Brisbane's Accounting & SMSF Specialists

Month: August 2017

What services do SMSF administration firms provide?

What services do SMSF administration firms provide?

SMSF
More and more Australians are switching from retail super funds to SMSFs because they offer better control and flexibility. An SMSF administration firm is a company that specialises in providing SMSF trustees with set-up and management services for their fund. Running an SMSF can be problematic and time consuming, but if you need more support, an SMSF specialist can make your life a whole lot easier. SMSF administration firms provide the following services to SMSF trustees: SMSF establishment services. For an SMSF to have access to concessional tax treatment, it must be set up correctly. A regulation election is submitted to the ATO, along with the fund’s ABN and TFN applications. A specialist SMSF administration firm will assist in ensuring that your fund is set up corr
Steps you need to take when setting up your SMSF

Steps you need to take when setting up your SMSF

SMSF
It is important that you seek the advice of a professional when setting up your SMSF to ensure it is ATO-compliant. Not meeting ATO requirements can cost you your fund’s compliance status before you even start. This can result in you forking out a hefty establishment fee for a super fund that may never get off the ground. In general, there are 11 important steps involved in setting up your SMSF including: Decide on either an individual or corporate trustee structure for your SMSF. You need to consider the cost, the way your fund assets are registered, and the complexity of the trust structure that you choose for your SMSF. Decide on the trustee members and obtain their written consent. Trustees can be members of either an individual or a corporate trustee structure -