SMSF ACCOUNTANTS IN PERTH
As self-managed superannuation funds (SMSF) are becoming increasingly popular, there has been an increase on the rules, regulations and penalties surrounding them. As the fund’s trustee, it’s your responsibility to make sure the fund is correctly and professionally audited, which is why our accountants in Perth at Dry Kirkness are here to provide you with professional advice regarding how to keep your self-managed super fund compliant.
AUDITS & COMPLIANCE FOR SELF-MANAGED SUPER FUNDS
The Australian Taxation Office has recently increased the penalties for non-compliance, and now has the power to freeze your assets or even remove you as the fund’s trustee. This means it’s more important than ever to comply with superannuation law.
A self-managed superannuation fund audit is a complex procedure, and only ASIC-registered auditors independent from the your Self Managed Superannuation Fund accountant is authorised to perform them.
Dry Kirkness has expert knowledge in tax and compliance for self-managed superannuation funds in Perth, and enjoys providing this service to our clients. To meet the requirements of the restructured APES 110 Code of Ethics for Professional Accountants we are no longer eligible to conduct the self-managed superannuation fund audit as well.
When it comes to your self-managed superannuation fund, it’s crucial that you have a registered auditor assess its compliance and performance. We can introduce you to a registered auditor for an individualised and comprehensive assessment who is specifically skilled in this area.
SMSF SUPPORT WITH DRY KIRKNESS
While Dry Kirkness is not an investment advisor, our extensive experience and knowledge base as an independent accounting firm means we can provide important insights into your self-managed superannuation fund to ensure it is both compliant and optimally performing.
SELF MANAGED SUPER FREQUENTLY ASKED QUESTIONS
What is a Self-Managed Super Fund (SMSF)?
A Self-Managed Super Fund (SMSF) is a savings vehicle for your retirement. An SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependents. It can have no more than six members and all members must be a Trustee. The Trustee of an SMSF can be an individual or a company and manages the activity of the fund within the requirements of the superannuation and taxation laws. Once established, the SMSF can accept employer or member superannuation contributions. An SMSF can be appealing to some people as they (as Trustee), can effectively choose their own investments for the Fund (subject to the prevailing superannuation and taxation legislation). While control of your superannuation and retirement may sound appealing, it does come hand-in-hand with required responsibility, commitment and understanding. At Dry Kirkness, our self-managed superfund accountants in Perth can assist in the setup and maintenance of an SMSF, get in touch with us today.
What are the advantages of having an SMSF?
As a member and trustee, you decide where the SMSF’s assets are invested (subject to super and tax laws). Investing through an SMSF may provide a wider range of investment products such as Property that are typically more restricted than retail Superannuation Funds. Some strategies allow for an SMSF to acquire the business premises or commercial property from the owner and then lease the property to a related party or business.
All Superannuation Funds have concessional tax treatment at a rate of 15%. However, an SMSF has the opportunity to engage in tax planning strategies to effectively manage tax.
An SMSF offers Asset Protection as the benefits of members are protected against any potential claims of Creditors against Business owners.
An SMSF can assist with Estate Planning. There are more options and greater flexibility in dealing with Death Benefits within an SMSF environment. For example, Death Benefits may be paid to a Dependent as a Pension rather than a lump sum, allowing for the future operation of the SMSF to continue.
Should I get an SMSF Accountant to help me set up my self-managed superfund?
Superannuation is a complex and highly regulated area. There are strict rules surrounding the responsibilities of the Trustees of the Fund and the investments that a Fund can make to achieve those retirement objectives. Our specialised SMSF accountants can assist with navigating superannuation legislation, meeting annual obligations and ensuring compliance with the required superannuation and taxation laws.
How long does it take to set up an SMSF?
It is recommended that appropriate financial advice is obtained prior to setting up an SMSF. If you decide to commence an SMSF, we can obtain the required trust deed, and help you register the fund with the ATO. This is required before you transfer money into the fund and start investing.
How can Dry Kirkness help me with my SMSF?
The SMSF accountants at Dry Kirkness can initially assist with the set-up of your SMSF and registration with the Australian Taxation Office. Following that, we can support your self-managed fund in meeting its annual accounting and taxation obligations and the maintenance of the accounting records for the Fund. We can provide timely taxation advice to assist with the changing needs of the members of the Fund as they progress through life.
An SMSF is also required to be audited. Dry Kirkness can assist with a referral to an appropriate auditor, manage the audit process and liaise with the auditors on any compliance matters.
Running an SMSF comes with great responsibility Dry Kirkness will provide the necessary accounting and taxation foundations to complement the running of your Fund.
Lastly, we have a vast network of talented legal and financial professionals to who we can refer you for any support the Fund needs, financially or legally.
Can I borrow money from my SMSF?
Except for a few specified exemptions, an SMSF cannot borrow money. The rules and regulations that apply to borrowing are complex and we can assist you as required.