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MythBusters! Busting The Biggest Myths about Self-Managed Super Funds

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  Self-managed superannuation funds (SMSFs) are a great way to take complete control over your retirement. However, in recent years, SMSFs have come under a lot of scrutiny after the COVID-19 pandemic, leaving many Australians to question the legitimacy and safety of having a SMSF. Fear no more – Auditax Accountants have laid out 5 of the biggest myths surrounding SMSFs, so you can consider whether having one is right for you. Myth #1: You Need To Be A Millionaire To Open An SMSF While there are some general advice floating around about how much you should have to create and sustain a SMSF (usually the more money, the better) it is a myth. First, there are no mandatory minimum balance to open a SMSF, according to the Australian Securities and Investments Commission (ASIC). In 2018-19, ASIC calculated that approximately 15% of SMSF’s had a balance below $200,000, and the average fund straddled between $200,000 - $500,000. You are not expected to be a millionaire open entering or...
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Company constitutions and SMSFs

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    While setting up an SMSF, one of the decisions to be taken is regarding the selection of trustees. You need to decide whether individual trustees should be appointed or corporate trustees. While you might have heard that corporate trustees are beneficial against individual trustees, you might wonder, why? Apart from answering this question, this article also considers why the constitution of a corporate trustee is important and what should be included in an SMSF constitution.  Why opt corporate trustee over individual trustee?    There are many reasons why a corporate trustee is preferable to individual trustees for an SMSF.  Here are some benefits that a corporate trustee has over individuals:  Succession planning becomes more convenient when corporate trustee is there. Further, the SMSF is able to meet the trustee/member rules easily;  Fund has to deal with less administration and paperwork in case there i...
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SMSF Audits and SMSF Tax Returns | Know Everything about SMSF Audit

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  It is the Self-Managed Superannuation Fund (SMSF) is growing at a rapid rate as ATO regulates and Australians have confidence in the management of their savings for retirement. Every SMSF Audit must have its own tax return to be lodged at the ATO each year. It is not a substitute for your personal tax return. Furthermore, each SMSF is required to be scrutinised each year. Are you sure that your SMSF tax return is being filed in a timely manner? Are you sure of the fact that your SMSF is safe from ATO audits, managed correctly, and not creating an assessment on tax that could be hidden later and decrease your retirement assets? SMSF Tax Returns Self-Managed Super is on the rise in Australia But it's vital to get it correctly. Australian tax legislation is one of the more complicated anywhere in the world. SMSF Tax Return is among the most complicated areas. Many taxpayers do it on their own in managing their SMSF and their tax returns wit...
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Location: 1/6-12 Serich Ln, Northbridge WA 6003, Australia
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Smsf Audit –By Experienced Professionals Online Audit Smsf

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  The working capital and finances well-organized will ensure the stability of the business in the beginning.   You must be in control of your receivables as well as the debtors in all instances.   Find the primary performance indicators that will ensure the highest expansion of your company.   Control funds effectively.   Successful management of self-managed super funds is possible only if you have a competent, professional and highly skilled accounting and finance staff as your main strengths. If not , you could seek out the best talent rather than making full hiring.   The hiring of professionals of this sort to be enticed into your business can be costly.   It is not possible to pay so many dollars to one individual or a small group of people to perform these tasks.   This is due to the fact that there are many formalities to be completed for regular employees who earn very high salaries.   Benefits and privileges that accompany the hi...
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Location: Perth WA, Australia
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How to Become an SMSF Auditor?

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  Self-managed superfunds (SMSFs) is becoming more popular in Australia.   A lot of people - both old and young possess their own SMSFs to manage their own retirement plans. While SMSF deserves full control, however, it is a mistake to assume that it's simple to do.   It is crucial to remember that you need to be aware of regulations and requirements for compliance established in place by Australian Taxation Office (ATO) as well as The Australian Securities and Investments Commission (ASIC). In the current bill that is being which is being pushed by the government and calls for a three-year audit of certain SMSFs, more experienced and experienced SMSF auditors are required to review these super funds and make sure that the funds are in compliance according to ATO and ASIC rules. What is it that you need to become an SMSF auditor ?   Are you able to conduct an audit of your SMSF?   Are you able to let your friend inspect your SMSF?   Here ar...
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Location: Perth WA, Australia
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