SMSF Accountants Sydney
Compliance And Tax Return
The most important parts of an SMSF can be abbreviated as “CART” i.e., Compliance, Administration, Reporting and Tax. The Australian Taxation Office has put a lot of compliance requirements on SMSFs to make sure they are delivering meaningful outcomes and returns. There are a lot of rules to be followed during setting up an SMSF and running one. There are also rules on where you can put your money and how you are keeping your records.
Moreover, administration and taxation are both ongoing processes and the complexity of them both demand attention from taxation and accounting professionals who can help you in the administration of the fund. And if you are from Sydney, SMSF Accountants Sydney can help you with this task.
The contribution and income both attract a tax rate of 15%, whereas capital gains are taxed at 10% after 1/3rd discount if the relevant asset had been owned for at least a year with some exceptions. SMSF taxation rules needs good knowledge and these make SMSF Tax Return Sydney complex and the help of the SMSF professional should always be considered.
If you are setting up an SMSF in Sydney, it is better to take assistance from SMSF Accountants Sydney for compliance, administration and taxation of your SMSF. Quick SMSF Accountants can help you in administration of your SMSF, file tax return and liaison with the Australian Taxation Office.
Benefits Of SMSF
SMSF is taking the do-it-yourself route towards managing your retirement money and superannuation fund. The main benefits of SMSF are investment choice as they provide range of investment options by following rules of the SIS act, tax benefits from concessional tax rates in the accumulation phase being 15 percent and, in the pension, phase no tax payable. Rules needs to be followed for these and also how much can be transferred to the pension phase and these percentage can vary in some situations. SMSFs have costs and need to lodge tax return annually and needs to be audited as well. As the SMSF grows the more cost effective it can be depending on the related investments and the costs for the professional services.
Our Fees
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…..
FAQ:
1. Who is an SMSF member?
Ans. SMSFs are allowed to have up to six members, each of whom will be the trustees of the fund or directors of the corporate trustee which is acting as trustee of the SMSF. There are some exceptions for single member fund. A member cannot be an employee of another member – unless they are relatives. SMSFs needs to be set up correctly. Only Members of an SMSF can contribute to the SMSF.
2. Is the establishment of an SMSF a tax deductible expense?
Ans. No, the establishment of a SMSF is capital expense and not a tax deductible one.
3. Is administration, audit and tax return fee a tax-deductible expense?
Ans. Yes, administration, audit and tax return fee, all are tax deductible expenses, which are to be paid by the superannuation fund.
SMSF or the Self-Managed Super Fund is a way to create wealth for retirement. With SMSF, you can take control of your retirement savings fund and is responsible for managing and following the rules set by the regulator or the SIS act. You can pool your money with other members and invest the pooled money collectively by following the rules and regulations.
To be considered an SMSF, your fund needs to have a trustee and the maximum of 6 members, who are considered as the trustees of the fund or the directors of the trustee company, where the trustees are not paid for their services towards the fund.
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