Stay up to date with the latest COVID-19 news. Learn More

Self-Managed Superannuation (SMSF)

A Self-Managed Superannuation Fund (SMSF) can be an effective way to grow your wealth and allow you to save effectively for your retirement. Operating your SMSF offers you a greater degree of control in which you can advance your retirement wealth.

Managing your SMSF means investing time and being confident in making appropriate decisions in the best interests of the fund. However you don’t need to do this on your own. Working with a Chartered Accountant can ensure you design the most tax-effective superannuation strategy to achieve your objectives.

A Chartered Accountant can also offer a wide range of other services in accounting and business advice that can prove highly beneficial for your business direction. A Chartered Accountant who is good at what they do and who cares about your success will always tailor these services to what you actually need. They will take into consideration both your personal and business situation, and make the process easy and efficient.

Ready to investigate Chartered Accountants?

Have a talk to our team and see if we are the right fit for you. We want you to get back to concentrating on your business and enjoying your achievements.

Talk with us

SMSF Services

Often your accounting needs are complex and working with a quality business adviser or accountant who cares about your individual needs can really help.

What are the benefits of a SMSF?

Superannuation should form a key part of your overall wealth creation strategy as it provides a means to efficiently grow and manage your investments over your lifetime. While managing an SMSF is a large responsibility it’s important for you to have direct control over your superannuation strategy and investment choices.

Obtaining the right superannuation advice can give you flexibility in relation to tax effective investment and estate planning strategies to maximise wealth across multiple generations.

What is required to set it up?

If you have a good starting balance for your SMSF, this will enable running it to be more cost-effective, as well as a desire for the fund to grow. However, trustees are responsible for the administration, compliance, development and maintenance of their SMSF strategy and need to adhere to strict rules or suffer significant penalties.

The rules of superannuation change and economic conditions fluctuate, so it’s vitally important to keep abreast of the governing rules and market if you’re to make the most of your SMSF. If you don’t feel totally confident in managing these requirements yourself, receiving experienced advice and support is recommended.

SMSF Strategies

To set up effective SMSF strategies, it’s valuable to have the technical advice of a Chartered Accountant. They can assist you with:

  • Setting up and implementing tax efficient strategies
  • Contribution planning to maximise benefits
  • Access to superannuation benefits
  • Tax implications of pension strategies pre and post age 60 to maximise tax free benefits
  • Investment structuring including using your super for investments such as property or shares via limited recourse borrowing or unit trusts
  • Estate planning to ensure the transfer of your wealth in a tax efficient manner

Our team at BLG attend to annual compliance of a SMSF including financial statements, member reporting including transfer balance account reporting, annual returns, associated minutes, actuarial certificates and audit.

SMSF Setup Process

If you would like assistance in establishing a Self-Managed Superannuation Fund, our team at BLG Business Advisers can assist as a Limited Australian Financial Services Licence (AFSL). We will talk you through the process which includes:

  • A letter of advice
  • Trust deeds, minutes and membership application forms
  • TFN and ABN applications
  • Notice of election to become a regulated fund
  • Other items where useful

Working with BLG will ensure your SMSF is set up in a way that benefits you long-term.