SMSF Accountants Brisbane
Quick Accountants Accountants
Setting up an SMSF can be another way to save for your retirement, but you need to plan accordingly. There are a lot of regulations to be followed and a lot of compliance to be maintained. So, if you are setting up an SMSF in Brisbane, the best option is to consider help. Professional SMSF accountants Brisbane can help to maintain compliance and prepare you for financial and compliance audit. Moreover, you can get accounting advice on how to best manage paperwork of your superannuation fund.
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Qualified SMSF accountants Brisbane will advise you in the accounting and tax related tasks of your SMSF, what should be your role and how to fulfill this in the administration and discuss the tax strategies for your Superannuation fund. For example, you may want to invest in multiple investment opportunities with your SMSF, but more the number of investments, more will be the compliance and paperwork. Now, especially for the SMSF, the scale of compliance is already high and a lot of tasks needs to be completed every year. Taking the help of an SMSF Accountant should always be considered.
SMSF on the other hand offers much more control, options and flexibility in terms of investment. You can invest in artworks, property, shares, managed funds and others. SMSFs give you the control of the investment choice but need to follow all the rules set by the regulator and the SIS act. Investments in SMSF must be made for genuine retirement purposes, not to provide any present-day benefit. SMSF investments must comply with all other relevant investment restrictions, including the sole purpose test.
Here the professional comes into the picture. Any professional SMSF accountants Brisbane like Quick SMSF Accountants will help you to understand and follow SMSF regulations. They will help you in the tax strategies and in the preparing of the annual statements. They will also help you in preparing SMSF tax return Brisbane and maintain correspondence with the Australian Taxation Office.
SMSF Assets - Quick SMSF Accountants
SMSF assets need to follow the rules of the SIS act including the purchase and sale of the asset. As an example, regarding the purchase SMSF can’t buy asset from the related party of the Superfund or member even if the market value is obtained (there are some exceptions to this rule). SMSF investments must always be made on a commercial arm’s length basis. SMSF investments buy/sell price should always reflect the true market value of the asset.
The rules set by the regulator and the SIS act regarding the asset valuation should always be followed. Your SMSF must always comply with the asset valuation rules and regulations.
FAQ:
1. Is it possible to open an SMSF with only one member?
Ans. Yes, it is possible to open an SMSF with only one member. There can be a maximum of 6 members in an SMSF.
2. Which are the parts of an annual administration of an SMSF?
Ans. Annual administration includes accounting, auditing and preparation and submission of tax returns with the ATO and other tasks relevant to the SMSF.
3. Who will decide where to invest SMSF money?
Ans. SMSF trustees have the control where to invest the SMSF money within the rules of the SIS act. However, they can take help of a Licensed professional Financial Adviser.
Quick SMSF Accountants Brisbane
Suite No. 1379
17 Gould Road
Herston QLD 4006