What is a SMSF & How does it work
A self-managed super fund (SMSF) is like a private super fund that you manage yourself. Unlike a retail or industry super fund, you have complete control of the money that goes into the fund. When you manage your own super, you also have the power to choose which investments and insurances you want.
A licenced SMSF specialist or advisor can help you manage your SMSF by helping you make the best investment decisions to maximise returns. All SMSFs setups are legally required to have an investment strategy. This strategy helps guide a trustee’s decision making and is required under legislation.
Benefits of a SMSF
Superannuation is a lucrative investment vehicle, and having a SMSF provides a host of financial benefits including:
- Greater flexibility with tax
- More freedom in the types of investments
- The ability to make loans under the SMSF for investment purposes (LRBA)
- Estate planning
Our SMSF Administration Services
To ensure that your SMSF is in compliance with the regulatory bodies, SMSF trustees must show proof that they can follow specific administrative obligations. At Linfinity, our SMSF administration specialists are certified to assist you in ensuring that all documentation and forms are in compliance with these regulatory bodies before submission, preventing you from incurring penalties in the future. We can assist you in the following:
- Signing and submitting trustee declarations to the ATO
- Ensuring that the fund’s trust deed is up to date
- Appointing an independent auditor to conduct annual SMSF audits
- Paying the ATO supervisory levy
- Providing event-based reporting
- Recording and reporting any fund member or trustee changes
- Maintaining general and financial fund records
- Preparing documents including members statements, minutes and resolutions
- Preparing pension documents
- Valuing fund assets at market value (Including properties)
- Preparing investment reports (investment summary, realised & unrealised gain)
- Reviewing the investment strategy
- Attending to all other compliance issues relating to the SMSF
- Attending to general correspondence from the ATO
With significant experience behind us, our certified accountants and advisors at Linfinity can help you get your SMSF setup hassle-free.
If you have an established SMSF, we have the resources and knowledge to assist you in your SMSF administration process and answer any questions related to your superannuation.