Written by Barbara Smith AM, Dr Ed Koken and
Dr Brett Davies
I am honoured to have joined forces with well-known and award-winning authors Barbara Smith AM and Dr Ed Koken to produce the fully revised book: Keep It Super Simple: SMSF Essentials.
This practical, plain English guide is a valuable tool for everyone involved in SMSFs. This includes trustees, members, lawyers, accountants and advisers. It is tax-deductible when the book is used for looking after your SMSF.
You can purchase your own copy directly from the publisher and get it updated continually online here.
ORDER TODAY, it helps you complete your individual and SMSF tax returns.
Why is it important to read the book: SMSF Guide?
The Australian book Keep It Super Simple: SMSF Essentials is important for individuals interested in managing their superannuation funds. It is important to digest the advice in this book:
Understanding the rules and regulations:
Self-managed superannuation funds are subject to specific laws and regulations in Australia. The book provides detailed information on these rules. These include contributions, investments, taxation, compliance, and reporting requirements. Understanding these regulations is crucial to ensure compliance and avoid penalties.
Making informed investment decisions:
SMSFs offer greater control over investment choices compared to other superannuation funds. The book provides insights into various investment options, risk management strategies, and diversification considerations. It also helps you make informed investment decisions that align with your financial goals and risk tolerance.
Maximising retirement savings:
Proper management of an SMSF can increase retirement savings. The book offers strategies to optimise contributions, take advantage of tax benefits, and manage costs effectively. By understanding the intricacies of SMSFs, individuals can work with their financial planner and accountant to maximise their retirement savings.
Planning for retirement:
Retirement planning involves setting financial goals, estimating retirement income needs, and managing pension phase requirements. The book guides these aspects, helping you develop a comprehensive retirement plan that suits your specific circumstances.
Avoiding pitfalls and risks:
Managing an SMSF comes with certain risks and potential pitfalls. The book highlights common mistakes to avoid, provides insights into potential risks, and offers strategies for risk mitigation. By being aware of these factors, make more informed decisions and minimise potential negative outcomes.
Starting and winding up a Self-Managed Super Fund
It explains what you need to do to start an SMSF, including best practices in the SMSF Deed, the value of a Special Purpose Company as the trustee, how to update the SMSF Deed and how to get rid of an SMSF.
Overall, reading Keep It Super Simple: SMSF Essentials equips you with the necessary knowledge and understanding to effectively manage your superannuation funds, make sound investment decisions, and work towards achieving your retirement goals.
Self-Managed Super Fund, Deeds, PDS and Minutes – build on a law firm’s website
| Build these SMSF documents online | |
|---|---|
| SMSF Deed – built over 18,000 times | |
| Special Purpose Company – to be trustee of SMSF | |
| Convert old Company into a Special Purpose Company – to be trustee of SMSF | |
| Investment Strategy – ATO audit-friendly | |
| Vest and Wind up SMSF – wind up, end and close down old SMSFs – get rid of your SMSF | |
| SMSF Loan to Third Party | |
| Commercial lease for SMSF – where the SMSF owns the commercial property | |
| Reversionary Pension Kit – keep your dead spouse’s super in the Super Fund | |
| Power of Attorney for SMSF Corporate Trustee – if the director dies or has dementia, compliant with Fund Manager release forms | |
| SMSF Training Course – includes the SMSF Deed | |
| SMSF asset owner rectification deed – purchased the SMSF asset in the wrong name |
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| SMSF Custodian Bare Trust Deed – SMSF borrows through a bare trust |
| Update your SMSF Deed for: | |
|---|---|
| 1. Everything – Update Trustee, Upgrade Deed, Binding Nomination and PDS (Recommended) | |
| 2. Trustee only | |
| 3. Upgrade Deed only | |
| 4. Binding Nomination only – updates SMSF Deed as well | |
| 5. Product Disclosure Statement only – fully compliant with budget | |
| Other SMSF updates | |
| Change SMSF name – no CGT or stamp duty issues |