SMSF Administration Services
With the invaluable expertise and advice of an experienced accounting professional, getting your SMSF setup can be relatively straightforward. If you’re ready to establish your SMSF, Verus Accountants & Advisors can assist you in your SMSF administration process and other superannuation services for you.
How does an SMSF Setup Work
An SMSF Specialist can help manage your SMSF funds by making investment decisions that are beneficial to you. All SMSFs setups are legally required to have a document investment strategy, which guides trustee decision making and satisfies the sole purpose test. When developing an SMSF investment strategy, consider the following factors:
- The individual characteristics of fund members, eg. age, current financial situation, and risk profile.
- The benefits of expanding the fund’s investments to reduce financial risk. Investment options include fixed interest products, shares, and real estate.
- How quickly assets can be converted to cash to pay future member benefits.
- Current insurance needs to ensure appropriate coverage is arranged.
Benefits of a SMSF:
Having an adequate superannuation can be a lucrative investment vehicle. Therefore, having an SMSF setup can be host a variety of financial benefits, including:
Greater flexibility with tax: SMSFs that comply with super legislation are usually entitled to have member contributions and fund earnings taxed at the concessional superannuation rate of 15% in Australia
Greater control over investments: With an SMSF, you have more control over how your funds are invested. You can invest directly into a residential estate, instead of being restricted to property trusts.
Estate planning: Compared to other public funds, SMSFs provide flexibility with member death benefits. With an SMSF, we can help you ensure that your death benefits are paid to a dependent as a pension instead of a lump sum, allowing the fund to continue to run. We can also make sure that funds are distributed to future generations tax-effectively, and that non-cash assets are transferred directly to a beneficiary.
To ensure that your SMSF is in compliance with superannuation legislation, SMSF trustees must demonstrate they can follow a number of administrative obligations. Our Verus accountants and SMSF administration specialists can assist you in ensuring that all necessary documentation is in compliance with the ATO’s administrative obligations, and prevent the possibility of incurring penalties. At Verus, we can assist you with the following:
- Sign and submit trustee declarations to the ATO once the fund has been set up.
- Ensure that the fund is set up with a trust deed.
- Appoint an independent auditor who is licensed by ASIC.
- Value fund assets at market value.
- Pay the ATO supervisory levy.
- Provide event-based reporting.
- Report any fund member or trustee changes.
- Maintain general and financial fund records.