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Self Managed Superannuation Fund: The Ultimate Guide

Are you looking for a way to manage your own superannuation assets? Self Managed Superannuation Fund (SMSF) could be the answer for you. The Australian Taxation Office recommends that you have at least $200,000 in the fund to make it economically feasible to set it up.

Professional Assistance from Our Experienced Accountants

Our professional accountants at Inner West Sydney, Northern Beaches and Adelaide are highly experienced and specialized in SMSF, and are here to help you along the way. Our principal John Cheng was an SMSF Auditor before he resigned from the role. He has since left, but his extensive experience in SMSF compliance means he can work with the auditor to ensure that your fund is compliant.

Ensuring Compliance with the SIS Act and ITAA

All super funds must comply with the SIS Act, ITAA 1936, and ITAA 1997. As the leading CPA firm in the area, we can provide an affordable solution to ensure that your Self Managed Super Fund is compliant. As the trustee, it’s your responsibility to make sure that you lodge the SMSF tax return on time. If you don’t, your fund may become non-compliant, which could lead to penalties and the loss of its concessional status. Some possible penalties include:

  • Your fund remains non-complying every year; its assessable income is taxed at the highest marginal tax rate.
  • In the year it becomes non-complying, it must include in its assessable income an amount equal to the market value of the fund’s total assets less any contributions the fund has received that are not part of the fund’s taxable income.
  • Disqualify the trustee to become the trustee of the Self Managed Super Fund.
  • The Australian Taxation Office can impose criminal sanctions against the trustee for non-compliance.

The Benefits of Choosing an SMSF

There are many advantages to choosing a Self Managed Super Fund over a regular fund. The main two reasons are the cost advantages and the control that members get over their own investment decisions. As the trustee of the SMSF, you have more discretion when it comes to investing, but it must be within the SIS Act Scope. For example, you can invest in residential or commercial property, but the investment must adhere to the SMSF strategy to be compliant.

When you’re setting up an SMSF, you must also consider the ongoing fees and appoint a professional accountant or tax agent to manage the bookkeeping aspect of the SMSF. This helps to ensure that your fund remains compliant.