SELF MANAGED SUPERANNUATION FUNDS (SMSF)
Note: Specific Advice in respect of Superannuation is now a "regulated product" and may require a formal Statement of Advice to ensure that it is appropriate to your circumstances. The following comments are general in nature, and not a substitute for specific advice applicable to you.
SMSFs are rapidly increasing in popularity, and we are continually updating our skills to meet the demand
Our Services include assisting trustees with their administration and compliance obligations - preparation of financial accounts and tax returns, and to perform audits.
Self Managed Superannuation Funds do not suit everyone, and hence our initial interview will canvas issues to help your understanding of the advantages and disadvantages. Our initial interview will be free of charge, and our rates are competitive with other firms. Having said this the step to a SMSF requires far more consideration and ongoing costs so should not be taken lightly.
A few tips for trustees: i.e. traps to avoid.
Ensure there is separation from personal assets (and that this can be demonstrated)
Ensure that there is no personal use of the assets, and the sole purpose test is maintained
Life insurance may be deductible, but this needs to be a new policy in the name of the fund
Borrowing inside the superannuation fund is now permitted but subject to very specific rules including the property being registered in the name of a "custodian", and usually results in higher bank charges, application fees, and interest rates etc
If you would like to add your "horror" story to this page to share with others please let me know.