SELF-MANAGED SUPER
Having a self-managed super fund (SMSF) can be a great way to control your savings for retirement and determine your own investment strategy rather than leaving it in the hands of others. However, SMSFs aren't for everyone. Before you set one up, sit down and talk to our accountant and financial planner. As you'd expect, our expert team is ready to advise you on how to make sure you have a complying fund.
GETTING YOUR SMSF UNDER CONTROL
Our financial planners can advise you on where and when to invest. Our accountants make sure that administration of your fund is carried out each year efficiently and punctually and, most importantly, they make sure your fund remains compliant. A complying fund is one that abides by the various laws pertaining to SMSFs, including being audited once a year. We appoint that auditor on your behalf with your agreement. Because we're part of the same firm, we can work as a team for your security in retirement.
WHAT HAPPENS IF I MY SMSF ISN'T COMPLIANT?
SMSFs are subject to the Superannuation Industry (Supervision) Act 1993. If the ATO finds that an SMSF is non-complying, it can issue an assessment on the fund totalling almost half its assets.
For example: If a non-complying SMSF has assets of $1,000,000 in shares, the ATO can demand payment of $465,000. That is the worst penalty to be found in any Australian tax system.
SOME GOOD REASONS NOT TO SET UP AN SMSF
- Your assets amount to less than $200,000.
- You don't have the time to personally manage the investments.
- You are not sure of the duties of being trustees or the strict guidelines for investing the fund's assets.
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