A self managed superannuation fund (SMSF) is an increasingly popular structure for people seeking to:
- Take more control over how and where assets to fund their retirement are invested,
- Hold assets in a safer, more protected structure than most other structures, and/or
- Access lower tax rates, eg as low as 15% on deductible contributions and earnings, 10% on capital gains for assets held longer than 12 months and 0% (yes, zero!) on earnings from assets used to fund an account-based pension. Higher rates for some individuals and members may apply.
So if you are:
- looking for an entity in which to hold your business premises,
- interested in borrowing via a SMSF, or
- need help with tax and accounting for your SMSF,
we should talk.
With the growth in this sector, along with the varied strategies now available within an SMSF, the Australian Taxation Office (ATO) is keeping a “close eye on things”. For this reason it is important that any Self Managed Superannuation Fund be set-up and administered correctly.
We have been helping our clients with the administration and compliance requirements of their SMSFs for many years including advice around tax implications of:
- Making contributions to a superannuation fund,
- Receiving superannuation benefits,
- An SMSF purchasing or disposing of property and shares, including capital gains tax,
- Commencing a pension (e.g., an account-based pension),
- Insurance policy proceeds.