H S Cooper & Co Pty Ltd have in their employment two qualified self managed super fund auditors and a super fund expert. We are therefore comprehensively equipped to advise and guide on this complicated subject. Examples of questions to be asked and advised on are:
- How can an SMSF be set up & who can be involved?
- What advantage, if any, can a self managed super fund have over a normal fund?
- Can an asset (a property for example) be purchased in a self managed super fund and what rules are applicable?
- A property cannot be purchased in a normal fund.
- What minimum or maximum number of members are required for a self managed super fund to be set up?
- What is considered to be the minimum amount of money required before a self managed super fund should be set up?
- What advantages can a self managed super fund have when thinking of retirement and what flexibilities are available?
- What strategies can be used when transitioning to retirement?
- What maximum and minimum contributions can be made and what are deductible and non-deductible for income tax purposes?
- What costs are involved in an SMSF compared to a managed fund?
The above are just some of the areas to be discussed and advised on before a self managed super fund should be considered.
Are you looking for reliable financial advice?
Here at H S Cooper & Co Pty Ltd, we aim to provide comprehensive accounting, tax and compliance services for self-managed super funds. Call now to arrange an appointment with our team.
What is an SMSF?
A self-managed super fund is primarily used to provide retirement benefits to members who act as trustees. This means the members control and self-manage all aspects of the super fund.
Subject to certain restrictions, SMSFs can invest in almost any investment assets and products and may directly invest in residential and commercial property with or without borrowings. In the case of a corporate trustee with more than one member, all members must be directors of the company and all directors must be members of the SMSF.
A major benefit of an SMSF is the generous tax concessions received as an incentive for people to save for their retirement.
Want to learn how to set up an SMSF for yourself? Call us today on (03) 9021 1432 .The experts at H S Cooper & Co Pty Ltd will be happy to assist.
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Our SMSF Audit Service
Annual self-managed super fund audits are compulsory in Australia and must be performed by an independent auditor who is listed with the Australian Securities and Investments Commission (ASIC). H S Cooper & Co Pty Ltd provides SMSF audit services throughout Melbourne, Frankston and the Mornington Peninsula.
An SMSF auditor is accountable for examining a fund’s financial statements and evaluating its compliance with relevant superannuation laws. It is the duty of the SMSF auditor to account for all non-compliance matters and report them to the fund administrators.
Along with ensuring accuracy through our strict quality management system, our accountants provide affordable services. We make sure to accurately conduct your SMSF audit on a timely basis so that there are no penalties or expenses which may be levied by the ATO.
Contact us today to discuss our services in more depth.
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The team at H S Cooper & Co Pty Ltd is always ready to help with your tax queries.
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