What is a Self-Managed Super Fund?
Self Managed Superannuation Funds or SMSF allow an individual or a group of individuals to directly manage how they allocate their superannuation towards investments. Essentially an SMSF is a private super fund that you manage yourself and are different to industry and retail super funds.
Members of a self-managed super fund are also the trustees. This means members run the funds for their own benefit as opposed to outside membership. When running your own SMSF you are responsible for complying with tax and super laws. This can be a daunting prospect, but stress can be alleviated through use of our trusted SMSF accountants here on the Gold Coast.
Everything in one place
At New Wave we understand the importance of saving for your retirement. By having a mixture of financial planning and SMSF accounting under one roof, we can offer a combined service. You should always speak to a financial planner when thinking about a SMSF.
Of course we recommend our own financial planning division who, along with our accounting side can help you best manage your fund.
What can we assist with at New Wave?
- Initial SMSF setup
- Accounting for all members of the SMSF
- All documentation
- Annual compliance
- SMSF tax returns
- Member reports
- Assist with audits
Our accountants work alongside our financial planners and hand over all the information to make sure all reporting on behalf of your fund is correct. Given all services are provided in-house, it makes the process smoother and hassle free for the client as both accounting and financial planning are present in all meetings and can go through individualised client strategies as one cohesive unit.
Starting up an SMSF
We strongly recommend that you seek financial advice from a financial planner to ensure the feasibility of the establishment of an SMSF. If you do not have a financial planner, we can organise a meeting with one of our in-house financial planners at New Wave. Once you are confident that an SMSF is right for you, New Wave can assist with the SMSF setup.
This will include:
- Establishing a Trust (SMSF) including all registrations and legal documentation.
- Registering your SMSF with the correct regulatory bodies
- Assisting you with the rollover from your industry funds
- Ongoing administration and Tax lodgements.
Ongoing responsibilities and compliance
If you have an SMSF and/or a member of an SMSF, you are responsible for the funds decisions and for compliance. From an accounting and tax point of view, you will be required to ensure that the following takes place each year.
- You keep all records, documentation, invoices and receipts relating to the transactions that transpire within the financial year.
- You lodge an SMSF Tax Return to the ATO
- You engage a third-party auditor to ensure that your transactions are compliant
- You engage a financial planner where required
New Wave can assist with ensuring we take care of the obligations above.
Why is New Wave the best to come to for setting up a SMSF?
We have the perfect balance when it comes to your business and running that alongside your SMSF. Having financial planners and accountants in the same office gives a streamlined and cohesive approach to managing your wealth, both in business and your personal life.
We join our resources to best serve you as opposed to outsourcing to other companies and having no input to further goal setting and maintenance of your SMSF.