Why do people start an SMSF?
It is also called a self-managed super fund. It allows people to take control of their retirement savings. Some people don’t want to live off just the money they have saved, they want to grow the money through retirement savings plan with strategic investments. They can invest in properties, shares, and other assets if allowed by the law. The fund helps to give control, reduce costs, gain tax advantages, and build more wealth for retirement. Since generating wealth is a serious undertaking, people who manage super funds often require expert help in the form of super fund accountants and other professionals.
Why do people start a fund collectively?
There are multiple benefits. As the name may suggest, a fund is normally started by multiple individuals. For example, different family members can pool together their savings and establish an SMSF – up to 6 members. They can be family members, or they can be business partners. This increases your investment money pool, reduces cost and consequently, also increases your returns. Since the pooled money is more than individual savings, trustees have more power over where to invest your money. For example, if you want to buy a small commercial building it may be difficult for you to buy it as an individual, but it’s easier if multiple people contribute.
Also, you pay a lower tax when you generate money via the fund because of concessional tax treatment for retirement savings.
There are many retail industry super funds available where individuals can put their retirement money but they may not be cost effective – no matter how much money you make, you will need to pay an ongoing fee to the retail super fund managers.
Taking control of your retirement savings with Quick SMSF Accountants
You are managing your own super fund or thinking of starting one. This means, instead of relying on traditional super funds or instead of depending on whatever savings you have managed, you want to grow your wealth by taking control. You intend to accomplish this by investing in properties, shares or other investments allowed by law. For such a goal, a self-managed super fund is an option. You pool resources with family members. You have collective pool. You are excited about your future investment decisions with full control over them.
But soon, you realize that managing an SMSF isn’t as simple as it seemed initially. Strict regulations. Tax returns to prepare. Detailed financial records to maintain. It’s not just about entering numbers into an Excel sheet – SMSF accounting requires thorough understanding of compliance laws. Maintaining books and staying updated with different SMSF rules becomes your main activity instead of managing your super fund. On top of that, when it comes the time to submit your tax returns, you feel overwhelmed and don’t know where to start.
This is where agencies like Quick SMSF Accountants can help you. Our services are available across Australia. If you are managing your super fund in Melbourne, Sydney, Perth, Adelaide, Hobart, Brisbane, Gold Coast, Darwin, or regional locations like Geelong or Ballarat, our team is just a call away.
Working with Quick SMSF Accountants can completely change the game for you. We will prepare financial statements. We will ensure tax compliance with superannuation laws. We will lodge tax returns accurately and on time. When you work with us, you will work with people who meet all regulatory requirements.
Once you start working with us, you no longer need to worry about accounting compliance, accuracy, or deadlines of accounts and tax return. We will monitor your fund accounting activities. We will ensure all tax obligations are met. We will handle your annual accounts as well as day-to-day transactions and transfer balance account reporting. This will allow you to entirely focus on making investments for your fund.
Let Quick SMSF Accountants help you wherever you are in Australia.