Self-Managed Superannuation Funds (SMSFs) represent the largest single superannuation sector in this country, and all SMSFs have legal obligations attached which you need to be aware of. By understanding your individual circumstances, CBSW Tax and Business Advisors are able to provide advice on the Superannuation Industry (Supervision) Act in relation to you and your fund. Our team is able to attend to the compliance requirements of of SMSFs. All SMSFs are required to be audited and we outsource this to highly experienced SMSF auditors.
What is a Self-Managed Superannuation Fund?
A SMSF is a private superannuation fund which can have up to four related members, and is highly targeted to nurture the future retirement goals of its members. SMSFs are a form of Trust formed under a Trust Deed and governed by the Superannuation Industry (Supervision) Act and the rules of the Trust. Members of a SMSF are required to be Trustees, whether it be individually or as a Director of a Trustee Company. Due to the closely held nature of SMSFs it is important that members are active in managing their retirement needs along with understanding their obligations.
A traditional superannuation fund will have multiple members with varying needs, but the small nature of a SMSF means the control and decision making is in the best interests of all those involved.
The Role of the Trustees or Directors
Those who run an SMSF will be responsible for choosing investments and making decisions, and a sound knowledge of risk is essential. They will need to be aware of their legal obligations and ensuring the Sole Purpose of the Fund is met, which is to fund retirement. Running a fund can be time consuming and does require some level of experience and skills.
Just like a traditional superannuation fund, a SMSF needs accurate record keeping. Tax returns and audits need to be prepared and arranged, and help from professional services including a qualified accountant will ensure you are equipped to efficiently manage this process.
How Our SMSF Advisors Can Help
At CBSW Tax and Business Advisors our experienced team can offer you services to complement your SMSF. We understand when you are preparing for your retirement you want to make the right choices early on to ensure maximum return when you need it.
If an investment or insurance advice is required, we have a network of external professional financial planners available. If it is found this style of fund is right for you, we can assist you in starting the process and making sure all of the legal boxes are ticked.
We are familiar with the correct procedures, and make use of technology to provide accurate information to help support your goals. While the trustees do need to be involved in the management of the fund, our knowledgeable staff have access to accurate and up to date information.
Contact Us
CBSW Tax and Business Advisors are a boutique firm based in Western Australia. Our team has extensive experience and knowledge while still being friendly and approachable. We offer a range of professional services, and are equipped with the skills to assist you with your self-managed superannuation fund. If you would like to discuss your self-managed superannuation fund needs or enquire about any of our other services, please contact one of our specialist Directors today.
