You may have an existing company:
- business trading company, or
- a trustee company for your family trust, or
- you have set up a company without using our setup services.
We can set up your SMSF with your existing company, but please note the costs and information needed as below:
- Costs for setting up an SMSF with your existing company:
2. Information we need for your existing company:
- ASIC company details extract: you can purchase an extract using this link: Search Fees
- Form 201
- ACN Certificate
- Signed minutes, including signed director/public officer/secretary/shareholder consent, shareholder certificates and all registers.
- Company constitution: we prefer you have a sole purpose company constitution.
If you use a business trading company or investment entity as the trustee for your SMSF, please consider the following compliance issues and risks:
- it is difficult to verify the ownership of the assets. The existing company will become the legal owner of any assets in both your SMSF and other trading business or family trust. In most States and Territories the State Revenue Office will only record the company as the owner for assets like properties and motor vehicles etc.
- if you have used the company to provide corporate guarantee to borrow for your trading or investment entity, your SMSF may have breached borrowing rules.
- your SMSF assets will be at risk if your trading business/investment entity has been involved in any legal proceedings.
- the bank accounts’ names for your SMSF and existing entities will be the same or similar, you may make transaction errors if you accidentally use SMSF funds to pay business expenses or other costs not associated with your SMSF. The auditor may report these transactions to ATO as breaches of SIS Act and Regulations.
- you can’t change the directorship or shareholders of your existing company if it also acts as the trustee for your SMSF. In other words, you may have issues when you want to transfer the ownership of business or investments in your family trust.
Therefore we recommend that you set up a brand new special purpose superannuation corporate trustee that will give you peace of mind.