Expert SMSF Accounting Services
Planning for a prosperous retirement requires diligent management and strategic financial planning. Our Gold Coast Self Managed Super Fund (SMSF) accounting services are tailored to give you control over your retirement savings with the support of seasoned experts. We cater to retirees, financial planners, and small business owners, providing a one-stop solution to help you steer your SMSF with ease and confidence.
A SMSF allows you to take an active and direct role in managing your super, gives you greater control over your investment decisions and can open the door to a wider choice of investment options. Best of all, it doesn’t have to be complicated.
We provide an end-to-end Gold Coast SMSF Accountants service, giving you the flexibility and control that a SMSF offers, without the added paperwork responsibilities.
Each and every SMSF owner will want different levels of support and involvement. We tailor our SMSF services to your needs, which can range from setup assistance to ongoing administration and compliance.
Our SMSF Services Include:
- SMSF establishment
- SMSF compliance and advice
- Preparation of financial statements
- Annual tax returns
- Audits
- Retirement planning
- Pension income streams
- Bare Trust and Limited Recourse borrowing
- Property purchase and finance assistance
- Recontribution strategies
SMSF Setup
Start your SMSF journey on the right foot with our complete setup services.
SMSF Compliance and Audits
Stay in line with the latest SMSF regulations and audit requirements to maximize your returns whilst always maintaining compliance.
Financial Statements and Tax Returns
Our professional team will take care of all your SMSF financial statements and annual tax return needs.
Bare Trust and Limited Recourse Borrowing
Navigate the complexities of borrowing within your SMSF with our knowledgeable help.
How to set up a Self Managed Super Fund
Setting up a Self Managed Super Fund (SMSF) can be a complex and time-consuming process. It requires careful planning, a thorough understanding of the rules and regulations, and compliance with all legal requirements.
Here are some steps that TW Accounting can take care of to get you started:
- Determine if an SMSF is right for you: Before setting up an SMSF, it’s important to assess if it’s the best option for your retirement savings. Speak with an AFS licenced financial planner in considering factors like your investment goals, financial situation, and the level of involvement you want in managing your superannuation fund.
- Establish a trust: SMSFs are required to have a trust structure with trustees responsible for the fund’s operation and compliance. You can choose between individual or corporate trustees depending on your personal situation and preferences.
- Develop an investment strategy: It is important to create an investment strategy that aligns with the fund’s objectives and complies with superannuation laws. Seek out the professional advice of a financial planner to ensure your strategy is appropriate and diversified.
- Register your fund with the ATO: To receive tax concessions and comply with regulations, your SMSF must be registered with the Australian Taxation Office (ATO). You’ll need to provide relevant information and documents, including trust deed, ABN, TFN, and bank account details. We take care of this process for you.
- Roll over your super: Once your self managed super fund is established and registered, we can transfer your existing superannuation balance into the fund. The decision to rollover from fund to fund can be made under the advice of your financial planner. An accounting service such as TW can then adminstrate this process for you.
- Stay compliant: As an SMSF trustee, you are responsible for staying up-to-date with all regulations and obligations. This includes regularly reviewing the fund’s investment strategy, reporting to the ATO, and conducting annual SMSF audits. Here at TW Accounting, we ensure that your SMSF remains compliant and up-to-date with all legal requirements.
SMSF’s and Purchasing Property
One of the unique features of SMSFs is their ability to purchase property as an investment. However, this comes with strict rules and regulations that must be followed. As your SMSF accountant, we can guide you through the process and help you make informed decisions when it comes to purchasing property within your fund. Some key points to consider include:
- Sole purpose test: The purchase must be for the sole purpose of providing retirement benefits to the fund’s members.
- Borrowing restrictions: SMSFs are limited to borrowing within their means, with strict rules around borrowings and acquisitions. We can assist you in understanding these restrictions and navigating through them.
- Property ownership: The property must be held in the name of the SMSF and can only be used for investment purposes.
- Investment strategy: Purchasing a property within your SMSF should align with your fund’s investment strategy and objectives. A financial planner can help you review and adjust your strategy accordingly.
Why choose TW for your Gold Coast SMSF accounting needs?
At TW, our team of experienced SMSF specialists are dedicated to helping you secure your financial future. We understand the complexities and challenges of managing a self-managed super fund.
Our dedicated SMSF accountants Gold Coast team provides an end-to-end SMSF accounting service, ensuring that your fund is not only compliant but also primed for growth. We take the burden of paperwork off your shoulders, allowing you to enjoy the flexibility and benefits of managing your super fund your way.
Take the Next Step Towards Securing Your Retirement
Don’t wait until it’s too late to prepare for a comfortable and secure retirement. Connect with a financial planner to decide if an SMSF is right for you and tailor a retirement strategy that suits your individual needs. Backed by our professional record-keeping, rule-keeping, and taxation accounting, your SMSF will be the cornerstone of a retirement plan that works for you.
You manage the decisions; we manage the details.
Schedule a Free SMSF Consultation Today.
Read our SMSF articles:
- How Much Does It Cost to Manage a SMSF?
- The Benefits of a SMSF over Traditional Industry Funds
- Can a SMSF Borrow Money?
FAQ’s
A self-managed-super-fund (SMSF) is another method for planning and saving for your retirement. The key feature is that you manage the fund yourself, as opposed to an industry fund that manages your super for you.
SMSF’s are a great choice for those who want more control over their superannuation investments and insurance. They offer holders a high degree of flexibility, investment choice, and agility.
Whilst an accountant is not compulsory, managing your SMSF on your own is both time-consuming and comes with a range of compliance and reporting obligations. Our TW team can assist in managing this side of your SMSF by taking care of your setup, tax reporting, investment paperwork, audits, retirement planning and more.
SMSFs are subject to Australian Governmental withdrawal rules. You can access your super when you retire, are over the age of 65, or under special circumstances. Learn more about withdrawing your super here.
Several variables impact the cost of managing a SMSF, including the fund balance and the skill set of the trustee managing the account. Whilst SMSFs were traditionally considered more expensive to setup and manage, they are becoming more cost competitive on higher balance accounts.
With the increased control SMSF holders have over account decision-making, this can expose self managed super funds to increased risk depending on the expertise of the trustee managing the account. Risk can be reduced by leveraging the knowledge of SMSF specialists such as the TW team.
No. An accountant’s role can include setting up, keeping records, maintaining compliance, undertaking audits, and providing all administrative and operational assistance relating to a SMSF. SMSF advice should be sought from a financial planner with an AFS licence. Legally, only an AFS licence holder can provide you with advice on acquiring a SMSF, particular investments, and strategy.
Yes, but it must be at market value and meet all legal requirements. We can assist you in navigating this complex process.
While it is possible, there are strict rules and regulations around investing in cryptocurrency within an SMSF. We recommend seeking professional advice from a financial planner before making any investments.
In the event of exceeding the contribution caps, you may incur additional taxes and penalties. Our team can help you understand and avoid these consequences through careful management of your contributions.
Yes, an SMSF can borrow money but only under strict conditions and with limited options. Our team can guide you through these restrictions and help you make informed decisions when it comes to borrowing within your self-managed super fund.
Learn more about how a SMSF can borrow money.
While it is possible, there are strict rules and regulations around renting out property owned by an SMSF.
Yes, it is possible to have both a SMSF and an industry fund for your retirement savings.
Yes, once your SMSF is established and registered with the ATO, we can assist you in transferring your existing superannuation balance into the fund. Depending on your circumstances, this may involve a rollover from your existing super fund or a contribution from an external source. Our team can help administrate this process and ensure your SMSF remains compliant throughout.
In the event of a member’s death, their SMSF assets are typically distributed according to their will or under the laws of intestacy. Our team can work with your estate planner to ensure your self managed super fund assets are distributed according to your wishes and in compliance with superannuation laws. Additionally, we can assist any remaining trustees in managing the ongoing operations of the fund. It is important to regularly review and update your will and estate plan as changes occur within your SMSF.
