Bartley Partners provide the specialist accounting services required to set up and maintain a Self Managed Super Fund (SMSF) in Adelaide. All SMSF set ups are done in tandem with some of Adelaide’s top legal professionals to ensure your structure minimises taxation, provides for asset protection, and factors in your estate planning needs.
As part of your retirement and wealth creation strategy, you should consider setting up a Self Managed Super Fund to allow you the greatest flexibility available under the law to invest in different asset classes. Common investment options include direct property (residential or commercial), indirect property, shares, managed funds, bullion, and index funds.
There are a plethora of strategies related to Self Managed Super Funds available due to the tax differential available — compliant SMSFs are generally only taxed at 15%, well below other investment vehicles.
SMSFs are regulated by the Australian Taxation Office and allow up to four members (often used by families to invest together for retirement). There are duties imposed upon Self Managed Super Funds, such as legal duties in order to run the fund correctly and purely for the provision of retirement benefits, set up an investment strategy, and to keep full accounts that are reported annually to the ATO.
Costs related to running a Self Managed Super Fund
- Accounting fees starting from $600 + GST per year, depending on the size of the fund, the information presented and the transaction level.
- Audit fees from $400 + GST per year, as Self Managed Super Funds are required to receive an annual audit.
- Bank fees and charges depending on your financial institution.
- The Australian Taxation Office (ATO) charges an annual SMSF levy of $259 (This is the fee for the 2017 Financial Year and may change in the future)
- An annual ASIC fee of $47 for the corporate trustee company (again, this will change slightly each year).
Considering the costs, it is only worth self managing your superannuation if you have sufficient funds in your super to justify the costs involved, and to ensure that it does not cost significantly more than a standard commercial fund.
If you are unsure whether you have the funds to justify a SMSF, come in and have a chat with one of Bartley Partners’ accountants to determine if this entity is right for you and your family.
Call us on (08) 8338 1033 to discuss setting up and managing a SMSF in Adelaide.