SMSF BENEFITS AND RESPONSIBILITIES

[vc_row fullwidth=”true”][vc_column][mk_page_title_box page_title=”SMSF BENEFITS AND RESPONSIBILITIES” section_height=”300″ bg_image=”https://www.mysmsfproperty.com.au/wp-content/uploads/2014/09/businessbanner.jpg” bg_position=”center top” bg_stretch=”true” overlay=”rgba(10,10,10,0.7)” bg_effects=”parallax” font_size=”42″ font_color=”rgba(255,255,255,0.7)” font_weight=”400″ underline=”false” padding=”0″ sub_font_size=”24″ sub_font_color=”rgba(255,255,255,0.51)” el_class=”title”][/vc_column][/vc_row][vc_row css=”.vc_custom_1493605737871{margin-top: 5% !important;}”][vc_column][mk_fancy_title color=”#545454″ size=”32″ font_weight=”400″ font_family=”none” align=”center”]Many Australians are setting up a Self Managed Super Funds (SMSF) and they are doing so to gain the some of these great benefits.[/mk_fancy_title][mk_divider style=”shadow_line” divider_width=”one_fourth” margin_top=”10″][/vc_column][/vc_row][vc_row css=”.vc_custom_1493605712145{margin-top: 5% !important;}”][vc_column][vc_column_text]The SMSF Accounting and Administration services market is a large market with nearly 30% of all super funds in SMSF’s, it is also a market with a variety of providers. SMSF services vary, from accountants providing, transaction based pricing for smsf tax work. There are fund managers and brokers using a percentage of super­size or asset value, as a way of billing for their services and finally you have flat fee providers.[/vc_column_text][/vc_column][/vc_row][vc_row fullwidth=”true” fullwidth_content=”false” css=”.vc_custom_1492422588344{margin-top: 4% !important;padding-top: 50px !important;padding-bottom: 30px !important;background-color: #fafafa !important;}”][vc_column][mk_fancy_title color=”#0a0a0a” size=”26″ font_weight=”400″ letter_spacing=”1″ font_family=”none” align=”center”]CHOOSING A SMSF ACCOUNTANT OR ADMINISTRATION PROVIDER[/mk_fancy_title][vc_row_inner][vc_column_inner width=”1/2″][vc_column_text disable_pattern=”false”]When choosing a SMSF accountant or administration provider for your SMSF you should check the following:
Q1. Are they just accountants or administrators with a variety of services and support.
Q2. Are they licensed to provider SMSF advice on super matters such as contributions, pensions?
Q3. What other services do they offer?[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″][vc_column_text disable_pattern=”false”]When choosing a SMSF accountant or administration provider for your SMSF you should consider:

  • Education and technical support
  • Reporting online, annual, face to face or via the internet
  • Additional services such as advice, lending, investment options

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New government legislation requires accountants to be licensed to provider any super advice from 1 July 2016. This new legislation will affect a lot of accountants who are not able to provide this service, without obtaining, new licensing, education and putting in place insurance measures.

SMSF Accounting or Administration, involves more than completing your funds tax return and audit annually. It is not as simple as a personal tax return or a trust return or company return and many people group SMSF’s as purely an accounting service.

[/vc_column_text][/vc_column][/vc_row][vc_row fullwidth=”true” fullwidth_content=”false” css=”.vc_custom_1492441118963{margin-top: 4% !important;padding-top: 0px !important;padding-bottom: 45px !important;background-color: #ffffff !important;}”][vc_column][mk_fancy_title color=”#0a0a0a” size=”26″ font_weight=”400″ txt_transform=”uppercase” letter_spacing=”1″ margin_bottom=”10″ font_family=”none” align=”center”]There are (3) very important elements to SMSF’s[/mk_fancy_title][vc_row_inner css=”.vc_custom_1492441108315{padding-top: 35px !important;}”][vc_column_inner width=”1/3″][mk_icon_box2 icon_size=”64″ icon=”mk-li-notepad” icon_color=”#ffffff” icon_background_color=”#4c82c3″ icon_border_color=”#4c82c3″ icon_hover_color=”#4c82c3″ icon_hover_background_color=”#ffffff” icon_hover_border_color=”#4c82c3″ title=”COMPLIANCE” title_weight=”normal” title_color=”#4c82c3″]Accounting and Auditing of your fund annually[/mk_icon_box2][/vc_column_inner][vc_column_inner width=”1/3″][mk_icon_box2 icon_size=”64″ icon=”mk-li-money” icon_color=”#ffffff” icon_background_color=”#4c82c3″ icon_border_color=”#4c82c3″ icon_hover_color=”#4c82c3″ icon_hover_background_color=”#ffffff” icon_hover_border_color=”#4c82c3″ title=”INVESTMENT” title_weight=”normal” title_color=”#4c82c3″]Selection and Management[/mk_icon_box2][/vc_column_inner][vc_column_inner width=”1/3″][mk_icon_box2 icon_size=”64″ icon=”mk-li-calculator” icon_color=”#ffffff” icon_background_color=”#4c82c3″ icon_border_color=”#4c82c3″ icon_hover_color=”#4c82c3″ icon_hover_background_color=”#ffffff” icon_hover_border_color=”#4c82c3″ title=”ESTATE PLANNING” title_weight=”normal” title_color=”#4c82c3″]Asset protection and distribution of your accumulated assets[/mk_icon_box2][/vc_column_inner][/vc_row_inner][mk_padding_divider size=”20″][vc_column_text]In our opinion, getting your funds tax return and audit completed for your SMSF, will ensure your fund is compliant. It will not address your investments, protection requirements, potentially leaving you with more work, risk and responsibility, so its well worth doing your research on the services available in the market.[/vc_column_text][/vc_column][/vc_row][vc_row fullwidth=”true” css=”.vc_custom_1492444419789{padding-top: 35px !important;padding-bottom: 35px !important;background-color: #4c82c3 !important;}”][vc_column width=”1/12″][/vc_column][vc_column width=”5/12″ css=”.vc_custom_1492444788531{padding-right: 30px !important;}”][mk_fancy_title color=”#0a0a0a” size=”26″ font_weight=”400″ letter_spacing=”1″ font_family=”none” align=”center”]3 TYPES OF SMSF SERVICE PROVIDERS[/mk_fancy_title][vc_accordions style=”simple-style” container_bg_color=”#4c82c3″][vc_accordion_tab title=”(1) Transaction based accountant services”][vc_column_text]These services are provided by local accountants who charge by each transaction on your account plus a fee for your funds audit
Comment: This can get costly as your funds grow and have more investments[/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”(2) Percentage % based fees”][vc_column_text]Most of the larger providers including bank owned providers charge a % of your asset values
Typically, 0.75% – 1%
Comment: This is can be very costly and is a similar fee structure to retail and industry super fund. [/vc_column_text][/vc_accordion_tab][vc_accordion_tab title=”(3) Flat Fee providers”][vc_column_text]

Flat fee providers like My SMSF charge a fee irrespective of the number of transactions or the size or asset value of your funds.

Our model is risk and work based and it’s the cheapest option with the most value for money.

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 WATCH THE SMSF EXPLAINER VIDEO

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