Self-managed Super Funds
Self-managed Super Funds (SMSFs) can be an attractive choice for retirement planning for some business owners and individuals, 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.
Our team will help you in the process of setting up the Self-managed super fund including regular tax/accounting/audit compliances. Talk to our expert to get the best advice on SMSF.
Why setup SMSF?
Having your own SMSF lets you control the investments, let the Fund buy a commercial property & lease to your business (your business has to pay market based rent) , buy shares and other investments traded on stock exchange through your broker, invest directly in specific shares/ managed funds of your own choice etc.
SMSF can offer life and TPD insurance to its members which meets the needs and requirements for managing the risk of the members.
Generally speaking, larger the fund balance, the higher the fund cost as their administrative costs are fixed in terms of percent of member balance. SMSF does involve preparation of accounts, the audit, compliance, and tax return costs. However, it pays to compare the costs and make an informed decision as you will have fund balance for good 20 to 30 years.
SMSF allows up to four members join the fund, generally family members. All four family members are able to pool their savings into a single SMSF and are able see the opportunity to not only cut down costs but also otherwise think about an investment or two which otherwise may be difficult individually.
Putting your experience to practice
SMSF involves time commitment ranging from managing papers, compliance, choosing right investment & monitoring performance, keeping abreast of Superannuation changes having impact on your Fund etc. If you have the right aptitude and experience, why not put to practice and see how it is all coming together?
North Coast accounting have developed the experience & knowledge of SMSF tax strategies, compliance issues and administration details.
SMSF Services
SMSF Setup
At North Coast Accounting we help our clients with the initial set up which involves consideration of a number of issues. The set up requires creation of a trust deed, appointing trustees, securing registration with the ATO, set up a bank account for your fund, roll over your super, set up an investment strategy etc. Speak to us if you are thinking of having the SMSF to organise a meeting with a financial planner who would give independent and unbiased advice.
Once, the financial planner has comfortably advised that the SMSF is the right strategy for you, we can organize setting up SMSF, get a separate TFN, ABN and other required registrations from the ATO.
SMSF Tax & Accounting
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.
We offer the following services in this regard –
- Annual Financial Statements
- Income Tax Returns
- SMSF Compliance
- SMSF tax advice on investment implications
SMSF Audit
Self Managed Superannuation Fund needs to have 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. North Coast Accounting offers SMSF audit services. As an independent accounting firm, we have gained sufficient expertise in carrying out audit from simple to complex Super Funds
such as -
- simple bank deposits,
- shares portfolio,
- investments in managed funds/US$ denominated fund,
- residential/commercial property,
- fund having LRB arrangement,
- fund paying pension,
- investment in precious metals,
- property development thru SMSF etc.
Get in touch with us
Book a free, no-obligation consultation to experience our solutions which will exceed your expectations.