SMSF Gold Coast
How an SMSF on the Gold Coast Can Help You Achieve Your Goals
Are you thinking about establishing a self-managed super fund (SMSF) on the Gold Coast? MB Accounting and Business Services can help. We offer a variety of services, including SMSFs – private funds that give you greater choice and control over your money.
Benefits of an SMSF in the Gold Coast
The accessibility of modern technology has seen more and more Australians taking control of their own superannuation. Those who are looking to positively engage with their retirement planning and super are turning to SMSFs, as they pose a range of benefits.
- Investment control. One of the main advantages of an SMSF is the wider range of investment options, such as commercial and residential property, term deposits, collectibles, and direct shares. There is far more versatility than offered by retail and industry super funds.
- Tax minimisation. Besides defined benefit super funds, most superannuation funds provide the option to take a tax-free pension as a stream of income when you retire. Another advantage of these funds is that they offer more flexibility than other superannuation structures regarding contributions, allocating earnings to members, and implementing reserves.
- Transferring wealth. When it comes to estate planning, there are plenty of useful tools built into Australia’s superannuation system. However, an SMSF provides even more advantages such as flexibility and control over your estate plan. You’ll be able to create a strategy to execute your wishes for wealth distribution with the best tax outcome possible.
Tips Regarding Your SMSF in the Gold Coast
Once you’ve established your SMSF, there are a few things you’ll need to think about, such as the administrative tasks required to maintain your SMSF. MB Accounting and Business Services have a few tips to simplify this process.
- Engage an auditor. To make sure your SMSF is compliant, you’ll need to hire an approved auditor. Trust us, you’ll want to be sure your fund is legally compliant.
- Accept contributions. Superannuation law says that certain standards must be met for a super fund to accept a contribution. The responsibility for ensuring that the SMSF can accept a particular contribution falls on the trustee.
- Keep records. An SMSF trustee must keep proper and accurate superannuation and tax records to manage the fund efficiently and effectively.
- Notify the ATO of changes. SMSFs must notify the ATO of changes in fund details, such as name, address, contact details, or membership within 28 days of when the change takes place.
About MB Accounting and Business Services
At MB Accounting and Business Services, we work with you as an extension of your team to help you achieve your financial goals. Your success is our success, so we offer a comprehensive range of services such as accounting, bookkeeping, tax returns, quarterly accounts, tax planning, and more to help you reach your goals. Don’t hesitate to contact us with any questions or to book an initial consultation.
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