Many people have made the switch from their industry or retail superannuation fund, to a Self-Managed Super Fund (SMSF). SMSF’s are most beneficial when they are fully compliant with taxation and superannuation laws. A SMSF is a tax effective method of building wealth.
SMSF’s have become a large sector of the Australian Superannuation industry. The difference between an SMSF and other types of funds is that the members of an SMSF are usually also the trustees. This means the members of the SMSF run it for their benefit and are responsible for complying with the superannuation and tax laws.
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 super and tax laws. It's a major financial decision.
Considering opening a SMSF? Can you improve your existing SMSF’s performance?
We can help you discover if a SMSF is beneficial for you. Can we assist with advice and individualised solutions – yes - we can help you through every stage.
Whether you are thinking of starting a SMSF the how and why, or would like assistance with your current SMSF, it is important to seek professional advice.
At Richard Start Accountants we can offer the following:
SMSF administration and compliance advice
Eligibility of superannuation contributions and tax deductibility
Ensure that it complies with regulation standards.
With a dedicated staff member, we are ideally positioned to advise you on a SMSF. We can help you to better understand and manage your fund.
Setting up a SMSF
Your SMSF will require knowledge and understanding to set it up correctly. This will ensure that it's eligible for tax concessions, can receive contributions and is as easy as possible to administer. Some of the responsibilities for setting up include:
Select and appoint an individual trustee or a corporate trustee
Create the Trust and Trust Deed
Register your fund and apply for an ABN
Establishing a bank account
The appointment of a professional to assist you, is one of the most important decisions for you to consider.
You have a number of administrative obligations with your SMSF. We can help you, Some of these are:
value the funds assets
lodge SMSF annual returns
lodge Superannuation transfer balance account reports
keep records and notify changes to the appropriate authority.
If you have a SMSF, you would be aware of your legal obligation to annually audit your fund. At Richard Start Accountants, our ASIC accredited and independent auditor can assist you to complete a SMSF audit and submit the required reports to the ATO.
The purpose of a SMSF audit is to examine the validity of the fund’s financial records and ensure it is following the compliance regulations. The SMSF auditor ensures that your SMSF and accounting statements are mistake-free and meet the required standards.
We work with you to make sure that you understand your responsibilities and that the trustees are complying with the superannuation guidelines. Our SMSF auditors have completed their auditing and compliance certifications with ASIC, who are the governing body and corporate regulator within Australia. Our knowledge and expertise allow us to provide effective and reliable auditing services, and achieve accurate results.
SMSF Tax Returns
We are committed to providing premium, reliable SMSF tax and accounting solutions. When it comes to your SMSF, we understand that you want an accountant who will take the extra time, care and precision. We have a dedicated staff member, providing expert services and we are committed to delivering high quality SMSF tax returns work.
You need to lodge an annual return once the audit of your SMSF has been finalised. The SMSF annual return is more than an income tax return. It is also used to report super regulatory information, member contributions and pay the SMSF supervisory levy.
As a SMSF member, it is your legal responsibility to ensure that your SMSF lodges an annual tax return. This is a complex task and we recommend that you seek the advice and services of our professional staff to help you complete the tax obligations.