Managing retirement funds is a critical aspect of financial planning, and in Australia, the concept of SMSF has gained substantial traction due to the amazing returns one can generate from this fund. Self Managed Super Fund is a tool that is empowering individuals to take charge of their superannuation when utilised properly taking assistance from expert guidance. It provides a range of benefits but requires careful consideration and hence it is always advised to take the assistance of professionals who offer their support services for managing the super fund.
Let’s Have a Look at The Services Offered by Super Fund Specialists
- Super Fund Audit: SMSF audit is quintessential for compliance with the prevailing regulations and auditors must be independent. One can contact an audit specialist to get the fund audited at least once a year.
- Super Fund Setup: Establishing a Super Fund involves forming a trustee structure and adhering to legal and regulatory requirements and can be quite difficult to understand without the advice of professionals. Individuals can choose to be individual trustees or appoint a corporate trustee and then the process begins with drafting a trust deed and registering the fund with the Australian Taxation Office (ATO).
- Super Fund Administration: This encompasses tasks like record-keeping, preparing financial statements, lodging annual tax returns, and complying with reporting obligations, and can be daunting for most people. Hence to ensure accurate and up-to-date records, most people outsource the work to specialists having expertise in various Super Fund administration procedures.
- SMSF Compliance: The work of ATO is to closely monitor the Super Funds to ensure compliance with the law and hence adhering to regulations, investment restrictions, and contribution limits is imperative. Regular audits by independent auditors play a vital role in maintaining compliance and providing assurance to members.
Reach out to the leading self-managed super fund specialists by phone or raise an online enquiry for getting further details and enjoy better retirement with a good amount.
