What is a Self-Managed Super Fund?
The difference between a Self-Managed Super Fund (SMSF) and other types of superannuation funds is that the members of an SMSF are usually also the trustees. This means the members of the SMSF (you) run it for their own benefit (yours!) and are responsible for complying with the super and tax laws (that’s where we help).
This is a complex, regularly changing area requiring a lot of expertise. We would love to help you understand how to get the best out of your self-managed super fund.
Benefits of Self-Managed Super Funds
Having the right accountant means that all boxes will be ticked in terms of the management and compliance of your SMSF fund.
Some of the other benefits you will enjoy by switching to an SMSF include:
- Greater flexibility with tax requirements, including capital gains, franking credits and taxable income
- Lower fees the higher your balance gets
- More flexibility with death benefits (that public funds do not provide)
- Protection of assets from risks, including bankruptcy
Make your super hassle-free; create a beautiful financial future.
Why Hire An SMSF Accountant?
There are many layers to a self managed super fund, including your investment strategies, compliance with the ATO, record keeping, auditing and more. It is no easy task for any busy individual, no matter how strong their knowledge of superannuation and the ATO may be.
With an SMSF accountant at your side, you will have a specialised personal guide that can manage all aspects of your SMSF and help you achieve your personal goals whilst remaining totally compliant. They will help you diversify into multiple investment opportunities, including property investment into residential and commercial property, term deposits and more.
There will be no fear of auditing either, as your expert personal SMSF accountant will ensure that your fund accounts are prepared correctly, including the valuation of assets, so that your account and annual tax return is not only compliant but prepared to deliver the best possible results.
Create Your Life Plan
Achieving ULTIMATE financial freedom is our key performance indicator (KPI) for our clients. Helping you to understand what your ‘freedom gap’ is, through our unique Life Plan process may change the course of your life!
Invest in Suitable Property
Did you know you can purchase property with your super fund? With an SMSF you can own residential or commercial property, which can be a wise investment. Not only that, recent changes in legislation now allow your super fund to borrow money for real estate investment, whether that’s in Newcastle, the Hunter Valley, Sydney or further afield. There are significant legal requirements for borrowing within a super fund, so talk to us about how to do this.
Implement Your Wealth Growth Strategy
A superannuation investment strategy is both a legal requirement, and a great way to ensure your best possible financial future. Having an SMSF gives you control over where and how you invest for your future, and we want to help you get it right.
Administration and Audit Included
Any superannuation fund comes with a large amount of paperwork and due diligence required. We at The Garis Group are SMSF specialists, providing a comprehensive SMSF accounting, administration and investment service.
Frequently Asked Questions
The simple answer is that an SMSF is regarded as the same as an industry, retail and corporate superannuation fund in eyes of the ATO.
That means the tax rate on an SMSF is 15 per cent, but you have more control over your taxation requirements with an SMSF.
You can use your SMSF to purchase residential and commercial property, but there are rules and conditions around this kind of investment.
For example, you can purchase a residential home for the purpose of delivering retirement benefits, but you cannot live in the property. You also cannot purchase the residential property from family members and you cannot rent out the property you have purchased in your SMSF to relatives or fellow fund members.
The primary difference is that members of an SMSF have control over all investment choices while members of other funds can only determine the level of risk they accept, not specific investment decisions.
Jim Garis | Consulting Accountant
BCom – University of Newcastle
Associated Member Chartered Accountants
“After 40 years as a financial advisor I have come to understand what keeps our clients awake at night from a financial perspective. We care about our clients and we want to help them create a beautiful financial future. This is who we are, and what we do.”
We are not the traditional accounting business, we reach beyond just doing your tax. We can look at all the areas of your financial life to create and sustain wealth.
Jim’s areas of expertise are Self-Managed Super Fund advice & strategy for individuals, as well as effective growth and strategic planning for you and your business.
Something you may not know about Jim – “I’m a keen Rugby enthusiast, and I played against the All Blacks back in 1974.”