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Make your finances work for you. If you’re a sole trader or small business owner who’s ready to take your financial future into your own hands, consider a self-managed super fund.
We’ve put together a three-part series on SMSFs, with advice and tips, right here.
As of November 2021, SMSFs in Australia had a total combined membership of around 1.1 million – some 5% of the population. Yet, they account for a massive 25% of the $3.3 trillion invested into superannuation. That’s a big piece of the pie, and a testament to how effective SMSFs can be.
Maybe you’re confident you can get better returns than the traditional industry funds. You’re a small business owner looking to invest in business-related assets. Or perhaps you’ve already started an SMSF, but found the relentless record-keeping swallows up more time than you can spare. When you’re working with SMSFs, the most important thing is having experts in your corner. Our expert SMSF accountants are here to help you create a super fund that works best for your specific situation.
Questioning your current super fund? We can offer you sound guidance and suggest proven tax strategies to see if an SMSF is right for you. Here’s a snapshot of why it’s becoming more and more popular.
An SMSF means total control of your pension income. Invest it into just about anything — commercial or residential property, collectibles, term deposits, and more. The flexibility to borrow or invest from a fund is an advantage that can help you create a healthy retirement fund, and it provides opportunities that may otherwise be inaccessible.
As the other members of your fund are trustees, you can tailor an SMSF in a way that just isn’t possible with regular superannuation funds.
There was a time when only the wealthy considered using SMSFs because setup and compliance fees weren’t cheap. Nowadays, with higher competition and better market appraisal technology, SMSFs are far more competitively-priced. In fact, many SMSFs are actually cheaper than APRA-regulated funds — but this does depend on the amount invested.
If you play your cards right, an SMSF can increase your tax benefits substantially. The tax rate on SMSF earnings is 15%, but when you’re retired and using your SMSF assets to generate your pension, the income is tax-free. Our SMSF accountants are well-across strategies like this. With a passion for our work and a deep-rooted knowledge of all things Australian tax accounting, our team can significantly boost your tax benefits.
Self-managed super funds are fantastic for business, but they can be difficult to manage, with complex and tedious record keeping. Our accountants have been managing SMSFs for a long time, and are full bottle on contemporary tax law and its implications.
One of the biggest hurdles facing those looking at setting on an SMSF is the time investment. Completing and lodging all the paperwork necessary is a laborious process, and the stakes are high if any mistakes are made. The ATO’s regulations can be hard to navigate, but our experienced team knows all the ins and outs. We’ll give your business the best possible service, letting you reap all the perks of managing your own superfund, and avoid gruelling hours crunching numbers — or worse, the penalties for doing something incorrectly.
We’ll focus on securing the best financial future for you possible through trusted and effective accounting services. You focus on running your business, and when payday comes, you can crack open that scotch.
Take the stress out of finance. Let’s chat about your Perth SMSF accounting needs today!