What is a self-managed super fund (SMSF)?

Categories: Superannuation
12 February 2019

A self-managed super fund (SMSF) is a popular way that many Australians trust to help them prepare financially for retirement.

The primary difference between SMSFs and other types of super funds is that the members are also the trustees who control the investments and provide active management of the SMSF.

Members who have SMSFs in Malvern or anywhere else in Australia will know that seeking the advice of a qualified accountant is crucial to ensuring you are on the right track and that your financial future is secure.

A professional SMSF accountant will take you through the entire process and ensure that you are clear about your obligations at a time when the Government is encouraging Australians to take responsibility for their financial retirement goals.

SMSFs provide financial benefits for their members on retirement, or their beneficiaries on death.

These days, people are increasingly required to deal with superannuation funds, which can be a daunting prospect for some.

SMSFs enable up for four family members to control their investment strategy and pool their superannuation to invest together while controlling administration costs. The tax rate on earnings and contributions is ordinarily 15%, making a SMSF a tax friendly investment vehicle.

There is significant responsibility involved and as a trustee you are required you to maintain records, provide financial statements, complete a tax return and organise an independent audit.

For this reason, it is always advisable to seek the advice of an accounting professional.

While the trustees still hold ultimate responsibility for their SMSF, there is much less room for error or oversights if they have engaged the services of an experienced SMSF advisor.

Superannuation law is a delicate area and a personalised approach is required for each individual circumstance. The team at Scott Partners are superannuation experts who can assist to coordinate the establishment of a superannuation fund that will enable you to stay in control of your financial retirement goals.

Services offered include:

  • Coordinate the establishing self-managed superannuation funds.
  • Preparation of annual Financial Statements and income tax returns.
  • Superannuation audits.
  • Guidance on compliance matters.
  • Guidance on taxation benefits.
  • Guidance on employer obligations.

Contact Scott Partners today on (03) 8686 9000, or email for a free, no obligation quotation.

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