SMSF
SMSF’s enjoy tax advantages like all Super Funds but are also subject to very strict compliance laws.
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There are more than 500,000 Self Managed Super Funds (SMSF) in Australia, and each one of these require Annual Accounts and an Annual Audit.
As there are significant costs associated with having your own SMSF, popular wisdom is that you should not have one unless the total funds under management exceed $250,000.
SMSF’s enjoy tax advantages like all Super Funds but are also subject to very strict compliance laws. The annual Audit determines if an SMSF is a “complying super fund” and hence continues to enjoy tax advantages.
There are also many complex rules as to what an SMSF can invest in, and under what circumstances it can borrow.
These complexities mean that the services of an appropriately qualified Accountant are required to ensure that what you propose to do does not render your SMSF non-compliant.
Many SMSF owners hand over the management and investment decisions to a third party. We strongly oppose this method as you end up with an SMSF that is not really “self managed” and you end up incurring at least double the fees you would incur in a traditional super fund.
We’ll set up an SMSF for you & do your Annual Accounts as long as you are sure that an SMSF is right for you. In our opinion, it is only suitable for reasonably sophisticated investors with a sufficient amount of funds and who will manage the funds themselves in a compliant manner.
The wrong decision could be catastrophic for you. Don’t take any chances.
