Self managed superannuation funds (SMSF) give you the opportunity to have more control over your finances and mange the all your investments. With this type of super fund you can choose where you money are invested, whether that be in property or shares and you really have many investment options to choose from. Besides having a wide range of investments choices with SMSFs you can keep track of your retirement savings and get a better insight into how your finances are managed. Flexibility and convenience are the key features of this super fund which has been one of the fastest-growing in Australia in the past few years.
With the growing interest for these super funds they have really come to be the best choice when it comes to choosing a reliable structure where you can invest your retirement assets. Prior to setting up your super fund you should first get informed about the whole procedure. Now you should know that one SMSF can't have more than four members who have the role of trustees and have the responsibility of running the fund. You as a member and trustee will be in charge of your super fund and this includes managing finances, investing assets, paying different benefits and of course making sure that everything complies with the specific SMSF laws and requirements. With the right professional advise you can easily set up and mange your fund. So getting the advise and guidance from a trustworthy SMSF accountant is essential especially during the whole set up process. As we already mentioned the super fund must comply with the ATO regulations and laws and this is where your accountant can give you an expert insight into the entire procedure. Now there are of course some important considerations to bare in mind when choosing the right accountants.
First it is essential to find accountants that are qualified and have been registered with the Australian Securities & Investment Commission (ASIC). Next check which services they offers and let them know what kind of assistance you require with your SMSF. Customer service is also very important so make sure the accountants of your choice have great reputation and can give you efficient assistance and solutions. Qualified SMSF accountants have the knowledge and expertise to give you the required assistance and advise during the different stages of setting up the fund. They can take care of all the administrative tasks and help you get the tax file number as well as Australian business number (ABN) for your SMSF. Since your the super fund is a trust you will need a trust deed. Also you will have to give a name to the fund and choose what type of trustees it will have. You have two options here: individual trustees and corporate trustees. When your fund has individual trustees each member also acts as a trustee, as for corporate trustees you will need to establish one company that will have the role of a trustee while each member will be a director of that company. Each of these comes with different benefits and your accountant can identify which option will work best for you.
