Self-managed Superannuation Funds

Self-managed Superannuation Funds

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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