Self Managed Super Funds
Advantage Accountants can help you administer your own Self Managed Super Fund (SMSF) and make sure that your SMSF is compliant and the fund achieves its goals.
We can assist our SMSF clients with the following SMSF administration duties:
- Establishing your SMSF and obtaining TFN, ABN and GST registration if applicable
- Bookkeeping & accounting
- Regular reporting requirements such as: Tax return, Income Statement, Balance sheet, Member’s statements, ATO dealings
- Payment of taxes: Income Tax, GST and CGT
- Arrange for an compulsory annual external independent audit
General Benefits of a SMSF
- Trustees can directly control investment strategy and invest as per her/his discretion
- Greater flexibility to tune the investment strategy to specific financial circumstances and objectives
- Potential cost savings in the long run compared to industrial superfunds
- Effective tax planning and tax savings strategies can be implemented
Are you considering taking out an SMSF?
- You should be able to separate SMSF assets from your personal assets e.g. not using investment properties or artwork for personal use. Otherwise your SMSF may not be compliant.
- SMSF trustee is responsible for managing and investing decisions. You should consider whether you have sufficient time and knowledge to manage this.
- Benefits vs. costs consideration. SMSF costs are usually fixed and you should consider whether your SMSF has adequate cash flow to cover the costs and other liabilities.
- You should consider replacing your life insurance from your current superannuation fund (if in place) if you move to SMSF
We also give you option of running and administering your SMSF in full or alternatively you can choose only some of our services e.g. Tax Return and audit arrangement.