The past decade has seen many Australians moving from an industry or retail fund to an SMSF. This is giving them more control over their own money, allowing them to invest where they want to invest instead of having this controlled for them.
By using a self managed super fund accountants you will have a professional taking care of your most valuable asset all while you have the final say. With the frequent changes to regulations in Australia, you are best to leave this up to a professional.
For your set up they will:
– Produce all documentation to appoint any trustees for the account
– Get all of the Trustees declarations
– Obtain and complete the ATO application for an ABN
– Obtain and complete the ATO application for a TFN.
– Obtain the SMSF trust deed
– Can try different investment strategies to figure out which ones are best for you.
For the accounting, member tax returns and any audits they will:
– Prepare all members individual statements
– Prepare a detailed statement of the financial position
– Conduct an independent audit report on the SMSF
– Will prepare and lodge the tax return at the end of the financial year.
An SMSF is the most tax effective investment that can create wealth for your retirement. A self-managed super fund accountant can help you reap all of the benefits. Some of the benefits include:
– A 15% tax rate on your income and any contributions
– A 10% tax rate on any capital gain
– it can be used to invest in asset like shares, real estate and bonds
– there are no management fees
– Can use the balance as collateral to borrow larger sums of money depending on the balance of your account.
These are only some of the benefits of switching to an SMSF account.
Now let’s take a look at the advantages of using a self-managed super fund accountant. These include:
– You will receive a very competitive price
– You received excellent, professional team members
– They will guide you on how to completely set an account up
– Qualified specialists will be available for you at all stages
– Your data will be kept 100% secure
– No work will be sourced outside of Australia
– They can assist you in applying for loans
Many clients who have used a self-managed super fund accountant would agree that using this service takes the confusion out of running them and saves them a lot of time scouring for the perfect investments. They do all of the hard work for you allowing you to enjoy your investment instead of stressing the financial obligations.
Your self-managed super fund accountant will explain everything to you in clear, easy to understand language. If you have any questions, they will answer these to the best of their abilities, and because they dedicate themselves to this law you know their knowledge will be extensive. All legal obligations, they can ensure, are complete and all paperwork will be filled in correctly and filed in all the necessary places.
Considering all of the benefits to an SMSF, you might be eligible to make the switch. To do so, you will need a substantial starting balance. I.e $200,000. There are some rules regarding members and trustees, so it is best to get some advice before making the switch. The self-managed super fund accountant can help you decide whether this is the right choice for you and get you working towards a better retirement.