Self-managed Superannuation Funds
As the Government encourages Australians to take responsibility for and reach their financial retirement goals, citizens are repeatedly required to deal with superannuation funds. Superannuation is a way to save for your retirement.
The difference between an self-managed superannuation fund (SMSF) and other types of funds is that the members of a SMSF are usually also the trustees. This means the members of the SMSF run it for their own benefit, and are responsible for complying with the superannuation and tax laws.
A SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependants. If you set up a SMSF, you're in charge – you make the investment decisions for the fund and you're held responsible for complying with the superannuation and taxation laws. A SMSF enables you to control your investment strategy, reduce tax while obtaining tax benefits, and control administration costs.
Superannuation law is a delicate area and personalised planning is required for each individual. There are several trust laws and legislative requirements for setting up a SMSF. Typically you need to:
- Obtain a trust deed
- Appoint trustees
- Sign a trustee declaration (NAT 71089)
- Elect to become a regulated fund
- Obtain a tax file number (TFN)
- Obtain an Australian business number (ABN)
Our recommendation is to speak to a qualified, licensed Financial Advisor to help you decide if a SMSF is right for you. Our Financial Planning section explains how Duesburys Accountants & Advisors can assist in this area.
Additionally, the Australian Securities and Investments Commission website provides information to assist with choosing a financial advisor.
At Duesburys Accountants & Advisors we provide the professional advice you need to administer your own fund.
Services we offer include:
- Establishing self-managed superannuation funds (upon advice from your financial advisor)
- Superannuation audits
- Advice on compliance matters
- Advice on taxation benefits
- Advice on employer obligations
- Preparation of SMSF financial accounts
- Preparation and lodgement of SMSF income tax returns, business activity statements
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