Self Managed Superannuation
More people are turning to Self Managed Superannuation Funds (SMSF) as a means of reaching their retirement goals.
Self Managed Superannuation enables control and choice over your investments as well as providing a vehicle for various tax and estate planning strategies.Because Superannuation law is such a delicate, complex area, it requires personalised planning for each individual.
Our team of SMSF specialists will work with you to determine your financial retirement goals, then provide the strategic advice to get you there in the most effective way.
We can help with all aspects of establishing and managing your SMSF
SMSF Consultancy Services
We provide high quality strategic advice to ensure members obtain the maximum benefit possible from their SMSF, while also considering their overall financial position. We analyse all factors, both within the internal and external environment of SMSF’s.
Our consulting advice covers:
- Development of the most beneficial family group structures to maximise taxation benefits, income streams upon retirement and family wealth succession benefits available through the use of an SMSF
- Development and implementation of retirement benefit strategies
- Contribution/Accumulation strategies
- Advice on compliance with superannuation legislation
- Wealth generation through the use of the SMSF as an investment vehicle
- Advice on strategic matters, including the use of reserves for estate planning and income suppression purposes
SMSF Audit Services
The trustee of a SMSF is required to appoint an approved auditor to audit the operations of the SMSF annually.
The role of the approved auditor is to perform an audit of the SMSF’s accounts (financial audit) and to assess the SMSF’s compliance with the relevant superannuation legislation (compliance audit) for a year of income.
As an approved auditor, 1 accountant provide:
- Auditing services for SMSF’s including both a financial and compliance audit
- An Annual Audit Report, in the approved form, to the Trustees of the SMSF.
A management letter to the Trustees advising of any areas of concern regarding the SMSF’s financial position and compliance with the relevant superannuation legislation
Your wealth has a long history. Make sure it has a great future.
As a trustee of your fund, you have to make important decisions. Some will have far-reaching consequences for you and your family’s financial future.
Whether you are deciding on a long-term investment strategy, or considering setting up a foundation, your dedicated client manager help you debate all the issues from economic, tax, legal and strategic perspectives. You can also count on our support to help you choose external service providers.
Research beyond the business plan
We also ensure that the whole team is included in the process and that no one is left out during the turnaround. The most crucial part is ensuring some degree of financial stability during the turnaround.
This is the most worrying part for most clients going through or needing a turnaround; it means that incoming cash flows will change completely. We help ease these issues through fantastic financial projections and a realistic view of what can be accomplished.
Creating a list of potential qualified prospects for your service or product can be daunting when you’re beginning your business. However, this needs to be considered as a follow up on your Target Market Analysis so you can hit the ground running.
The services we offer include:
►► Review your trust deed
►► Review your investment strategy
►► Review books of accounts of your fund
►► Perform analytical review to ascertain health of your investments
►► Review and compare your funds return with average market return.
►► Check compliance of your fund with SIS act and regulations.
►► Advice you any non material breach through management letter
►► Advise ATO on material breaches
►► We do not advice you on specific investment advice.
A number of risks can threaten your fund’s assets
Financial risks
►► General economic risks
►► Investment risks
►► Possible embezzlement of liquid assets
►► Incorrect accounting or inadequate reporting that hampers decision-making
►► Unapproved investment transactions
►► Investments in vehicles that are not in line with the fund’s values
►► Trust members wishing to exit or seeking liquidation
Personnel risk
►► Lack of continuity in the management of the fund’s affairs
Technology risks
►► Loss of information and infringement of confidentiality
►► Cybercrime, information and identity theft
►► Collapse of IT systems
Reputational risk
►► This classic risk has increased dramatically as a result of the online publication of sensitive information and also the widespread use of social media
Compliance risk
►► Overlooking new tax laws , SIS Act or other regulatory requirements — this risk is becoming larger as the pace of legislative change quickens
how can we help you?
Contact us at the 1 Accountant Office nearest to you or submit a business inquiry online.
You will be amazed by the results derived by our expert team.
SMSF Administration and Compliance
1 Accountants provide all administrative services required for SMSF’s to ensure the fund remains compliant with the rules as prescribed under the SIS Act, SIS regulations and Australian Taxation Office guidelines.
Preparation and provision of:
- Financial Statements and Returns. This includes the preparation of Annual Accounts, Member’s Statements, Income Tax and Regulatory Returns.
- Annual Superannuation Documentation . This includes a Tax Payment Schedule for the current and future income tax year, Trustee Minutes, Death Benefit Nominations and an Appendix A which details the documents required to complete the SMSF for the relevant year.
- Member Contribution Statements.
- Member Contribution and Withdrawal documentation.
- Annual Pension and PAYG Withholding calculations. This includes calculations based on the relevant pension taken; the tax payable on the pension; preparation of the member’s PAYG Payment Summary and the Annual PAYG Payment Summary Statement.
- Business/Instalment Activity Statements and Annual GST Returns.
We also provide assistance with the establishment of a Self Managed Superannuation Fund including preparation and lodgement of the relevant forms to obtain:
A Trust Deed for the Superannuation Fund
The Australian Business Number, Tax File Number and Complying Fund status (issued by the Australian Taxation Office).
Trust Deed upgrades
Preparation and lodgement of the relevant forms to obtain an amended Trust Deed. It is vital that a SMSF keeps its Trust Deed up to date so that the SMSF does not miss out on opportunities created by changes to the SIS legislation.
Corporate Trustee appointments including preparation and lodgement of the relevant forms to obtain:
- Corporate Trustee
- Deed of Variation
Pension Strategies and Advice
SMSF’s are primarily formed to provide member’s with benefits upon retirement. Therefore it is vital for member’s to obtain specific advice regarding their personal circumstances. This is to ensure they’re minimising tax and obtaining maximum benefit when withdrawing their benefits from superannuation.
We provide strategic and structural advice with respect to:
Re-contribution strategies. This is the conversion of a member’s taxable benefits to tax free benefits. This minimises taxation on the payment of a retirement income stream and/or payment of a death benefit on behalf of a deceased member.
Pension Establishment. This includes determination of the most effective income stream to minimise taxation and meet the member’s financial requirements whilst minimising taxation liabilities.
Actuarial Services. Preparation and lodgement of the required documentation to obtain an actuarial certificate for the SMSF for the relevant year. This enables any earnings or income, within the SMSF, attributable to a pension member’s balance to be exempt from tax.
Estate Planning
This Is a vital process for SMSFs. It is important that estate planning strategies are in place and implemented to ensure beneficiaries achieve the most effective tax outcome .
- 1 Accountants provide advice on:
- Tax strategies in relation to superannuation death benefits
- Testamentary and Superannuation Proceeds Trusts
- Child Pensions
- Binding Death Benefit Nominations
SMSF Taxation Advice
Includes all aspects of taxation advice with respect to SMSF’s, including various tax implications of SMSF management
Contact 1 Accountant Team today to discuss your full SMSF Administration Solutions.
In today’s costly and highly regulated environment the importance of a robust audit and risk assurance process is of crucial importance for all stakeholders in any organization.
1 Accountants provide independent and impartial advice while ensuring compliance with current regulatory requirements and accounting standards. Our capability and experience in providing audit and risk assurance services include:
You will be amazed by the results derived by our expert team.
1 Advisory Team
Contact us today , for your Accounting , Audit , Company secratarial or Taxation needs!