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SMSF Accountants Perth - Steps Of Setting Up An SMSF In Perth

2022-06-16 25 Business

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If you are setting up an SMSF in Perth, qualified SMSF accountants Perth can be hugely beneficial for your SMSF compliance and SMSF Tax Returns.

In Australia to set up an SMSF, which is basically a superannuation fund, focused on providing benefits to its members on retirement. Benefits of setting up such a fund can be numerous, from more control on your retirement fund, more tax saving strategies, investment control. But, as these are mostly retirement funds, the Australian Taxation Office which is the regulator of the SMSFs is pretty strict towards its compliance with the rules and management.

Compliance, Administration, Reporting And Tax
The responsibilities of an SMSF can be described with the abbreviation "CART", which is Compliance, Administration, Reporting and Tax.

Starting with the setting up of the fund, the SMSF needs to follow certain rules as prescribed by the ATO. An SMSF can invest in range of assets but there are set rules regarding the investment and structure that needs to be followed. The investments can range from direct property to even artwork within the SIS act rules.

However, compliance in terms of reporting and bookkeeping can be pretty time consuming. Every SMSF will have to keep the records, do tax registration and file taxes regularly. They will also have to maintain regular communication and correspondence with the Australian Taxation Office and needs to complete certain tasks in set timeframe.

The SMSF will also have to be audited by an approved SMSF auditor, who will conduct both a financial and compliance audit of your SMSF. A specialized accounting firm like Quick SMSF Accountants can help you in preparing annual statements, compliance reports and advise you on the ever changing superannuation rules.

Do all the members of an SMSF need to trustees or director of trustee company?
Ans. Yes, all members need to be trustee or director of the trustee company of the SMSF. From trustee side there are special rules for the single member fund.

Will the SMSF assets be considered as the members' personal asset?
Ans. No, the SMSF assets will be treated as a separate asset and the assets of an SMSF must not be used for any persona"
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