A Self Managed Super Fund is a private fund that an individual can manage. This superannuation can also be managed by no more than 6 members along with an individual. What makes SMSF different from an industry or larger retail fund is that an employer or business pays the superannuation guarantee in an SMSF. In addition, the individual with an SMSF must be responsible for managing the investments in that fund, considering all the rules and regulations regarding the fund.
The primary advantage of having an SMSF is controlling the investments. People with these funds know exactly where the funds are invested and how well they are doing. Nevertheless, notwithstanding the previous fact, as an owner of such a fund makes you completely reliable and responsible for anything that happens to the fund. Regardless of seeking professional advice, you must face penalties on your own. In addition, any possibility of penalty breach can result in fines, disqualification of trustees, and civil and criminal penalties.
We are here to help
Progress CA have the ability, the capability and the confidence to provide the best possible SMSF advice and service to clients, including:
- Set up of SMSF and all administration tasks such as preparation of your trust deeds, completion and lodgement of relevant ATO statements
- Superannuation consolidation
- Ensuring your SMSF is compliant with current superannuation laws and regulations
- Auditing of your SMSF.
Currently, we are providing FREE 30 minutes tax consultation. You can book it through our website at www.progressca.com.au or call us on 0403050779. Do not hesitate. Contact us now by booking your first consultation today!