We can assist you in preparing the documentation necessary to set up your SMSF. We can also provide advice on the superannuation and tax laws to assist you in identifying any opportunities as well as ensuring that you are able to ensure compliance.
Superannuation is like that great potential prize but to get there you have to navigate through countless booby traps. There are significant tax concessions available within a superannuation environment. Additionally, someone who believes they have a better investment plan than a fund manager might also believe the returns from managing their own money will be higher. However, it also comes with a series of seemingly random pitfalls based on ever changing laws which gradually erode or complicate these concessions. In that sense, the superannuation laws represent the confusion of the government which tries to encourage savings so as to reduce pressure on the aged pension later, but then finds the concessions too generous and wants some of it back, or limited, or curtailed. In essence superannuation can be described as a significant tax concessionary environment for accumulating wealth and savings with restrictions of all sorts of how much can be accumulated and how long those concessions can last.
It is therefore necessary to ensure that, if you embark on this course, you are properly advised. In many ways, running a self-managed superannuation fund is like running your own industry superannuation fund, with all the attendant obligations and responsibilities. Ideally you will want to take advantage of what is available, but not fall for one of the booby traps.
The tax implications of running a self-managed super fund (SMSF) are significant and require careful consideration.
It’s important for SMSF trustees to stay informed about any changes to tax laws and regulations, as these can impact the tax implications of running their fund. Seeking advice from a qualified tax professional is advisable to ensure compliance and optimize tax outcomes for the SMSF.
In Australia, not everyone is eligible to establish a self-managed super fund (SMSF). Certain criteria must be met in order to open a SMSF.
Yes, you can use your self-managed super fund (SMSF) to purchase property, but there are specific rules and regulations governing this type of investment and not all types of transactions are allowed.
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