Self Managed Superannuation Funds (SMSF)
With more and more Australians taking control and responsibility for their own retirement, there is a dramatic uptake in establishing and running a SMSF.
There are more than 599,678 SMSF in existence with combined assets worth over $748 billion, it is no wonder why so many people are asking about the benefits.
SMSF offer a number of advantages over retail or industry super funds, like:
- Choice and flexibility of what assets to invest in (e.g. direct property, shares etc.)
- Ability to borrowing in your SMSF via a limited recourse borrowing arrangement (LRBA);
- Greater control over estate planning and taxes payable on death benefits
- Lower fees (as a percentage of balance) then other funds
- Maximise tax-effective planning in retirement
- Choice of insurance policies that suit your needs
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.
Our 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 setup and commutation
Liaise with your auditor for a smooth audit process
Strategies and taxation advice around estate planning