Self-Managed
Superannuation Funds
Self-Managed Superannuation Funds or SMSFs are growing in popularity as people prefer to manage their own wealth creation and in some cases reduce management costs. An SMSF may have added advantages, lowering your personal tax rate and creating capital gains tax benefits.
As a member of Count Financial and an accredited SMSF advisor we can guide you through the maze of recently changed legislation. From July 1 2017 there are new laws relating to contributions introducing a balance cap of $1.6m on the amount each individual member of an SMSF can draw on in retirement as a tax-free pension. The new laws have implications for assets above the $1.6m threshold, and it is important to get this right, or large penalties by the ATO can automatically trigger. We can steer you through these new changes and advise on how to treat assets outside the balance cap.
We can also determine whether capital gains concessions will apply, how you can access your money and identify any important implications for your personal circumstances.
SMSF Compliance and Administration
SMSFs give you more control over your investment strategies but there is a lot of associated compliance and administration. You need to make sure an SMSF and its additional responsibilities in comparison with retail funds is actually the right thing for you. Take a look at this informative video from the Australian Tax Office for some insight into what is involved. As your financial advisor we can advise on whether an SMSF is the right choice for you.
SMSF Compliance and Administration
There are a number of areas of compliance for an SMSF and some need to be performed by qualified professionals. We can take the worry out of self-managed funds and take care of all your establishment, administrative, investment, reporting, and compliance needs. We can arrange for external auditing of your fund as required by legislation. This short easy-to-understand video from the Australian Tax Office gives you a summary of what is involved.
These clips are two of many entertaining and informative videos developed by the ATO on different aspects of SMSFs. For more easy to understand information visit the ATO website.
Your financial advisor can:
- set up a self-managed superannuation fund (SMSF)
- take care of compliance requirements for trustees
- prepare financial statements, audit documents and tax returns
- link your SMSF with your financial planning and wealth creation goals
- advise on accessing your superannuation and creating income streams in retirement or when transitioning to retirement
- provide information on accessing your superannuation in the most tax effective manner
- discuss your superannuation in relation to your estate planning
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