Self Managed Superannuation Funds
Self-managed superannuation funds - SMSF
Superannuation contributions can produce taxation savings and creating and retaining assets in a superannuation environment can be an important part of an overall wealth creation and asset protection strategy.
Daniel Rands, the director of PKF Tasmania, is licensed to provide SMSF advice through the SMSF Advisor's Network (SAN), who are the authority on who is allowed provide advice on SMSFs and superannuation.
Daniel can give advice on the following areas:
- Establishment of an SMSF
- Pension strategies (TRIS and account based)
- Contribution Strategies (concessional, non-concessional, in specie transfers, withdrawal and recontribution)
- Transfer of business real property into superannuation
- Withdrawals and commutations
- Transfer Balance Cap
- Limited Recourse Borrowing Arrangements
- Provision of a General Asset Class Investment Strategy for SMSF trustees
- Winding up of SMSFs
Establishing an SMSF
Establishing a self-managed superannuation fund (SMSF) provides the members of a fund with significant control over their retirement investments and flexibility in the way that the assets are acquired, invested and managed for overall benefit.
Setting up your own SMSF is relatively straight forward but it is easy to overlook many vital aspects of the process which that need to be properly addressed. The choice of who should be the trustee, for example, is a critical consideration and needs to be appropriate to the situation. It is essential that proper advice is obtained on all aspects of the establishment process. PKF can work with investors considering an SMSF to evaluate whether it is appropriate for them and advise on the correct structure.
Properly implemented, superannuation contributions are tax deductible, superannuation investments can accumulate in a concessionally taxed way and retirement benefits can be paid out with low or no tax. It is therefore important to focus on making the most of taxation concessions available and to ensure that the fund complies with all applicable laws and requirements.
Superannuation entitlements are largely protected from liquidators and bankruptcy claims, however, it must be remembered there are legislative safeguards to ensure the concession cannot be abused.
Because superannuation assets can go to your dependents and attract little or no tax, it is essential to integrate the SMSF into your estate planning. This is a key area where PKF works with the trustees, financial planners and solicitors to achieve peace of mind.
The rules which prevented SMSF borrowing for investment purposes have been changed and this has resulted in many people buying real estate with an SMSF. There can be significant benefits with these investments but the law and Australian Taxation Office requirements are complex. PKF can provide clarity in identifying your alternatives and guide you through the legislation.
PKF can help trustees through the whole life cycle of the SMSF from set up to paying benefits, through estate planning and tax effectively winding up a fund. Our help will identify your legal obligations and avoid situations where your SMSF runs the risk of being non-complying.