SELF-MANAGED SUPERANNUATION FUNDS (SMSF) SOLUTIONS

SELF-MANAGED SUPER FUNDS

Calculating Funds — Sydney, NSW — Proactive Business Advice

Self-managed superannuation funds (SMSFs) continue to grow in popularity. However, having your own super fund comes with a lot of responsibilities and they are not for everyone. The penalties that can be imposed by the ATO for a breach of the compliance rules can run into the thousands of dollars. Whilst our SMSF solutions cannot remove the responsibilities from the trustee they can provide you with a level of comfort that your SMSF complies with the rules.

 

There are several trust laws and legislative requirements for setting up a self-managed superannuation fund (SMSF). Typically you need to: 

  • Obtain a trust deed
  • Appoint trustees
  • Sign a trustee declaration
  • Elect to become a regulated fund
  • Obtain a tax file number (TFN)
  • Obtain an Australian business number (ABN)


If you are thinking about establishing your own SMSF it is important that you seek financial advice from a qualified financial planner.

Trustees of the nominated SMSF fund are responsible for managing and making investment decisions. It’s a legal requirement for SMSFs to have a documented investment strategy. This investment strategy should satisfy the sole purpose test and be used to guide trustee decision-making.


At Proactive Business Advice we provide the professional advice you need to set up your own fund and greatly simplify the process for you.


After the establishment of your SMSF we ensure that you comply with all statutory requirements. We can assist you with: 

  • Maintaining the fund's accounting records and preparation of annual financial statements and income tax return
  • Carrying out the audit of the fund (subject to independence requirements)
  • Providing advice in relation to the fund's operation
  • Preparation of Transfer Balance Account Reports

Benefits of a SMSF

  • Greater flexibility with tax
  • Greater control over investments
  • Potentially lower fees on higher balances
  • Estate planning
  • Asset protection



Want to know more about self-managed super funds? Call Proactive Business Advice on 02 9411 3598 today!

Share by: