Tuesday, May 17, 2022

SMSF accounting, audit and advice

The asset value of self managed superannuation funds in Australia is close to $400 billion. So, it’s no wonder the ATO is paying special attention to this growing segment. If you have a Self Managed Super Fund (SMSF), or are contemplating establishing one, there are some basic questions you need answered.

  • Should I set up a SMSF?
  • What do I need to do to keep the SMSF compliant?
  • What assets can the SMSF buy?
  • Can the SMSF borrow money to purchase assets?
  • How much does it cost to operate a SMSF?
  • When can I start taking a pension?
  • How much can I contribute to superannuation?

The rules surrounding self managed funds are very complex. As a trustee, you need to be educated in what you can and cannot do within the fund and importantly, how to utilise your SMSF in the most effective way. It is also compulsory to have the fund audited every year and there are additional compliance requirements that need to be attended to such as minutes, investment strategies.

Auswild & Broad Pty Ltd offers a complete suite of superannuation services, giving you access to both the advisers who can help you establish and manage your superannuation, and the team that can ensure your SMSF is well run and meets all of its audit and reporting obligations. We can also direct you to financial planners who can assist you with the actual investments within your fund, helping you to protect and grow your superannuation. 

If you have any questions relating to self managed superannuation, please contact our office.

Auswild & Broad Pty Ltd
ABN: 88 089 746 190
E. temora@auswildbroad.com.au
P. (02) 6978 0077
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