Grow Wealth Tax Effectively
Self Managed Super Funds (SMSF) are becoming increasingly popular to enable more control over where your superannuation assets are invested. For those wanting to have control over the investment function of superannuation they can be a good idea.
SMSF are now able to borrow money and as such offer great tax benefits for holding investment property. If you are considering buying an investment property the option of purchasing the property within the super fund should not be overlooked.
Some very strict compliance requirements of SMSF often make them a daunting for clients to set up & administer. Our focus at The Compass Group is for us to take care of all of the detailed compliance work so that you are left to deal with making the right investment decisions for your superannuation.
SMSF is a complex area and should not be entered into without the right advice.
The list of services to accompany this is:
- Set Up Of SMSF – Provide you specialist advice on setting up your SMSF in the best manner and taking care of the rollover from your other existing super accounts.
- Borrowing Within SMSF – A change in legislation now allows SMSF’s to borrow to invest in assets. In particular. property assets. To enable the borrowing the SMSF must be set up in a particular way and have appropriate documentation created to allow the borrowing. The documentation we use avoids the charges the banks may impose for a so called “Special SMSF Loan.” This can potentially save thousands of dollars over the life of the loan.
- Ongoing Compliance – The obligations to the ATO and Superannaution Legislation can be onerous. We ensure that your fund is always a complying fund and take care of the compliance issues including income tax returns and financial accounts.
- SMSF Audits – All super funds must be audited every year. We provide a SMSF audit function where possible in house and where required this is outsourced.
- Investments – As financial planners we are also able to provide you with financial planning advice in relation to your investments within the super fund.