SMSF Setup Service

If you’re thinking about starting a Self-Managed Super Fund (SMSF), it’s crucial to understand the tax responsibilities that come with managing your own super fund. Each year, you need to submit an SMSF tax return to the Australian Taxation Office (ATO). This tax return includes details about the fund’s earnings, expenses, contributions, and investments, which are vital for the ATO to determine your fund’s tax duties.

Here at TMS Financials, we are committed to assisting you from setting up the fund through to the ongoing management of your SMSF. We help ensure your fund adheres to superannuation laws and ATO rules, covering everything from the initial SMSF setup and ATO registrations to managing fund assets and the structure of trustees.

Our goal is to ensure your SMSF fulfills its tax obligations, while optimising the benefits available to you. Whether it’s managing contributions, investments, or ensuring compliance with superannuation laws, our team is here to support you every step of the way.

Compliance and administration duties for your SMSF

As a trustee, you’re tasked with several important compliance and administrative duties:

1. Appoint an SMSF auditor to perform annual audits.
2. Accurately value the fund’s assets to ensure precise annual returns.
3. Submit an SMSF annual return to the Australian Tax Office (ATO).
4. Report any events affecting the Superannuation transfer balance account.
5. Keep detailed records of all fund operations.
6. Inform the ATO of any significant changes in your fund’s structure or operations.
7. Regularly verify your SMSF’s registration status. For guidance on how to do this, you can visit the ATO’s website.

These responsibilities are essential to maintain the health and compliance of your SMSF, ensuring it meets legal standards and operates effectively.

One of the main reasons many people choose to establish a Self-Managed Super Fund (SMSF) is the flexibility it offers to invest their superannuation contributions in assets beyond just publicly listed stocks, such as property investments. This is particularly appealing for those interested in real estate.

The significant advantage of an SMSF, especially for property investors, is the level of control it provides. When you manage your own SMSF, you oversee your bank accounts and make all the investment decisions. This control extends to the broader decision-making process, enabling you to tailor your investment strategy and fund operations to align closely with your financial goals.

With an SMSF, you’re responsible for appointing trustees—whether choosing an individual trustee structure or a corporate trustee structure—and ensuring your fund complies with superannuation laws. You’ll also handle the fund’s assets and contributions, and maintain detailed financial statements. Crucially, this structure allows you to tailor the fund to meet specific needs, such as preparing for retirement or maximising tax efficiencies, in ways that other super funds might not permit.

Among these costs, getting quality financial advice can be very important. Inadequate advice can severely impact the performance of your SMSF investments, which are essential for supporting your lifestyle in retirement. Therefore, it’s vital to choose a financial adviser who is reputable and committed to acting in your best interests.

For many people, a regular industry super fund might be a more cost-effective and less burdensome option. These funds are professionally managed and can offer a simpler path to retirement savings. If you’re considering an SMSF, we highly recommend consulting a professional to discuss whether it’s the most appropriate choice for your circumstances.