Self Managed Superannuation Fund Setup
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Establishing an SMSF does not end with the creation of a trust and appointing trustees. There are a lot of moving parts within an SMSF and strict regulations that apply. As a member of an SMSF, you’re in charge of every aspect of the fund. That means filing taxes, searching for investment opportunities, and every other responsibility assumed by a professional fund manager. Here’s a glimpse of what you’ll be responsible for after setting up an SMSF:
- Filing tax returns;
- Managing fund investments;
- Cashing benefits to members;
- Filing annual returns;
- Preparing annual financial statement;
- Preparing trustee minutes;
- Appointing an SMSF auditor; and
- Ensuring compliance to the constantly changing superannuation and taxation legislation.
Those are just a few things you’ll be doing as an SMSF trustee, enough to make anyone come out of retirement. Most of these roles are assigned to a single professional in a professionally managed fund. Having four people attend to these obligations in an SMSF may be asking a lot of them. We find that this can be a leading cause of people being turned off with the idea when researching on how to set up SMSF.
Auditax Accountants offer a wide array of Accounting services to businesses throughout Australia.
Our team consists of qualified Chartered Accountants who provide tailored financial advice in relation to all your Superannuation matters including Self Managed Superfunds.