Updated E-super set up

  1. 6,066 Posts.
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    There is an old thread on here relating to this.
    I am currently going through the process to set up SMSF with e super.
    First year is free, whether this is an ongoing special offer or only until Sept 15th I'm not sure.
    They say until 15th Sept and annual fee of $899 starts from 2019 FY.

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    I was with Australian super and still am under the members direct platform
    which is semi SMSF might be the best way to put it. There are
    Restrictions in place that you must adhere to.

    Reason for moving from

    1. More flexibility in my investment choices i.e pick the shares I want.
    2. Participate in SPP on my holdings if they become applicable.
    3. E-super is the cheapest option for SMSF that I'm aware of, but the prices have been rising often.
    4. My understanding is they won't be able to lend your shares to companies who want to short while you want to gain. This is from the website which indicates this.

    "When you establish an SMSF with us all assets are purchased in the name of your SMSF. ESUPERFUND does not own any of your SMSF assets directly. This gives you total peace of mind that your SMSF is the direct owner of all assets purchased. Importantly, only you as the SMSF Trustee can login and transact on the accounts. We simply receive electronic data files for attending to your SMSF annual compliance obligations."

    I don't know why more people don't feel compelled to ask they're super this question. It's mainly overlooked but for me important.

    You need two trustees to set up the account.
    The trustees control the SMSF for the benefit of the member/s.
    The trustee may/may not be a member.
    I will be a trustee and a member.

    In the event of death of one of the trustees the second trustee will assume responsibility
    until another trustee takes there place?

    With my Australian super there was the option to have some type of insurance cover which seems to be normal with industry super funds. Im not exactly sure what type of cover it was, life insurance, income protection, disability cover, I don't know. How does this work for a SMSF?. I choose not to pay for this with my super because I am covered by these things from my company.

    Due to the fact that one of the trustees is simply only a trustee to meet the obligations of opening the account and it doesn't have to be a close relative it can be just a friend, what obligations does that trustee have? Do they have declarations of any sort to make in there tax returns or anything of that nature? I would guess they might need to sign some paperwork regarding the EOY statements for the SMSF but does is affect them in any other way apart from some very limited paper pushing?
 
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