Central Coast SMSF
Setup Service
- Our Central Coast accountants are experts in setting up SMSF & annual audits.
- We can advise on the setup and structure of your SMSF and ensure compliance.
- The team are available for in-person meetings and can always take a call.
- We can prepare financial statements, tax returns and assist with withdrawals.
Contact us today to arrange an initial consultation with no obligations.
What is a Self-managed Super Fund?
A self-managed super fund (SMSF) is a type of superannuation fund in Australia that is managed by its members, who are also the trustees. This means that the members are responsible for making investment decisions and ensuring compliance with super and tax laws. The primary purpose of an SMSF is to provide retirement benefits to its members.
Why would someone consider a self-managed super Fund:
Control
SMSFs allow members to have direct control over investment decisions. Our Gosford based team of accounts are experts in setting up SMSFs and will guide you through the process, ensuring compliance with ATO and Australian taxation law.
Flexibility
Many Australians prefer SMSFs over made-for-you funds as they offer a more comprehensive range of investment options than traditional super funds.
Costs
Our Central Coast Accounts will provide a breakdown of all the costs involved and help you weigh up the options. SMSFs can generally be more cost-effective for larger super balances.
Estate Planning
SMSFs can offer more flexibility and a hands-on approach to estate and retirement planning. However, it is essential to seek professional advice when planning for retirement.
Get In Touch
Our new clients are offered an initial consultation to explain their business and individual goals. During this initial meeting, we also take this opportunity to understand your requirements and how we can help you by looking into any obstacles that may prevent you from moving forward.
How do accountants help?
To have a compliant self-managed super fund (SMSF) in Australia, you need to follow several key steps. First, establish the SMSF by creating a trust deed and appointing trustees. Next, register the SMSF with the Australian Taxation Office (ATO) to obtain an Australian Business Number (ABN) and Tax File Number (TFN). Finally, ensure ongoing compliance by adhering to super and tax laws, which includes conducting annual audits and preparing financial reports.
An accountant can play a crucial role in this process by providing advice on the setup and structure of the SMSF, ensuring compliance with regulatory requirements, preparing financial statements and tax returns, and conducting or facilitating the annual audit. Their expertise helps in managing the complexities involved in running an SMSF and ensures that all legal and financial obligations are met.
What are the key differences between SMSFs and traditional funds?
Management
SMSFs are managed by their members, while traditional super funds are managed by professional fund managers.
Compliance
SMSF trustees are responsible for ensuring compliance with super and tax laws, whereas traditional funds handle compliance on behalf of their members.
Investment Choices
SMSFs offer a broader range of investment options, including direct property and collectibles, whereas traditional funds have a more limited range.
Costs
SMSFs can be more cost-effective for larger balances but may be more expensive for smaller balances due to fixed costs.
Frequently Asked SMSF Questions
Can I use my SMSF to buy a holiday home or artworks for personal use?
No, using an SMSF to buy a holiday home or artworks for personal use is illegal and can result in severe penalties.
How do I wind up an SMSF?
Winding up an SMSF involves several steps, including finalizing all tax and compliance obligations, paying out or rolling over member benefits, and formally closing the fund with the ATO.
What are the costs associated with running an SMSF?
Costs can include setup fees, annual audit fees, accounting fees, and investment management fees. These costs can vary depending on the complexity and size of the SMSF.
What are the responsibilities of an SMSF trustee?
Trustees are responsible for managing the fund’s investments, ensuring compliance with super and tax laws, and acting in the best financial interests of all members.
Are there fees or tax implications for withdrawing super from a fund to set up a SMSF?
The short answer is yes! Some funds charge exit fees, although this is now less common. Transfer fees and taxes may also be applied, plus establishment costs. Given the complexity and potential costs involved, it is highly recommended that you seek professional advice from a qualified financial adviser or accountant to help you understand the costs involved and advise on the setup process.
"Are you ready to
take control of your super?."
