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Our tax accountants are certified accountants and registered tax agents and have the expertise to handle your tax strategies, completion and submission of tax returns, detailed reviews of current or pre-tax returns, valuations for tax purposes, minimising penalties while maximising tax reliefs.


  • Start saving, keep saving, and stick to your goals
  • Know your retirement needs
  • Learn about your employer’s pension plan
  • Consider basic investment principles
  • Don’t’ touch your retirement savings
  • Ask your employer to start a plan
  • Put money into an individual retirnement account
  • Find out about your social security benefits
  • Ask questions?

Self-managed super funds (SMSFs) are a way of saving for your retirement. The difference between an SMSF and other types of funds is that the members of an SMSF are usually also the trustees. This means the members of the SMSF run it for their benefit and are responsible for complying with the super and tax laws.

  • Tax-deductible super contributions are contributions you make from your after-tax income for which you claim a tax deduction. This income may be from a variety of sources such as your take-home pay, savings, an inheritance or from the sale of assets.
  • You may be able to claim a tax deduction for personal super contributions that you made to your super fund from your after-tax income, for example, from your bank account directly to your super fund.
  • You can generally contribute up to $27,500 in pre-tax contribution and $110,000 in after-tax contributions each financial year without having to pay extra tax.
  • If you’re claiming a tax deduction for an after-tax super contribution, the contribution will count toward your concessional contributions cap ($27,500 per year). … Salary sacrifice contributions you may get your employer to make into your super fund out of your before-tax income.
  • When you first set up your SMSF, you’ll be asked to choose between establishing your SMSF by using an individual or corporate SMSF trustee structure. With an individual structure, each member acts as the trustee, but with a corporate structure, a company acts as the trustee and the members are directors.
  • The Trustee can be an individual or a corporate trustee however, clients should be encouraged to use a corporate trustee on the basis they make succession easier, provide a clear separation of assets, reduced penalties and give greater protection for directors and shareholders.
  • Self-Managed Super Funds offer a unique opportunity for Australians to invest part of their retirement savings into cryptocurrencies like Bitcoin, one of the world’s fastest growing asset classes.
  • Talk to our experts for more details.

The Super Co-contribution is a way for the Commonwealth Government to help you save for your retirement. If you’re eligible, the Commonwealth Government may match some of your personal non-concessional (after-tax) contributions made to your super with an additional super payment known as a co-contribution.

How much does the Government contribute to the CO?

If you pay a little extra into your super before the end of financial year and you’re eligible, you’ll get a super boost through the Government Co-contribution scheme. You could receive up to 50c for every dollar you pay into your super account, up to a maximum of $500.

How do you qualify for Government co contributions?

Have a total income that’s less than $54,837 in the 2020/21 financial year, or $56,112 in the 2021/22 financial year for at least a part co-contribution (more info on this below) receive 10% or more of your income from eligible employment and/or running a business.

Superannuation is one way Australians can save money for their retirement. Your employer should pay 10% of your salary into a super fund, through the Superannuation Guarantee (SG). … The money deposited into your superannuation account is then invested, and the growth reinvested, to help the balance grow.

Your super is your future, so placing importance on it is truly vital. Managing your own Super Fund sure has a long list of advantages, but it is not for everyone. Here are a few pointers to help you consider if opening a SMSF is right for you…


  •  Control & Choice – YOU HAVE CONTROL and choice over your investment portfolio, being able to decide what investments to hold.
  • Efficiencies – You are allowed between 1- 4 members in the fund. Members funds can be pooled together to share investments/assets or they can be allocated to a specific member within the fund.
  • Tax – Having your own Super Fund gives you control over when you buy and sell investments, giving you the potential to save tax. Large funds may buy and sell investments regularly resulting in tax paid regularly on any gains made. You can be selective with your investments by identifying high franking dividend stocks, thus minimising tax.
  • Cost – You will pay a flatter fee structure, unlike industry/retail funds that charge a percentage of the fund balance. The higher your fund balance the cheaper the fund becomes in comparison to an industry/retail fund (Industry/retail funds are typically cheaper if fund balance is less than $200,000).
  • Less hidden fees – Your industry/retail fund will potentially reduce returns due to fees charged within managed fund investments in addition to the total administration fee charge.
    Transfer in Assets – Commercial property, listed shares and other listed investments can be transferred into SMSFs.
  • You can Invest in your own Commercial property (business real property) using your SMSF. This may allow you to invest in your businesses premises sooner.
  • You can Invest in Residential property.
  • Borrowing – You may borrow or gear to purchase an investment.


  •  Responsibility and Time – Administration and compliance requirements need to be met, as well as managing and researching investments.
  • Cost – Having a SMSF will be more costly than an industry/retail fund where the SMSF has a low balance.
  • Overseas – Are you expecting to live overseas? – There is a limited amount of time that you can live overseas as an SMSF member.
  • SMSFs have no access to the Superannuation Complaints Tribunal. This means that conflicts between member may result in expense legal action.
  • SMSFs are also not entitled to claim a grant for financial assistance from the Government/Regulator in the event of a loss of funds through fraud or theft.

What is SMSF compliance?

Self-managed super funds (SMSFs) must comply with Australian superannuation legislation to be eligible for tax concessions. All super funds (including SMSFs) must be set up for the sole purpose of providing retirement benefits to members (or their dependants if fund members die before retiring).

What is a SMSF administrator?

SMSF trustees have a number of administrative obligations to ensure their fund’s compliance with superannuation legislation, including: … reporting any fund member or trustee changes, and. maintaining general and financial fund records.

Who can manage a SMSF?

Most SMSFs have two or more. As a member, you are a trustee of the fund — or you can get a corporate trustee. In either case, you are responsible for the fund. While having control over your own super can be appealing, it’s a lot of work and comes with risk.

What is contribution in SMSF?

Concessional contributions are contributions made into your SMSF that are included in the SMSF’s assessable income. … If a member’s contributions exceed the cap, the amount will be included in the member’s assessable income and taxed at their marginal tax rate.

Can you make contributions to SMSF?

Yes. Members of an SMSF traditionally make contributions in cash. However it is possible for Members to make contributions of assets directly into the SMSF instead of cash. These types of contributions are called in specie contributions.

How much can I transfer into my SMSF?

You can contribute up to $500,000 per person (lifetime limit) into your SMSF tax free.

When should I update my SMSF trust deed?

every five years

Generally, your SMSF trust deed should be reviewed at least every five years to make sure that it is current and up to date. 2. If as trustees you are intending to undertake any activity with your SMSF, and that activity is not included within the trust deed, then you will need to review and update the trust deed.

All investments by your SMSF must be made on a commercial ‘arm’s length’ basis. The purchase and sale price of fund assets should always reflect true market value, and the income from fund assets should always reflect a true market rate of return.

What can I invest in with my self managed super fund?
With an SMSF, you can choose to invest in a broad range of asset classes, including:

  • Australian and international shares (listed and unlisted)
  • residential or commercial property.
  • cash and term deposits.
  • fixed income products.
  • physical commodities.
  • property.
  • collectables.

What are the major reporting and record keeping obligations of an SMSF?

You need to keep the following records for a minimum of five years: accurate and accessible accounting records that explain the transactions and financial position of your SMSF. … an annual operating statement and an annual statement of your SMSF’s financial position. copies of all SMSF annual returns lodged.

What records do trustees need to keep?

Documents include accounting records (5 years), trustee minutes (10 years), records of changes of trustees/directors and consents to act (10 years), Trustee Declarations (at least 10 years and whilst remain as a trustee/director) and member reports (10 years).

How often does a SMSF need to be audited?

Currently, an SMSF must be audited annually, and the trustees of an SMSF must appoint an approved auditor at least 45 days before their fund’s annual return to the Australian Taxation Office (ATO) is due.

What responsibilities do trustees of superannuation funds have?

Trustees of SMSFs are responsible for ensuring they only accept contributions from members (or from employers on behalf of members). They must also ensure that member benefits are not paid as lump sums or income streams unless a member: Has reached their preservation age and met a condition of release, or.

What are three statutory record keeping requirements for super?

For example, the following SMSF records need to be kept for five years: Accounting records that explain the fund’s annual transactions and financial position.

Record-keeping timeframes

  • Minutes of trustee meetings.
  • Records of any changes to fund trustees.
  • Trustee declarations and consent.
  • Copies of all member reports.

Do trustees need to keep accounts?

Trustees need to keep records of any income payments made at their discretion to beneficiaries. This information is required as part of the Trust and Estate Tax Return for discretionary trusts.

How long do you need to keep SMSF tax records?

In simple terms, as trustee of your SMSF, you need to keep records that allow preparation of financial statements and annual tax and compliance returns. This information needs to be kept for at least five years after the end of the financial year, even after your SMSF has been wound up.

How do I manage my SMSF?

Five steps to setting up a self managed super fund (SMSF)

  1. Establish a Trust. The first step involved with setting up an SMSF and registering an SMSF with the ATO is establishing a trust. …
  2. Obtain the trust deed. …
  3. Sign a declaration. …
  4. Lodge an election with the regulator. …
  5. Open a cash account.

Can SMSF invest in overseas property?

An SMSF can invest in properties overseas as neither the SIS Act or the ATO prohibit these types of investments. This type of investment is not too different to investing in Australian property. The SMSF must have legal title over the overseas property.

What happens to my SMSF if I move overseas?

An SMSF member travelling overseas can maintain eligibility by appointing a trustee to manage their SMSF, if they have ‘enduring power of attorney’ (EPOA). If you’re heading overseas for more than two years, this could be an option but you’ll need to relinquish control to a trusted third party.

Should I invest in overseas property?

“Indeed, investing in property overseas is a lucrative option for seasoned investors who do not want to limit their real estate investments to Australia. While the property market in Australia has been consistently performing until now, there is no guarantee of the upward curve, forever.

Can I have an SMSF if I live overseas?

Trustees can still be part of a SMSF even if they are overseas on a permanent basis. This is made possible by taking out a Power of Attorney for the management and control of the SMSF. While overseas, Members are not allowed to contribute to the SMSF.



Use a limited recourse borrowing arrangement (LRBA)

There are a few limited circumstances in which an SMSF can borrow other than under an LRBA, namely:

  • To fund a payment to a beneficiary – in which case, the borrowing can’t exceed 90 days
  • To cover the settlement of securities transactions – and then only up to seven days
  • To pay a superannuation surcharge liability – and the borrowing can’t exceed 90 days.

Use borrowed funds for repairs

  • An SMSF can use borrowed funds to repair or maintain an asset.
  • However, a trustee can’t use borrowed funds to improve the asset. They can, however, use other funds to improve the asset.
  • The ATO uses the example of a fire damaging part of a kitchen. If the damaged part of the kitchen is restored with modern equivalent materials or appliances,  that would constitute repair or restoration of a part of the entire asset.

The don’ts

Don’t buy more than one asset with the loan

ou are required to take out a separate loan for each asset. A loan must be for a single asset or a collection of identical assets with the same market value, such as a parcel of shares. A property with one title also complies. Potential issues could arise if there were separate titles over apartment parking spaces, for example. In effect, you can’t borrow $1 million and then buy five separate properties.

Don’t change the nature of the asset

You might acquire a block of land with a single title and then build a house on the land, changing the character of the asset from a block of land to a residential property. It is now a different asset. If the character of an asset has fundamentally changed, it ceases to be exempt from the borrowing prohibitions. 

Don’t use borrowed funds to improve the asset

The ATO has a very specific idea of what constitutes a repair and what is an improvement – SMSF Ruling 2012/1 explains many common situations and says the following are improvements:

  • The addition of a swimming pool or garage
  • The installation of an integrated home automation system, including electronically controlled lighting, multi-room audio-visual distribution and security system
  • A house extension to add a further bathroom.

But something like adding a gate to a fence that was being replaced to bring it up to modern standards would not be considered an improvement.

Any borrowing arrangement that the SMSF enters into will need to satisfy the sole purpose test and can’t be used for existing assets.

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