What is SMSF and What Do SMSF Specialists Do?by Accountancy Online Small Business Accountant
A Self Managed Superannuation Fund is a way in which you can save for your retirement. The members of the SMSF are the trustees themselves. Read this to know more about the self managed superannuation fund.
Superannuation is a savings procedure that is designed to provide income after retirement. It involves the employers and the employees contributing to a fund over a specific period of time. The fund assets can be used by employees when they retire or by their families.
How Superannuation Savings are taxed?
The superannuation savings are taxed at rates lower than the normal savings if it adheres to certain conditions. All these factors make the superannuation fund a great benefit after retirement.
Self Managed Superannuation Fund
A superannuation fund that has less than 5 members, each member is a trustee and no member is an employee of another member than the fund is a self managed superannuation fund. Apart from this, a self managed superannuation fund can also have a company as a trustee if along with the above mentioned conditions each director of the company is a member of the fund.
Purpose of Self Managed Superannuation Fund
The primary purpose of a superannuation fund is to provide retirement benefits to the members or the family of the member. The superannuation fund functions when any of the following happens:
- Retirement after employment
- The employee attaining a particular age
- The death of the employee
Advantages of a Self Managed Superannuation Fund
By running your own superannuation fund you can have more freedom in investment, you can actively take part in the management of the fund and the retirement planning is much more flexible.
What Does SMSF Specialist do?
An SMSF specialist will provide you comprehensive SMSF accounting and administration service. They will effective handle all the paperwork concerning tax returns and annual audit and statements of member contribution.
Duties of Trustees of SMSF
A trustee is the one who is responsible for running the fund. It is essential that all the trustees understand the duties and responsibilities they are supposed to perform. Failing to perform their duties well, the trustees are also subjected to penalties. It is the duty of the trustee to ensure that the assets in the fund are protected until the time of retirement of the employees.
There are several accounting companies that provide efficient SMSF specialist services in Melbourne. Choose an agency that understands the ins and outs of the trade and all the rules of the game so that they can effectively manage your SMSF account and help you reap the benefits in the future.
Accountancyonline.com.au is a Leading Online Bookkeeping & Small Business Accountant Firm in Melbourne. It provides SMSF Specialists services at extremely Low Rate for small Business.
Created on Dec 31st 1969 18:00. Viewed 0 times.