232 Boundary Road, Braeside, Victoria, Australia, 3195

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What is self managed superannuation?

This is one of the most common forms of superannuation. The main difference to the commonly used Industry and Retail Funds is that SMSF's are independently established and run, and the legal responsibility for the running of the fund and for complying with the relevant legislations falls upon the Trustee(s). Generally, the Trustee(s) of the Fund is also the member and therefore the members are running the SMSF for their own benefit.

They can have up to & including 4 members and the Trustee can either be a Corporate Trustee or Individual Trustees. We would normally recommend a Corporate Trustee. Click to see separate discussion

Benefits of a SMSF

  1. - Increase in flexibility of asset selection – including the ability to include investment property
  2. – Pooling of resources from up to 4 people with similar investment strategies/objectives
  3. – Maximum flexibility in relation to the usage of pension streams
  4. – Ability to transfer personally owned shares and business real property directly into super

Who should look at having a SMSF

  1. - Those with a superannuation balance of at least $100,000 where the members are planning on making additional contributions into superannuation in the near future
  2. – Those looking for more control over asset selection
  3. – Investors prepared to manage their own investments
  4. – Professionals with super choice
  5. – Retirees wishing to commence a pension
  6. – Family groups wishing to take advantage of estate planning

Requirements of having a SMSF

  1. - Member/trustee requirements
  2. – There must be an Investment Strategy
  3. – The SMSF must be run for the Sole Purpose of providing benefits to the members upon retirement
  4. – Compliance requirements – Financial Statements, Income Tax Returns, Member Balances, Investment Summary
  5. – Audit - The super laws require that SMSFs have their accounts, statements and compliance audited each year

Of course, Ross Wadeson Accountants have a specialist team to look after this for you

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Comments from our clients

  • "Hi Ross, I just thought that I should tell you that Monty has been helping me with a problem I had with Gracott over the past few months. In this time, his help has been well above what would normally be considered normal for an accountant's role. I have been very grateful for his assistance. …… I thought I should pass this on to you personally."
    - Jill Miglietti, Bervic Engineering Co Pty Ltd
  • "Thanks for the business valuation I am very happy as was my Solicitor with this, the valuation was quite detailed and you went into great detail showing the different methods used in calculating the value also supplying figures to substantiate your calculations. Great work thanks."
    - Jon Everitt, Signarama Moorabbin
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    - Michael Libman, Director (Licensed Estate Agent) Property Choice Pty Ltd
  • "The Planning Session: The process was very good in assisting us to clarify our personal and business goals and objectives. In our case, with each of us running separate businesses, it was particularly helpful in highlighting the directions we were both heading, and where simplification could be applied to create more efficient management..."
    - Kevin Ezard Aquarian Developments (Aust) Pty Ltd - Marketing and Consulting
  • "Many thanks for your work this year. A friendly and efficient company. Our contact with you over the many years of our association has been a pleasure and we look forward to continuing this in the future."
    - Linda and Ray Eades - Carpentry Business and Super Fund
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    - Veronique Moloney – Long standing client

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