Our SMSF Setup and Strategic Advice Helps to Build Your Wealth and Protect Your Retirement
SMSF investors and trustees need a trusted advisor, someone who can maintain compliance, manage administration and educate you about your responsibilities, the best asset allocation strategies and potential issues in auditing. At Economos, our team of professional Chartered Accountants play a key role in helping you grow your investments over time, guiding you to make the best decisions about your asset allocations.Contact our SMSF Advisor
SMSF Services with Economos Chartered and Business Accountants
Our contemporary SMSF administration and accounting systems can help solve the challenges that crop up in administering and investing SMSFs, helping you to drive greater economic returns. Using a combination of our specialist knowledge and streamlined technology, we focus on guiding you through SMSF administration, setup, auditing, asset allocation, tax preparation and trust deed establishment.
SMSF investment portfolios are under great scrutiny with the Australian Taxation Office, with increased compliance responsibilities and a greater pressure to deliver meaningful outcomes and expectations. The last thing you want, as a trustee, is to make changes to improve the diversification of your investments but incur risk or a less efficient return. Increased diversification can certainly improve balances but the risk of compliance grows alongside that. Our clients are turning to the Economos business accountants and SMSF Advisors to provide the strategic and focused help, guidance and administrative due process every successful SMSF requires — the ones that plan to grow rather than modestly tread water.
Over time, our team has consistently and continually brought a SMSF adviser’s technical knowledge coupled with impeccable timing, a keen knowledge of diverse investment options and an intelligent, intuitive understanding of our trustees' unique financial profiles, which helps us select the right investments, to drive both satisfaction and growth.
We're so much more than just financial advisors, strategists, accountants or SMSF managers. We're the managers that help you manage what's most important: your future.
SMSF Investment and Tax Advice
SMSF Trust Deed Establishment
Administration is the 'A' in the acronym 'CART', which describes the most vital components of super fund management: 'Compliance', 'Administration', 'Reporting' and 'Tax' management. There are special rules you'll need to follow when setting up and running your SMSF, requirements on record-keeping, and where you can (and can't) allocate your investments. Generally, all aspects of administration are ongoing, affecting other aspects of the 'CART'. Economos streamlines all administrative functions, manage communications and correspondence with Australian Taxation Office, preparing member benefits statement, which contains member’s tax components, keeping accurate accounting records, preparing and lodging the fund's annual return provide you with detailed investments reports, such as investments movement report, and year-end market valuation report...and so much more.
Our clients specifically choose SMSFs so they can exercise control and flexibility over where their super funds are invested. This diversity of choice something managed super funds like retail or industry funds simply can't offer. From direct property to artwork, almost any valuable asset is fair game. But SMSFs have their own requirements for setup, declaration of trustees, documentation, tax registration and more. The Economos teams handles these requirements, freeing up our clients' time, attention and focus.
SMSF audits can get tricky — it involves an approved SMSF auditor conducting a financial and compliance audit of your super fund, surveying your fund's financial statements. This also includes audits for compliance with super annexation rules and restrictions. Our SMSF team helps you prepare of annual financial statements, including operating statement, statement of financial position, notes to financial statements, providing unlimited advice on the ever changing superannuation rules.
As far as asset allocations go, non-listed real property investments are the third most popular type of superannuation 'purchase'. But investing in property with your superannuation is not as straightforward as it sounds — nor is it a strategy that's wise for every investor. Property investments also need to meet the Sole Purpose test for superannuation and the legislation guiding this. So while it's certainly tax-effective, it must match the profile of the fund's collective members. The Economos team helps you evaluate the goals of your fund's members, the regulations surrounding this type of investment and whether or not it's a wise decision to take.
The investments you make are intricately and intimately connected to the tax regulations your investments will fall under and have to comply with. The Economos team of SMSF specialists provides you with detailed and expert taxation advice and strategies, active asset allocation, including structuring your investments for wealth creation, providing detailed investment reports and advising you on the viability of a particular investment, given your super fund's goals. From contributions tax to investment income (earnings) tax, to thresholds and changes to a pension phase, we'll help you navigate even the most complicated of situations with ease.
Your trust deed is your super fund's rule book and, without it, you simply can't take care of business, so to speak. Trust deeds will also likely be a part of your audit so it's important to not only establish this but update it in an ongoing manner. This is especially true as new rules and changes to super pensions come about. The truth is that updating the deed is not the same thing as simply signing a new one and, with Economos on your side, you can trust that your trust deed reflects the most current super rules.
What is a SMSF
The term is pretty descriptive: a 'self-managed super fund', this is a superannuation trust structure that is focused on providing benefits to its 'members', a collective group who are all recognised as trustees, upon retirement. To be considered an SMSF, the super fund must have a maximum of four members, where members cannot be paid for their role as trustees, each member must be a trustee and no member can be an employee (unless they're related).
It's essentially taking a 'DIY' approach to retirement money management and superannuation funds but many Australians are attracted to SMSFs because they themselves have a greater knowledge of investing — and so they want greater control over their superannuation finances. Besides this, members are usually well-versed in wealth building strategies and believe they can do a better and more efficient job, with greater and more strategic returns, than existing fund's trustees. There is a great flexibility in the kinds of investments open to SMSF trustees and better tax benefits. For the purposes of estate planning, SMSFs provide special superannuation death benefits.
Why SMSF with Economos?
While you steer your ship, allow us to guide its course, support your efforts and make sure you're in the right waters with the right equipment. At Economos, we believe in active asset allocation, sound investment strategies focused on wealth building, and diversification of investments. But we also see that the greatest need that SMSFs often have rests in the details — compliance, risk mitigation, auditing, administration, setup, proper taxation, and trust deed establishments are areas that can become overwhelming even with a fully-stocked fund of four.
Allow the Economos to help you look after your fund, dot your i's and cross your t's. Reach out to our team of SMSF specialists in Sydney today.