Benefits of a SMSF include:
- Control over your investments.
- More investment flexibility.
- Lower fees on average than industry and retail funds.
- Generally better performance than industry and retail funds.
- Tax concessions and efficiencies.
- Opportunities for insurance cover within your SMSF.
- Estate planning opportunities within your SMSF.
You generally need to have a significant amount of superannuation to benefit from a SMSF. On average we would suggest a minimum of $200,000 is needed, with a view to building your super with ongoing contributions. However, it would depend on your particular situation and stage in life as to whether a SMSF would benefit you.
Call Juanita Sharp or Adam Passwell for more information.
- SMSF Administration
- SMSF Investment Advice
- SMSF Strategic Planning Advice
- SMSF Independent Audits
- SMSF Estate Planning Advice
Hales Douglass & Your Super Solutions can help you with your entire SMSF journey, seamlessly integrating the 5 main areas above. Need more information? Call Juanita Sharp or Adam Passwell
ATO fines do apply for non-compliance to SMSF administration regulations. With this in mind, it’s best to choose a provider who has experience in the industry and keeps up-to-date with the ever-changing regulations, which Your Super Solutions does.
Not only is it important to tick the compliance boxes, our experience has alerted us that some providers, who may not have extensive knowledge of complex tax and the industry in general, are inadvertently structuring clients funds incorrectly. The result is clients are losing thousands of dollars of their hard-earned super.
Juanita Sharp can be contacted for more information.
There are many providers of investment services in Australia and choosing a provider is not necessarily an easy process. At times, it is hard to see the difference between providers. This is one reason why we believe it is essential to share our investment philosophy. We believe that our approach, based on sound empirical academic thinking coupled with our practical application, sets us apart. Our investment philosophy is based on the following tenants:
- Investing is not speculating
- Markets work
- Risk and return are related
- Diversification is essential
- Costs and taxes matter
- Discipline is paramount.
A Hales Douglass Financial Services adviser can share with you our philosophy in greater detail. But it is not just our thinking that matters. How we apply our thinking is what makes a difference at the end of the day.
Our investment consulting services can include:
- Asset allocation
- Investment selection
- Investment review
- Portfolio benchmarking
Working with a group like Hales Douglass Financial Services provides you with the opportunity to consider your investment needs. No two investment plans are exactly the same. That’s why seeking advice is so important.
To talk to us about this, call either Adam Passwell or Andrew Clegg.
This is where a sound, well-researched investment philosophy and implementation process really set the ground work for achieving best outcomes for SMSF investments. Do you have a written investment philosophy?
Adam Passwell or Andrew Clegg are here to help you find out more.
- All SMSF investments must be made and maintained on a strictly commercial (i.e. arm’s length) basis.
- No Loans to members and relatives – The trustees of a SMSF must not intentionally acquire assets from a ‘related party’ of the fund. There are some exceptions to the above rule for acquiring related party assets, including: listed shares, business real property.
- An investment, lease or loan that is an in-house asset is not prohibited, but is limited to 5% of the market value of the fund’s assets.
Call Adam Passwell or Andrew Clegg with any further questions you may have.
Adam Passwell or Andrew Clegg are available for more information.
The ATO require SMSF trustees to keep money and other assets of the fund separate from any money or assets held by a trustee personally.
Market valuation of assets
SMSF assets to be valued at their ‘market value’ when accounts and statements of the fund are prepared.
Please email or call Adam Passwell or Andrew Clegg.
David Howells will be able to provide more information on request.
To find out more about this, call or email David Howells.
Call David Howells about this if you need more information.
- If you are unsure of something discuss it with your auditor or SMSF accountant beforehand.
- Make sure you aren’t missing anything. If you are, then track it down before it gets to the auditor.
- Your auditor doesn’t need every receipt for every transaction (although your accountant may need these)
- Your auditor only needs to test a percentage of your transactions. Usually those over 10% of the account
David Howells is available for more information.
Approved SMSF auditors must:
- Be registered as approved SMSF auditors with the Australian Securities & Investments Commission (ASIC), and
- Have an SMSF auditor number (SAN).
From 1 July 2013, the SAN must be included on the SAR or lodgement of the SAR cannot be accepted.
In addition, a registered approved SMSF auditor must now be appointed not later than 45 days prior to the due date for lodgement of the SAR, instead of not later than 30 days prior to that date. See regulation 8.02A of the Superannuation Industry (Supervision) Regulations 1994.
David Howells is available for more information.
Juanita Sharp can help you find out more.
- Loans made to related parties
- More than 5% in-house assets (related party investments, with some exceptions)
- Assets not held in the correct name
- Documents requested by auditors were not provided
Call David Howells to find out more.
- Making sure your fund’s sole purpose is to pay retirement benefits to members or their beneficiaries in the event of the member’s death
- Accepting contributions and paying benefits (whether a pension, lump sum, or a combination of both) according to the super and tax laws
- Making and documenting investment decisions and complying with any restrictions
- Making sure an independent approved auditor is appointed for each income year
- Completing administrative tasks, such as keeping records and lodging annual returns
- Reviewing and updating the fund’s trust deed and investment strategy on a regular basis
- Considering insurance for both fund assets and members.
Advise the ATO within 28 days if there is a change in:
- Directors of the corporate trustee
- Contact details (contact person, phone and fax numbers)
- Address (postal, registered or address for service of fund notices).
Advise the ATO about changes to your fund:
- Phone ATO on 13 28 66 between 8.00am and 6.00pm, Monday to Friday – not all details can be changed over the phone and you must be recorded as an authorised contact for the entity
To avoid penalties, make sure you understand and comply with your duties and responsibilities under the super and tax laws. If you do not comply, the ATO can:
- Impose administrative penalties
- Enter into an agreement with you to rectify the contravention
- Make your fund non-complying (which means your fund loses its tax concessions)
- Disqualify you as a trustee
- Prosecute in the most serious cases.
Contact Juanita Sharp or Adam Passwell for assistance.
How should my Estate Planning and Will be structured?
Case 1: Our client had recently engaged Rob Douglass to provide accounting strategies. While they had a very good business, some properties, some super and some insurances all in place, there was a lack of overall cohesion to bring these together into a plan that would nurture their pre-retirement and retirement goals.
Case 2: Donovan vs Donvan
 As a result of not making sure the SMSF Death Benefit Nominations were set up correctly, the deceased’s spouse received his entire SMSF portfolio instead of it being split 50% to his spouse and 50% to his daughter as per his will.