There are now more than 300,000 Self Managed Superannuation Funds (SMSF) in Australia and the number continues to grow.
A SMSF is basically a superannuation fund with one to four members who are also trustees responsible for the investment strategy and administration of the fund within strict Australian Taxation Office (ATO) guidelines.
In assessing whether an SMSF is suitable for you we prompt the following questions:
- Do you have a substantial amount in personal superannuation? (As a guide, a minimum of $200,000 would be required due to establishment costs and ongoing management fees.)
- Do you enjoy learning about your investments and have the time to regularly review their performance?
- Would you like increased flexibility in estate planning, more investment options and greater responsibility for your own retirement funds?
If you answered ‘yes’ to these questions, you may be suited to having your own SMSF.
Whilst there are potentially great benefits, having a Self Managed Super Fund requires time, effort and discipline plus they also attract extra ongoing fees including annual audit fees.
The Importance of Understanding Trustees' Duties & Responsibilities:
The Tax Office imposes a strict set of requirements upon SMSF members and trustees. The consequences of failing to perform are severe. For example, there are substantial penalties when trustees draw cash out from the fund for their personal use or access funds early when "a condition of release" has not been satisfied.
For that reason we run SMSF Education Seminars for members, trustees and other accounting firms.
Given our knowledge and experience in the SMSF area we have also set up an independent SMSF audit service to assist other accounting firms. This specialist service targets firms who wish to outsource their SMSF audit function, either to focus on core services or satisfy the independence guidelines required by the Tax Office. The major benefits of this service include:
- Quick Turnaround Service;
- Advice on key documentation and workflow efficiencies (including use of BGL)
- Australia Wide Service