?? trust, self fund super, family trust, asset protection trust??

do you have experience or knowledge upon those trust??

I know just a bit, would like to know more for better management of my existing investment and transfering wealth to my kid without ripping off by government?

if there is any web site to gain some of the understanding will be even better.

self funded super better,and more flexible, if you are on your own business because it only opens for the people they own their business. self funded super should be better, otherwise, there is nobody to join it. you can put your money any time when you got nowhere can put your money in.

Mr8 will reach to this problem first, I will follow you.

my understanding so far in terms of self funder super fund is as :

a trust established for super, but what if I passed away and there is still larges sums of there, ie: got properties of this fund. so it should be able to pass to my children... and will tax will be involved. because super in the end is kind of properties of individuals..

Setting up a self managed superannuation fund

There are a number of trust laws and legislative requirements relating to setting up a self managed superannuation fund (SMSF). If you wish to set up your own fund it may be useful to consult with a professional adviser before committing to this option. Many accountants, solicitors and superannuation specialists have packages and 『kits』 available which simplify the process. This information is a guide to the steps involved.
Obtain a trust deed

The first thing you need to do is to have a trust deed prepared which evidences the existence of the trust and establishes the rules of operation for the fund. An accountant, solicitor or legal service company may prepare the deed. You should ensure that the deed is correctly drafted to achieve the fund』s objectives.

The trust deed may set out the following:

    * details of who the trustees are;
    * how trustees may be appointed or removed;
    * the powers of trustees;
    * eligibility for membership;
    * conditions relating to acceptance of contributions;
    * conditions for payment of benefits to members;
    * procedures for winding up the fund;
    * provisions relating to valuation of assets.

The deed must be dated and properly executed.
Corporations basis or Pensions basis?

In order to become a regulated fund (that is, a fund that has elected to be bound by the Superannuation Industry (Supervision) Act 1993 (SISA)), the trustee must ensure that the trust deed:

    * requires the fund to appoint a corporate trustee (Corporations basis). A corporate trustee is subject to the requirements of the Corporations Law administered by the Australian Securities and Investments Commission (ASIC). A fund with a corporate trustee may pay benefits in the form of a lump sum; OR
    * states that the sole or primary purpose of the fund is to provide old-age pensions (Pensions basis). The trust deed may also permit (but not compel) benefits to be paid as a lump sum. Under this option, the trustees may be individuals.

Appoint Trustees

All superannuation funds are required to appoint trustees. Trustees are responsible for ensuring the fund is properly managed and that it complies with SISA rules and broader legal obligations. To be an SMSF all fund members must be appointed as trustees of the fund.
Who can be a trustee?

Essentially anyone over the age of 18 can be a trustee of a superannuation fund unless they are a 『disqualified person』 under SISA. An individual is a 『disqualified person』 if:

    * at any time, the person was convicted of an offence involving dishonesty; or
    * at any time, the person has been subject to a civil penalty order under SISA; or
    * the person is an insolvent under administration (e.g. an undischarged bankrupt).

A corporation would not be permitted to act as trustee if:

    * a responsible officer of that company is a disqualified person (a responsible person includes a director, secretary or executive officer); or
    * a receiver, official manager or provisional liquidator has been appointed to the company; or
    * action has commenced to wind up the company.

Elect to become a regulated fund

A trustee must elect to be 『regulated』 under SISA if the fund wishes to receive concessional taxation treatment. The trustees of a new SMSF must within 60 days after establishment of the fund give the Regulator a notice of election to be a regulated superannuation fund.

Elections must be lodged with the Tax Office by completing an Application to Register for the New Tax System Superannuation Entity online at www.abr.gov.au or by completing the paper version of Application to Register for the New Tax System Superannuation Entity form. The form and instructions may be obtained by contacting the Small Business information line on 13 28 66 or from the Tax Office website.

Once a trustee has elected to become regulated, the decision cannot be reversed (that is, the fund would have to be wound up to cease to be regulated under SISA).
Obtain a Tax File Number (TFN)

A tax file number (TFN) is a unique number issued by the Tax Office for each taxpayer. The trustees of a superannuation fund must obtain a TFN for the fund from the Tax Office.

Since 1 November 1999, superannuation funds are allocated a TFN after lodgment of the Application to Register for the New Tax System form referred to above.
Obtain an Australian Business Number (ABN)

The Australian Business Number (ABN) is the new public identification system introduced to support business to government interactions across all agencies. An ABN will be allocated to new superannuation funds that complete an Application to Register for the New Tax System Superannuation Entity form.
Other considerations

Trustees should open the fund』s bank account (or other appropriate investments) in the name of the fund. The assets of the fund should be kept separate from any assets owned personally by any of the trustees or from those belonging to a business (where partners in a business set up the SMSF).

Trustees need to establish an appropriate investment strategy for the fund. This is discussed in the information titled Self managed superannuation funds—Investment Strategy and Investment Restrictions (NAT 2063).

In addition, trustees need to be aware there are numerous administrative obligations that must be met throughout the life of the fund. These are outlined in the information titled Self managed superannuation funds—Administrative Obligations (NAT 2064).
Need more information?

For further information on this topic:

    * visit our website at www.ato.gov.au/super
    * phone our information line on 13 10 20
    * write to:

      Australian Taxation Office
      Superannuation Business Line
      PO Box 277
      WTC VIC 8005

If you do not speak English well and want to talk to a Tax Officer, phone the Translating and Interpreting Service on 13 14 50 for help with your call.

People with a hearing or speech impairment with access to appropriate teletypewriter (TTY) or modem equipment, phone 13 36 77. If you do not have access to TTY or modem equipment, phone the Speech to Speech Relay Service on 1300 555 727.

for individual performance, it is simple. whatever your business or propertiies make money for you. you take some money like normal wage with reasonable tax rate you pay to ATO, it is the first part, then second part, your business ( you should have an ABN ) spents money as well but it is the cost of business, after all of these, you still have some money left and you can not make balance, then you put your this part of money to your self founded super, you can regularly withdraw then when you retired, but as self-employ at this stage, you may never ever retired, because you do not need to get any benifit from social security, so the most possible thing is that you still have your ABN number, so your business still cost some money.

the self funded super just like a reservior of your extra money and it help you pay less tax and the extra money still under your own management.

self funded super

the negative part of the fund: you cannot use it to buy properties and etc. but you can use it to buy gov. bond

the new pension law bush signed allow you to pass your 401k money to your kids with minimum taxation.

MR8, don't mix self funded super with your properties, your properties make money then buy more properties, one day, you tired then you can put your money in self funded super.