You can never go wrong with a self-managed super fund (SMSF) for your retirement savings. A superannuation trust structure developed to provide financial support to its members upon their retirement, SMSF offers multiple benefits. One of which is the amount of control that members have over their funds. It requires a trustee and has two trustee structure options: corporate and individual.
In the individual trustee structure, members are stated as a trustee provided that there are at least 2 trustees. As for the corporate trustee structure, the company takes the role of the trustee and members act as directors.
When setting up SMSF, hiring SMSF superannuation services proves beneficial. That is what we bring you here at the SMSF Survival Centre.
Why hire SMSF superannuation services?
Creating investment strategy, auditing, keeping SMSF records, lodging SMSF’s annual tax return– these are among the responsibilities that come with setting up SMSF. Managing these responsibilities on your own is not a walk in the park (especially if you’re a business owner with a lot on your plate). To satisfy your responsibilities as a trustee, you should be knowledgeable of superannuation and tax in Australia.
Australians either hire an individual accountant or hire an SMSF administration firm that provides accounting services. It becomes imperative to hire superannuation services if you already have a lot going on and can’t handle the administrative side of things.
Get advice from a professional
You know that you have got the back of experienced professionals when you outsource SMSF accounting services of accountants or an SMSF firm. They will be providing you with personal guidance at every step of the way, ensuring that you have professional support any time you need it. They only have your best interests in mind.
With them working for you, you’ll be surprised at how much more convenient it is for you to navigate through the complex process of superannuation and tax in Australia. Moreover, the pieces of advice you get from these professionals are geared towards reaching long-term success for your SMSF.
Get clear on multiple investment options for SMSF
The great thing about SMSF is the investment control it offers to members. By hiring SMSF superannuation services, you can get clear on, and take advantage of, multiple investment options for SMSF like residential property, commercial property, term deposits, direct share, collectibles, and more. An SMSF administration firm ensures that trustees like you invest wisely. They can help you create a well-structured strategy for your investment, making sure you have access to derivatives to offer downside protection or hedge your portfolio risk.
Streamline tasks with less paperwork
The key benefit of working with an SMSF administration firm is that they can streamline your work. Generally, their services can minimise manual data and documentation to avoid any error. They have automated software that ensures the accuracy of the work.
By letting SMSF professionals handle the administrative side of things, you can free yourself from the hassle of going through endless paperwork. You can also avoid errors that might lead to noncompliance with existing tax laws.
Ensure accurate auditing processes in place
Auditing is the biggest and most important obligation when it comes to SMSF taxation. Preparation of fund accounts, asset valuation, annual audit — trustees have to take care of everything that is compulsory before lodging annual SMSF tax return. When you hire SMSF superannuation services, you will have accountants or expert SMSF auditors to help you audit your funds precisely and complete your audit at the end of each financial year.
In addition to all this, they can also help you prepare and update your fund’s trust deeds. With accurate auditing processes in place, you can rest assured that you fulfil your obligations as trustee.
Minimise transaction costs and comply with laws
With an SMSF, members will have an almost seamless transition from the accumulation phase to the pension/retirement phase. You can easily transition to retirement without the need to sell down assets and trigger capital gains tax and other transaction costs. By hiring SMSF superannuation services, you can get advice on whether or not you should sell assets. Generally, SMSF firms do not encourage this as it would incur various taxes and fees in the process.
As a trustee, you can expect to retain your investments and begin to draw down on your balance as an income. SMSF administration firms will make sure that SMSFs comply with the tax regulations as set by the Australian Taxation Office. To avoid any violation, your best bet is to work with SMSF professionals.
Work with the right professionals for SMSF services
Are you prepared to set up your SMSF? Outsource your SMSF superannuation services to manage your SMSF tax return. Let the professionals assist you in controlling your taxes to avoid paying a large amount of tax every financial year. When choosing SMSF services, be judicious and consider certain factors like industry experience, credentials, and costs.
When it comes to managing SMSF contributions, payments, pensions, and investments, SMSF Survival Centre is the right place to be. Browse through our website for all superannuation-related information.