Self-Managed Superannuation Funds (SMSFs)
Self-Managed Superannuation Funds (SMSFs) offer an attractive option for individuals and business owners seeking greater control over their retirement savings.
Wryde SMSF accountants specialise in assisting clients with establishing SMSFs, providing the flexibility to make informed investment decisions tailored to their financial objectives. From initial setup to ongoing management, our professional team ensures compliance while supporting wealth-building strategies.
SMSF
Services.
SMSF Setup
Establishing an SMSF demands careful consideration and expertise. At Wryde, we begin by assessing your financial goals and determining the feasibility of setting up an SMSF based on your super balance and business objectives. If deemed appropriate, we handle the setup process, guiding you through documentation and structures. Once active, we manage accounting and audit requirements to maintain compliance.
Strategic Advice + Compliance
Given the complexity of SMSF regulations, strategic advice is essential. Wryde offers guidance on various aspects, including property development, tax-saving contributions, pension setup, and estate planning. Our collaboration with financial planners ensures comprehensive strategising for your SMSF journey.
With extensive knowledge of superannuation legislation, Wryde's SMSF team supports trustees, accountants, and financial planners in navigating compliance requirements effectively.
Superannuation Strategy Review
Considering the enduring benefits of superannuation, Wryde encourages clients to explore strategic options for maximising retirement savings. Beyond conventional retirement planning, superannuation can facilitate diverse strategies, such as property investment or transitioning to retirement income streams. Our Superannuation Strategy Review encompasses structural assessments, tax optimisation, asset acquisition, and funding strategies to optimise your financial future.
Frequently Asked Questions.
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An SMSF, or Self-Managed Superannuation Fund, is a type of retirement savings fund in Australia managed by its members, who serve as trustees. It allows individuals to have greater control over their retirement savings and investment choices.
SMSFs are generally taxed at a concessional rate, with income from investments typically taxed at a rate of 15%
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Yes, joint superannuation funds are permissible for couples wishing to pool their retirement savings.
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The primary contrast lies in the self-management aspect of SMSFs, where members also act as trustees responsible for fund management. This grants greater control and flexibility in investment decisions but also entails the obligation to adhere to superannuation regulations. Conversely, other funds, such as industry or retail super funds, are typically overseen by professional fund managers.
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Only auditors approved under superannuation law can conduct SMSF audits. These auditors must be registered with ASIC and hold an SMSF auditor number (SAN), meeting various qualification criteria and residency requirements. ASIC maintains public registers of approved and disqualified SMSF auditors for reference.
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Determining suitability depends on individual circumstances. For further insights, visit here: www.wryde.com.au/news/smsf-manage-or-not-to-manage
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There are no specific limitations on SMSF names; however, caution should be exercised to avoid misleading or deceptive names that may lead to legal consequences. Additionally, corporate trustees cannot adopt names identical to existing companies or business names. Seeking professional guidance for naming decisions is advised.
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While most SMSFs opt for individual trustees, a corporate trustee structure may be required, particularly when securing property loans from banks. The decision between the two structures involves weighing the pros and cons, detailed further on the next FAQ.
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Here are some benefits of opting for a Corporate Trustee for your fund:
• Many financial institutions mandate a Corporate Trustee for SMSFs to facilitate limited recourse borrowing arrangements or to extend larger loans. It's important to note that some lenders may not accept a trading company as a valid structure for an SMSF Corporate Trustee.
• With a Corporate Trustee, SMSFs do not need to change the name on assets held in bank accounts, share trading accounts, or similar, in the event of changes in membership or trusteeship.
• SMSFs with a Corporate Trustee are subject to a single penalty from the ATO in case of breaches under the SIS Act. In contrast, SMSFs with individual trustees face penalties where each trustee is individually liable, resulting in full payment by each. For instance, if an SMSF with 4 individual trustees incurs the maximum penalty of $10,200, each trustee must pay $10,200, totalling $40,800. In contrast, an SMSF with a Corporate Trustee is obligated to pay a single maximum penalty of $10,200, regardless of the number of directors in the fund.
Disclaimer: The information contained in this website is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs and where appropriate seek professional advice. Taxation, legal and other matters referred on this website are of general nature only, and are based on interpretation of laws existing at the time and should be not relied upon in place of appropriate professional advice. Those laws may change from time to time.