Self Managed Superannuation Fund (SMSF) Is it right for you?
With more and more Australians taking control and responsibility for their own retirement, there is a dramatic uptake in establishing and running a SMSF.
Previously, SMSFs were used mainly by small business owners and self-employed people. Over time, many people outside those traditional categories, such as employees and retirees, have been establishing SMSFs.
The following questions may help you decide if a SMSF is right for you:
- Do you wish to have total control over your super savings?
- Do you wish to access investments not available through a managed or industry super fund (e.g. direct property via use of limited recourse borrowing arrangement or access to specialised investments)?
- Do you understand the obligations of operating your own SMSF?
- Do you have the time and expertise to manage your own SMSF?
- Do you wish to protect business real property from potential bankruptcy?
- Do you want a wide choice of insurance policies that suit your needs?
- Are you interested in maximising tax-effective planning in retirement?
Unfortunately, for many people the task of running a SMSF and complying with the strict rules set out under the Superannuation Industry (Supervision) Act 1993 (SIS Act) can be daunting and off putting. Parallax Accounting offers a wide range of pro-active services that will help you navigate through the mine field and ensure you receive strategic advice to help grow your superannuation savings for your retirement.
Some of the services we offer to you:
- Establishing your SMSF
- Establishing limited recourse borrowing entity (bare trust) – borrowing within super
- Preparation of annual financial accounts and ATO annual return
- Help you to meet your annual administrative requirements
- Advice on taxation benefits and pension strategies
- Pension administration (setup and commutation)
- Liaise with your auditor for a smooth audit process
- Strategies and taxation advice around estate planning
If you would like to set up a super fund, need advice on your existing fund or would like to discuss how we can help you borrow using your SMSF please contact us for a no-obligation consultation.