Superannuation Funds & Retirement Planning
One of the most effective ways to build a nest egg for your retirement is to utilise the tax incentives available to superannuation funds. Security in retirement and protection of lifestyle dictates the quality of life for all future retirees, so it is important to understand and review all your options.
From Self Managed Superfunds through to salary sacrificing, by discussing your individual circumstances and future plans with us, our superannuation advisors will be able to help you formulate and implement a successful and effective retirement strategy.
What Is A Self Managed Super Fund?
A self managed super fund (SMSF) is a type of superannuation structure that is established to provide retirement income for the members of that fund. The main difference between a SMSF and other superannuation funds, is that the beneficiaries are also members. This means that the people in control of the fund, the trustees, will be the ones to benefit from its retirement capital but are also responsible for its set-up, on-going administration and ATO compliance.
Why Elect For A SMSF
Self managed super funds are becoming an increasingly popular form of retirement planning in Perth, but why? SMSFs are an attractive retirement scheme because they allow the trustee (the person who’s fund it is) to have total control over the investment strategy and are able to tailor the fund to meet their individual needs. This differs from the approach taken by industry and retail super funds, as they’re responsible for handling a large group of members and therefore must make decisions that benefit collective interests.
- Complete control
- Greater visibility over savings
- Transparency aids in better future planning
- Wide range of investment options
- Opportunities to reduce tax rates and payments
- Ability to consolidate super assets (up to 3 other members)
- Capped fees – the larger the SMSF, the more cost effective it becomes (meaning that consolidated SMSFs only pay one set of fees).
- Trustee responsibilities
- Investment responsibilities
- Legal compliance
- Future accountability
- Sole liability
- Timely to manage
- Requires expertise to setup
- Rigid reporting obligations and ATO compliance
- Must keep up to date with the latest tax and superannuation laws
- Need investment knowledge
Overcome The Disadvantages With An Ascent SMSF Accountant
One of the main drawbacks of SMSFs is the significant amount of responsibility that comes with it. Not only will you be personally responsible for outlining an investment strategy and actually making deposits, the administrative side of managing the fund can be arduous. However, the majority (if not all) of these disadvantages can be eliminated by engaging the help of our SMSF accountants and superannuation advisors in your Perth retirement planning.
Our expert SMSF accountants possess a wealth of knowledge and an in-depth understanding of SMSF funds and their requirements. All of which will be made available to you, ensuring that you’re making the right investment choices and feel comfortable with your retirement decisions.
No one understands the complicated setup requirements, different investment options and on-going management responsibilities better than our SMSF accountants. This knowledge also extends to the government regulations and laws that effect self managed super funds. Our specialist superannuation accountants and advisors are well versed in the legal issues and requirements that concern these funds and are always keeping up-to-date with the latest government changes. The majority of our Perth clients seek our SMSF accountants to relieve them of the burden of knowing (and understanding) what is legally expected of them, as this can be extremely demanding for someone that hasn’t studied law or finance.
There are several complex government regulations and reporting requirements imposed on Perth self managed superannuation funds, that dictate the need for experience and expertise. Our SMSF accountants have undergone specialist training and are all experts in the field of superannuation. Due to the volatility of politics and tax laws, our SMSF accountants often participate in additional courses and further training, to be adept in the new changes to Perth SMSF funds.
With the heavy penalties imposed by the ATO for non-compliant funds, our clients can relax knowing that their fund will meet all the reporting requirements. To give our clients peace of mind, we also employ the services of an external auditor to provide a balanced perspective at all times and to ensure that all compliance standards are met and exceeded.
Ascent Accountants have the skill and experience to support clients with all of their SMSF requirements, which includes:
- Setup of Self Managed Super Fund
- Assist with choice of trustee
- Obtain TFN & ABN for the fund
- Tax compliance and correspondence with Australian Taxation Office
- Management of administrative obligations
- Tax planning using superannuation strategies
- Preparation of financial reports and members balances for SMSF
- Independent audit of SMSF
- SMSF for small businesses
- Preparation and lodgment of the fund’s annual return
- Access to specialist knowledge, expertise, experience and skill
Financial Planning & Superannuation
To help ensure that our clients are fully informed about all aspects of superannuation, Nigel Parker; our Principle accountant, has become qualified as a registered Financial Planner. This enables Nigel to provide Financial and Investment advice through Ascent Financial Planners Pty Ltd, which has the ongoing support and guidance of its dealer group, Wealth Today.
We always strive to better serve the needs of our clients…
Having an authorized financial planner onboard the Ascent Accountants team, is another way in which we ensure we can meet all the superannuation needs of our Perth clients. Ascent Financial Planners was established purely to allow us to better serve our clients, so that we can make more informed decisions and recommendations, as well as offer an extended superannuation service, including:
- Performing rollovers into SMSF
- Establishing insurances (life, TPD, Trauma, Income Protection) for clients
- Preparation of investment strategies
- Management of investments
Our SMSF accountants and superannuation advisors are passionate about helping our Perth clients have the retirement they’ve always dreamed of and helping them to achieve security and prosperity in life after work. If you’re ready to start preparing for your future, contact Ascent Accountants today and organise a free consultation with one of our experts!