With over 12 years’ experience in relation to self managed superannuation funds (SMSF) we are poised to offer great advice and technical expertise in various matters that arise. A self managed superannuation fund creates unique opportunities for members and is an alternative to using one of the major superannuation companies to invest and grow your superannuation. A SMSF places specific responsibilities and obligations on the trustees and with our technical expertise we can ensure they are easily understood.
A desirable quality of why people establish their own superannuation fund, is that it in most cases the members will also be the trustees or directors of the trustee company of the fund. This gives them greater flexibility and control over how their superannuation is managed and the activities of the fund. Another great attraction for business owners is that it can give them greater flexibility in the ability to invest in assets that add value to their business such as commercial property.
Self managed superannuation funds possess significant tax breaks and concessions. As a result, they are very attractive for many business owners which are incorporated in their overall wealth management strategy.
The technical expertise of RMC Accountants & Business Advisors can provide in relation to self managed superannuation funds includes:
- Strategic advice to implement a SMSF as a vital and effective part of your overall wealth management, tax minimisation and succession plan
- Attending the setup of a SMSF including fund deeds, company incorporation, relevant minutes, forms and trustee declarations
- Attending to all required registrations including ASIC, ABN, TFN and complying SMSF status
- Provide ongoing administration of your fund to ensure compliance. Our expertise can assist in the complex rules that govern each self managed superannuation fund
- Utilising the relationships we have with trusted financial advisors, actuaries and legal practitioners to ensure each clients’ objectives and circumstances are optimally structured and regularly reviewed
- Preparation of appropriate advice, analysis and documentation in relation to the establishment of ‘account based pensions’ (where a member is aged over 55 and retired or aged over 65 years) and a ‘transition to retirement pensions’ (where a member is still working and aged less than 65 years) in order to result in a tax effective income stream to the fund members or effective management of capital gains tax on sale of assets
- Advice in relation to Limited Recourse Borrowing Arrangements (LRBA) to enable the purchase of residential and commercial property within the superannuation environment with the use of borrowed funds from traditional lenders or sourced from within a family’s existing asset base. Our technical expertise and experience can assist in liaising with financiers and also providing the ongoing administration of the arrangement to ensure compliance of the fund
- Advice in relation to ownership of ‘Business Real Property’ within a self managed superannuation fund. The benefits of this is greater control and rather than paying rent to someone else, your business can pay rent to your self managed fund
- Succession planning advice, strategies and liaison with legal professionals and financial advisors to ensure reversionary pensions, death nominations and wills are in place to ensure the clients wishes are met after death, including minimising death taxes upon their death.