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Specialist Advice Will Take Your SMSF to the Next Level by tax cooloola
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Specialist Advice Will Take Your SMSF to the Next Level |
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Business
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Most Australians with superannuation accounts will by now have received their annual statements and, depending on the performance of their fund, they may not be very happy with the result. They have some choices about the next step. Some people will do the research and find another, better performing fund, and transfer their balance into it. Sadly though, most people will just take it on the chin and leave their funds where they are. This is a short-sighted approach that will have long-term implications when it comes time for retirement. Statistics show that people who have taken an active interest in their superannuation fund performance will have a larger balance than those who don’t. The continued growth of self managed superannuation funds (SMSF) is evidence that a growing number of people are no longer content to leave their future in the hands of others. Specialist Advice Helps SMSF Managers Get Back on Track SMSFs put control over investment decisions back in the hands of the individual. However, the down side is that all of the responsibility including the legal structure and administrative compliance processes is also squarely in the hands of the individual. If the fund is not correctly set up, or the compliance issues managed, everything can go terribly wrong very quickly. This is the time for a consultation with Charter Partners and their team of independent advisors. The growth of SMSFs has seen the establishment of a professional association to ensure that the industry develops with integrity and to raise the standard of specialist expertise. The Self-Managed Super Fund Professionals’ Association of Australia (SPAA) has established an accreditation programme that SMSF specialists must undertake to be accepted as an SMSF Specialist Advisor. The programme requires rigorous examinations, assessment of professional history and ongoing professional development to meet their standards. Not all Accountants Brisbane hold this accreditation, so it is important for a person wanting to either set up an SMSF or to get assistance with managing an existing fund to do some research before making any commitments. A Principal of Charter Partners is accredited by the SPAA and is able to advise on the key issues of an initial establishment of the fund, ongoing administration, compliance and key strategies that take advantage of tax concessions. Professional Advisors up to Date with SMSF Changes One of the key issues for anyone trying to manage an SMSF in isolation is that the taxation laws and regulations are in a constant state of flux. Every Federal budget brings in some amendment or change or additional requirement. For a business owner or private individual trying to manage their day-to-day affairs, as well as keep on top of developments affecting their SMSF, these changes can have very negative consequences if they are not keeping themselves informed. This is where the value of having an accredited advisor is proven. As already mentioned, the buck stops with the fund manager. No one wants to be the person responsible for making a bad decision or simply not being aware of something that can destroy the retirement savings of themselves or the other fund members. If you are struggling with your SMSF, have a look at www.charterpartners.com.au and see what they can offer. This complex area requires professional assistance to get the best outcome.
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