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.
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.
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