Self-Managed Super Funds
In Australia more than 14 billion dollars a year is being moved from industry or employer superannuation to self-managed super funds (SMSF) by individuals that enjoy the control operating their own super fund gives them. Nonetheless, it is vital to recognise that the sense of control operating a self-managed fund provides comes with the burden of greater responsibility. A self-managed super fund differs from other kinds of super funds because the members must also act as trustees; they have to take on the administration of the fund.
Just under a million people bear that responsibility, because they recognise setting up a self-managed super fund is a viable option for taking control of their financial future and making the most of their retirement. However, it should be noted that the Australian Taxation Office (which is responsible for the regulation of self-managed funds) declares several hundred funds ‘non-complying’ each year because the trustees either don’t do the job properly or make mistakes because they are unfamiliar with all the laws governing self-managed super funds. Once a fund has been declared ‘non-complying’ by the ATO, it loses all the generous tax concessions that the superannuation system affords self-managed super funds. Furthermore, the government is intensifying the burden of responsibility already placed on trustees by increasing the requirements for more rigorous fund auditing and more regular fund reviews. Also, from July 1st, 2013 the government will place a ban on self-insurance by superannuation funds and most SMSF will not be permitted to offer benefits for death, terminal illness, permanent incapacity or temporary incapacity cover unless the fund holds external insurance cover to meet the payment of those benefits. And, there will be a limit on the types of insurance cover the fund is permitted to hold. The list of changes being made by the government to the legislation and laws pertaining to self-managed super funds is extensive and under constant review. Changes are also being made to the way you can use your SMSF for investing in property.
This is why it is extremely important to get the right advice and help with setting up your self-managed super fund, as well as receiving reliable and trustworthy ongoing support and investment advice. At MAS Tax Accountants we not only give honest and transparent advice at all times; ensuring the intricacies of setting up and operating a self-managed super fund is easily understood. All of our SMSF Accountants keep up to date with the changes in legislation and taxation laws relevant to self-managed super funds, thereby eliminating the risk that your self-managed fund would be deemed ‘non-complying’ by the ATO.
Our dedicated SMSF Accountants at MAS Tax offer a wide range of Self-Managed Superannuation services including:
- Working out if a Self-Managed Super fund is right for you
- Formulating your Self-Managed Super Investment Strategy
- Annual Financials and Tax return
- Self-Managed Super Audit
- Property lending for Self-Managed Super funds
- Property Investment advice (both investment advice and ensuring your investment is legal under the Self-Managed Superannuation laws)
- Investment Advice
- Insurance Advice
- Advice on related party transactions
- Related Party Lending
We operate on a true fee for service model so we are always more than happy to assist you with advice when you need it, but still leaving you in control of your investments. We also work with the trustees of self-managed super funds every day, and our services go beyond the normal set up and basic administration. In all our work we aim to be available for any problems you may have and explain the operation of your self-managed super fund in plain easy to understand language.
For an appointment, or a confidential discussion of your needs, please contact our Tax Accountants today, or call 1300 627 829.
