potential benefits (including asset sales being capital gains tax free), to be achieved by buying or developing property within a fund. We provide advice and compliant paperwork to quickly and effectively set up loans in trusts using loans from commercial lenders or the members themselves.   There are however strict legal requirements regarding how a fund can borrow money and strategic advice is imperative for anyone considering it.

UK Pension Transfers

Many immigrants from the UK have pension funds available that can be rolled into Australian complying (QROPS) superannuation funds. We can assist in taking the hassle out of obtaining QROPS status for your SMSF and bringing your funds to Australia to be invested in as you wish.  We also consult on the taxation implications based on how long it is since you immigrated.

Property Development

Still to be generally recognised are the tax saving possibilities for property developers who use SMSF’s for their developments. Using a combination of personal loans to a SMSF fund, bank loans either within the fund or against personal assets there is the potential to avoid CGT entirely in many cases on property developments.  Again specialised advice is needed to ensure compliance with legislation and that the strategy is appropriate as preservation rules and the sole purpose test need individual assessment before using a SMSF vehicle.

Reserving Strategies

One of the most exciting and underused strategies for SMSF trustees is the use of reserving strategies within funds. Self Insurance reserves, anti-detriments reserves and pension reserves can often be used to reduce taxation in a fund and potentially solve estate planning problems. For retirees with children these can be particularly powerful.

Advanced Estate Planning Consulting

Managing taxation upon death from SMSF’s can be challenging where the beneficiaries are no longer dependent.  Strategies such as maximising non-concessional components of funds, using reserves to create deductions and creating dependence during life are all areas that are worth considering and can prevent up to 15% of the funds value being lost in taxation on death.

Holistic Planning

By taking a holistic view of our client’s circumstances we are able to combine the taxation benefits of a SMSF with other entities and structures to provide complete wealth management and asset protection strategies. These benefit both our clients and their dependents, now and into the future. We balance carefully the very latest strategic opportunities with the potential for future changes to either client’s circumstances and/or legislative reforms. This allows us along with our clients‘ accountants and solicitors to consistently add significant value to those who seek our advice.