Recently a long-standing client asked us if we also prepare financial statements & income tax returns for Self-Managed Superannuation Funds (SMSFs).
Whilst our experience in SMSFs exceeds 25 years it dawned upon us that we haven’t actively promoted this, and there may be other existing clients that are also not aware of this service.
Here’s a quick summary of the SMSF services offered at Lark Business Advisory!
OUR SMSF SERVICES
Our SMSF services include advising you & guiding you through the following:
- Establishment and structuring of your self-managed fund
- Preparation of your fund’s annual financial statements
- Recording all asset acquisitions and maintaining the taxation history concerning the investments
- Management of quarterly taxation obligations
- Preparation for the annual audit and listing with the audit firm regarding any queries
- Ensuring compliance with regulations
- Advice on taxation implications of contributions and taxation of funds invested both before and after retirement
- Taxation advice concerning maximising concessional & non-concessional contributions to the fund
- Taxation advice regarding the withdrawal of benefits
BENEFITS OF RUNNING AN SMSF
For those considering a SMSF some of the benefits are as follows:
- Investment Choice
- An SMSF offers a wider range of investment options when compared to other superannuation funds. With some limited exceptions, an SMSF can invest in virtually anything providing that this also meets the sole purpose test and adheres to the regulations. This includes investing in direct property, both residential and commercial.
- An SMSF can also borrow to purchase an asset, however, this is becoming increasingly difficult as many banks have removed their SMSF lending products from the market.
- One major attraction to small to medium business owners is the ability to acquire a commercial property in their SMSF. This property can then be rented to their business providing this is at commercial rates.
- We have acted for numerous clients over the years that found this a major benefit for a range of reasons.
- Flexibility & Control
- The SMSF can be tailored to suit the specific needs and circumstances of the client.
- Clients generally have a better understanding of their superannuation when in a SMSF.
- Taxation strategies are often easier to implement to suit your particular needs & situation.
- Increased Transparency
- The cost of running the SMSF is more transparent than other superannuation funds
If you’re interested in learning more about how we can assist you with your Self-Managed Superannuation Fund, please give us a call on (03) 9824 5275, or book a free initial consultation here!
Kind Regards,
Eric Cirulis
Director/CEO