SMSF Setup.
If you're considering setting up a Self-Managed Super Fund (SMSF), it's important to be aware of the specific tax responsibilities that come with managing your own super fund. Among these responsibilities is the annual task of lodging your SMSF tax return with the Australian Taxation Office (ATO). This tax return is crucial as it details your fund’s earnings, expenses, contributions, and investments, which are all necessary for the ATO to assess your fund’s tax obligations.
Here at Causbrooks, we're dedicated to supporting you throughout the entire process of setting up and maintaining your SMSF. We ensure your fund complies with superannuation laws and ATO regulations, helping you manage everything from the initial SMSF establishment and ATO registrations to the ongoing management of fund assets and trustee structures.
Our aim is to make sure your SMSF meets its tax obligations.
How Causbrooks Can Help with Your SMSF Setup.
Comprehensive SMSF Setup and Trustee Structure.
Starting your own SMSF involves selecting an appropriate trustee structure, which could be either individual trustees or a corporate trustee (also called a trustee company). Each structure has its advantages, depending on your specific circumstances, such as the number of fund members and the level of asset protection required. Our team can guide you through the SMSF establishment process, including setting up the trust deed, choosing trustees, and registering with the Australian Taxation Office (ATO). We ensure your fund is correctly established to receive and accept contributions, both from members and employers.
Investment Strategy and Compliance.
An effective investment strategy is vital for managing your fund assets responsibly. We can put you in touch with a financial planner who can help develop a strategy that aligns with your financial goals in compliance with superannuation laws. We manage the ongoing compliance obligations of your Self Managed Superannuation Fund, such as the annual audit, maintaining trustee minutes, and ensuring adherence to the fund’s governing rules. This helps safeguard your fund against non-compliance risks.
Operational support and advice.
Once your SMSF is up and running, as an individual trustee of the fund or director of the corporate trustee, you're legally required to manage the compliance of the SMSF. This includes opening a bank account specifically for the fund, setting up an electronic service address for receiving electronic contributions, and handling all fund operations, including using the fund's bank account to pay expenses and making investment decisions. If a fund member dies, we can assist in executing binding death benefit nominations according to the trust deed. Our ongoing support and professional advice ensure your SMSF operates effectively, keeping your retirement planning on track and aligned with your best interests.
Set up your SMSF with Causbrooks
At Causbrooks, we’re dedicated to helping businesses with their taxation and accounting needs. If you’d like to discuss your own situation, please complete the form below.
Our team of dedicated accountants is committed to providing the best possible experience for our clients, and we believe that our combination of longevity and experience in the industry and our commitment to embrace innovation and change make us uniquely qualified to do so.
SMSF Accounting Solutions Specialist.
We have looked after hundreds of SMSF clients over the last two decades and have many years of experience delivering quality SMSF accounting services. Our SMSF professionals act as your end to end for the whole process of SMSF setup, making use of our strategic relationships with several financial advisory firms and a nationally recognised auditing firm who process the SMSF audits. If you're in need of an experienced SMSF accountant who can offer quality service to ensure annual return and tax compliance, look no further.
Being tech-savvy can help streamline the fund's management as there are several platforms that allow investors to efficiently track their stock gains and losses. SMSFs allow for a diverse portfolio of investments, including stocks and property, but investments must be made in the best interests of the fund's members. Given the annual costs for financial advice, accounting, and auditing services, Self Managed Superannuation Funds aren't for everybody, and there's guidelines set by the ATO around minimum balances required to set up an SMSF.
Setting up an SMSF with Causbrooks.
You will need a good Self Managed Super Fund accountant to set up your SMSF correctly. A Self Managed Super Fund accountant will be able to help you setup the fund so that is eligible for tax concessions and can receive contributions and ensure it will be as easy as possible to administer.
Given the heavy time costs associated with running a Self Managed Super Fund, a good SMSF accountant will be able to alleviate as much of the burden as possible and ensure your fund complies with the ATO.
You will need to do the following to set up an SMSF:
- choose individual trustees or a corporate trustee structure
- appoint your trustees or directors
- create the trust and trust deed
- check your fund is an Australian super fund
- register your fund and obtain an ABN
- setup a bank account
- prepare an exit strategy
Compliance and Administration Obligations of an SMSF.
As a trustee, you have several compliance and administrative responsibilities:
- Appoint an SMSF auditor to conduct annual audits.
- Value the fund's assets to ensure accurate annual returns.
- Lodge an SMSF annual return with the Australian Tax Office (ATO).
- Report any Superannuation transfer balance account events.
- Maintain thorough records of the fund's operations.
- Notify the ATO of any significant changes to your fund's structure or operations.
- Regularly check your SMSF's registration status. For more information on how to do this, you can consult the ATO's website.
Why consider an SMSF?
A primary reason many choose to set up a Self-Managed Super Fund (SMSF) is the opportunity it offers to channel their superannuation contributions into investments other than publically listed stocks, in particular, property investments.
The core appeal of creating an SMSF, especially for real estate investors, might be the control it grants. By managing your own SMSF, you have direct oversight of your bank accounts, property investment decisions, and overall decision-making trajectory. Ultimately, it empowers individuals with the liberty to make decisions that best resonate with their financial goals.
Is an SMSF right for me?
The answer depends on your financial situation, your goals, and whether you desire greater control and oversight regarding the assets your super savings invest in. The ongoing costs of running an SMSF can be high. These include accounting, tax, audit, and legal fees, as well as the costs of financial advice if you choose to seek professional advice regarding your investments.
Of all the costs, the value proposition varies most in the area of financial adviser. When it comes to the makeup of the SMSF's investments, poor financial advice can be disastrous. Given you will rely on the super savings to provide for you well into your retirement it is crucial that you seek a professional with a strong track record and who will act in your best interests.
For many Australians, a regular industry superfund can be more cost effective and beneficial. We strongly recommend seeking professional advice when considering whether you should set up an SMSF.
Set Up Your SMSF with Causbrooks Today!
FAQ
About Causbrooks.
Causbrooks is a registered tax agent. At Causbrooks, we’re dedicated to helping businesses with their taxation and accounting needs. If you would like to discuss your situation, please complete the form below.
Disclaimer
Any advice contained in this document is general advice only and does not take into consideration the reader’s personal circumstances. Any reference to the reader’s actual circumstances is coincidental. To avoid making a decision not appropriate to you, the content should not be relied upon or act as a substitute for receiving financial advice suitable to your circumstances.
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