Brisbane
The superannuation scheme was introduced in Australia so people can put funds aside to provide an income in retirement without relying heavily on the Governments old age pension scheme.
There are tax incentives available with superannuation and it can be used as a tax-effective saving strategy to fund retirement.
There are a number of superannuation funds available in the marketplace for workers to choose from but some prefer the option of a Self Managed Superannuation Fund (SMSF) to access a broader range of investments other than shares, managed funds and property as you can also hold antiques and artwork in a SMSF.
As opposed to industry superannuation funds where workers can choose to invest in range of prescribed investment options where all taxation and reporting matters are taken care of, owners of a SMSF are they themselves the trustees and take on the responsibility of providing the investment strategy, taxation and ATO reporting.
Superannuation can be a complex area so it is essential if you are administering a SMSF, that you have consulted a professional accounting firm to ensure you are compliant with all relevant superannuation and taxation laws.
Here, Accounting iCue share the guidelines to Self Managed Superannuation Funds.
A popular misconception is that you can buy a property with a SMSF and live in it. This is not the case. All property bought with a SMSF must reflect the true market value and the income from fund assets should reflect a true rate of return.
The property bought with a SMSF must comply with the following rules:
With the exception of a SMSF purchasing your business premises, allowing you to pay rent directly to your SMSF at a true market rate.
As you can see, purchasing assets, particularly property in a SMSF may not be as easy as expected and having an accountancy firm specialising in superannuation for advice is critical.
Accounting iCue services the Gold Coast, Brisbane and across Australia, are experienced professionals that can provide you with advice and consultancy on your superannuation, SMSF and accounting affairs.
We can help you to set up a Self Managed Superannuation Fund so you can have more control over what your retirement might look like.
Contact our professional and qualified team today on 0400 630 93 to discuss how Accounting iCue can help streamline your superannuation plans for retirement.
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PO Box 3243 Helensvale Town Centre Gold Coast QLD 4212 | |
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