Self Managed Super Funds have seen an increase in popularity with more people wanting to take control of thier super, even more so now that Super Funds can borrow, under certain circumstances, to acquire property.
A SMSF is just as it's name suggests, a way for individuals to manage thier own super savings. There are however a number of important rules and obligations to be aware of before you decide to start a SMSF.
The ATO has a short publication called "Thinking about self managed super". You can access a copy here. We recommend anyone considering a SMSF take a look at it.
If you have made the decision to start a SMSF we can arrange for the fund to be set up, and also carry out the annual accounting and audit compliance work.
Please note however, that we do not advise on the suitability of a SMSF for you, nor recommend which investments should be in your fund.
We also provide ongoing taxation and regulatory advice around your fund, to ensure you remain compliant and carry out all the required Trustee's duties.
Unfortunately, getting it wrong can see you open to some of the harshest penalties in the Australian taxation system, so it pays to have an experienced Accountant in your team of advisers.
Contact our office today to discuss your requirements.
Beware of property spruikers who offer to set up a SMSF for you as part of a property purchase.
Unfortunately the opening up of borrowing in SMSF has seen an increase in the activity of "property advisers" who are using SMSF as a dumping ground for unsaleable properties.
The ASIC is currently undertaking surveillance in this area and expects to release a report on these activities in 2013.
In the mean time we recommend caution if you are approached by one of these schemes.