Self-managed super funds (SMSFs) can be an attractive choice for retirement planning for some investors, as it offers a certain level of control, transparency and flexibility. The difference between the SMSF and other types of funds is that the members of the 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 super and tax laws.VIEW MORE
The SMSF needs to maintain separate bank account, maintain investments separately from the personal investments of the member trustee/directors. SMSF needs to prepare an annual set of accounts, have these accounts audited by an approved auditor, and then lodge an annual Superannuation Tax Return with the Australian Tax Office.VIEW MORE
Self Managed Superannuation Fund set up & registered in Australia needs to have an annual audit by an ASIC Registered Self Managed Superannuation Fund Auditor.
North Coast Accounting Principal Nish Shah is an ASIC Registered Self Managed Superannuation Fund Auditor.VIEW MORE