What is a Self Managed Super Fund

you should have at least $250,000 of assets in your fund to make the costs of running an SMSF worthwhile

self-managed super fund (SMSF)

How does an SMSF work?

SMSFs are established for the sole purpose of providing financial benefits to members in retirement and their beneficiaries on death. They have their own Tax File Number (TFN), Australian Business Number (ABN), and transactional bank account, which allows them to receive contributions and rollovers, make investments, and payout lump sums and pensions. All SMSF investments are made in the name of the fund and are controlled by the trustees. As a trust, There are two trustee structure options:

Corporate trustee

Individual trustee

What are your responsibilities as an SMSF trustee?

As an SMSF trustee, you are responsible for making investment decisions and ensuring the implementation of an investment strategy for your fund. SMSFs also have strict administrative obligations that require you to maintain records, provide financial statements, complete a tax return and organize an independent audit. For this reason, many trustees engage SMSF specialists to help them manage their accounting, auditing, and tax reporting, as well as provide financial and investment advice. However, they always remain completely responsible for the decisions and administration of their fund.

How we can help support you as an SMSF trustee

At E&P, our SMSF Accounting team support trustees of SMSFs with preparing financial statements and tax returns, coordinating the annual audit and actuarial certificates, commencing and maintaining pension accounts, and liaising with the Australian Tax Office (ATO) and the Australian Securities and Investments Commission (ASIC).

If you’re considering an SMSF and looking for accounting and administration support, E&P may be able to help you.

4.7 Star App Store Review!
The Communities are great you rarely see anyone get in to an argument :)
Love Love LOVE

Select Collections