SMSF Accountants Perth
SMSF Accountants Perth
In Australia to set up an SMSF, which is basically a superannuation fund, focused on providing benefits to its members on retirement. Benefits of setting up such a fund can be numerous, from more control on your retirement fund, more tax saving strategies, investment control. But, as these are mostly retirement funds, the Australian Taxation Office which is the regulator of the SMSFs is pretty strict towards its compliance with the rules and management.
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Basic Overview
For your superannuation fund to be qualified as an SMSF, there need to be a maximum of 6 members or need trustees of the fund, who have pooled their money together in this fund. The trustees or the members can’t be paid for their services towards the fund. Now, setting up of the fund is not a tax deductible expense, for it is considered as a capital expense. However, the expenses towards the administration and tax return are tax deductible.
The basic working principle is that the members/trustees of the fund set up the fund and take control of the investment decisions and need to devote time every year in the management of the fund and lodge tax return yearly after SMSF audit completed. And they can always take help of SMSF Accountants Perth to manage and in the administration of the fund.
Compliance, Administration, Reporting And Tax
The responsibilities of an SMSF can be described with the abbreviation “CART”, which is Compliance, Administration, Reporting and Tax.
Starting with the setting up of the fund, the SMSF needs to follow certain rules as prescribed by the ATO. An SMSF can invest in range of assets but there are set rules regarding the investment and structure that needs to be followed. The investments can range from direct property to even artwork within the SIS act rules.
However, compliance in terms of reporting and bookkeeping can be pretty time consuming. Every SMSF will have to keep the records, do tax registration and file taxes regularly. They will also have to maintain regular communication and correspondence with the Australian Taxation Office and needs to complete certain tasks in set timeframe.
The SMSF will also have to be audited by an approved SMSF auditor, who will conduct both a financial and compliance audit of your SMSF. A specialized accounting firm like Quick SMSF Accountants can help you in preparing annual statements, compliance reports and advise you on the ever changing superannuation rules.
If you are setting up an SMSF in Perth, qualified SMSF Accountants Perth can be hugely beneficial for your SMSF compliance and SMSF Tax Returns Perth.
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Our Services
We offer a broad array of services concerning accounting and administrative support. Here is the description:
SMSF Accountant
We are one of the leading SMSF Accounting Services in Melbourne, offering an expert, dedicated team of accountants for adequate client support. Our team helps you with fund accounting tasks and valuable administration in your….
SMSF Tax Return
The tax infrastructure of Australia is complex to understand, but with us, your SMSF tax returns are in safe hands. Our team manages the complete paperwork, ATO return, and claims accurately. We offer high-end support to our clients with the SMSF tax return …..
SMSF Bookkeeping
Quick SMSF Accountants offer advanced bookkeeping services with a modern alternative to superannuation trusts. By this, we offer expert accounting support and assistance to use it in the management of Self-Managed Super Fund. Our team…..
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FAQs:
1. Do all the members of an SMSF need to trustees or director of trustee company?
Ans. Yes, all members need to be trustee or director of the trustee company of the SMSF. From trustee side there are special rules for the single member fund.
2.Will the SMSF assets be considered as the members’ personal asset?
Ans. No, the SMSF assets will be treated as a separate asset and the assets of an SMSF must not be used for any personal or business purposes.