Join
it's free
Need legal advice or a specially customised legal document?
Contact our partner law practice
Click here to arrange a quote
Price
($AUD):
$33
Platinum Price ($AUD):
$22
[?]
Estimated Time to Build: 2 - 3 Minutes
Jurisdiction: Australia Wide
Checklist is not available for this document.
Sample is not available for this document.
Please put down the name of your Self Managed Super Fund.
For example:
George Smith Superannuation Fund
This hint is provided by Law Central Legal.
The purpose of this Minute is to formally approve the financial statements and annual return.
This is Best Practice. It lets the Australian Taxation Office know that you are doing everything correctly - to the letter.
This hint is provided by Law Central Legal.
You receive the formal Minutes to approve the financial statements and annual return.
All you then do is get the Trustees to sign the Minute and put the Minutes in your file.
This hint is provided by Law Central Legal.
After you build these Minutes:
1) The trustee signs the financial statements and accounts. Then sign the Minutes.
2) Complete the ATO’s "Fund Income Tax and Regulatory Form". (After you purchase this Minute we give you the link to this document at the ATO's website.)
3) Send this completed "Fund Income Tax" form to the Australian Tax Office by the due date.
4) Keep a record of all financial statements, accounts and minutes for 10 years in your minute book.
This hint is provided by Law Central Legal.
LawCentral is not a law firm. All documents at LawCentral belong to the relevant Australian lawyers.
You are paying money to purchase one minute for only one Super Fund. That money includes the cost of the insurance taken out by the law firm. Sure, you could get your secretary to retype this Minute and change the names but then two things are at risk:
Firstly, you lose the protection afforded by the lawyer's insurance. That PI (Professional Indemnity) insurance is valuable protection.
Secondly, if discovered, the lawyer will publicly sue your business for the theft of the intellectual property to the fullest extent possible under the law. If you are a law firm, accounting house, financial planner or licensed under ASIC then you risk losing your licence and reputation because of the theft.
Think about it. The whole reason of purchasing this Minute is to protect yourself and the Self Managed Superannuation Fund.
For a few dollars is it worth the risk? Just generate a new Minute for each meeting or Superannuation Fund.
Alternatively, if you are doing more than 20 of them contact us and we can arrange a discount for a bulk purchase. That way you are properly and fully protected.
This hint is provided by Law Central Legal.
Anyone is allowed to prepare these Minutes.
However, the trustees of the superannuation fund approve the Minutes.
This hint is provided by Law Central Legal.
Minute to Approve the Financial Statements and Accounts
The purpose of this Minute is to formally approve the financial statements and annual return.
This Minute has been carefully drafted to comply with Best Practice. Best Practice requires that the superannuation fund exceed all the regulations and laws applicable to superannuation funds. Using Best Practice ensures the best interests of members are always considered paramount.
The Minute accords with all Self Managed Fund Investment Strategies and Trust Deeds.
The trustees must keep a record of all minutes which affect the entity for 10 years, pursuant to Section 103 Superannuation Industry Supervision Act 1993. This Minute meets the requirements of Section 103.
The Australian Tax Office is continually monitoring self managed superannuation funds for compliance. Using this Minute lets the Australian Taxation Office know that you are doing everything correctly - to the letter.
This hint is provided by Law Central Legal.
You can have your company as Trustee of your Self Managed Superannuation Fund. Or, you may have kept it simple and just had all the members as the Trustees.
It makes no difference to main part of the Minutes.
Just let us know by answering the question:
"yes" I have a company
"no" just us members (humans) are the trustees
This hint is provided by Law Central Legal.
An ACN is an "Australian Company Number" this is a special unique number identifying the company.
This hint is provided by Law Central Legal.
You can do a free simple search at www.asic.gov.au by typing your company name.
This hint is provided by Law Central Legal.
The Directors of the Trustee Company are usually the members of the self managed super fund.
Only in special situations are the directors and members different. For example, sole member funds and members who are minors have different trustees and members.
The number of Directors is limited to a maxmimum of 4 people.
This hint is provided by Law Central Legal.
If you have less than 4 directors just leave the other sections blank.
If you have more than 4 directors then you are not a self managed superannuation fund.
Different regulatory requirements apply to other funds. This minute is only suited to Self Managed Superannuation Funds.
This hint is provided by Law Central Legal.
If you have more than 4 trustees then you are not a self managed superannuation fund. Different rules apply to other funds. This Minute is only suited to self managed superannuation funds.
This hint is provided by Law Central Legal.
You must have at least 2 trustees to oversee your SMSF.
What if my fund is a single member fund?
You still must have at least 2 trustees. One of the trustees is you. The other trustee must either be your relative OR the other trustee must not be your employer. (Or you can opt for a company to be your trustee.)
This hint is provided by Law Central Legal.
An income year starts on the 1st day of July of one year and ends the 30th of June the next year.
This hint is provided by Law Central Legal.
The meeting address is the actual address of where the trustees or directors meet to discuss the resolutions.
It can be your office, your home or a public place.
This hint is provided by Law Central Legal.
The meeting may be held in any location.
This hint is provided by Law Central Legal.
This document has been prepared by the law practice Law Central Legal
Australia 
New Zealand