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SMSF Setup and Administration Services in Melbourne - Superfund Warehouse
By: SEO SERVICES IT
How to do SMSF Setup and Administration
Can you set up SMSF with someone else – All superannuation funds are required to appoint trustees. Trustees are responsible for ensuring the fund is properly managed and that it complies with SIS rules and broader legal obligations. To be an SMSF all fund members must be appointed as trustees of the fund. It is possible to setup Self Managed Super Fund with others like family members or friends and as the number of members increased from four to six with recent superannuation changes it could be more affordable as the costs can be shared. But setting up SMSF comes with a lot of responsibilities on members and trustees. When adding members or setting up SMSF with some else you need to be aware if something will go wrong it will impact members balances and retirement benefits. So, setting up SMSF and who will be members and trustees needs to be carefully considered.
SMSF set up cost – The setup cost of SMSF varies. The more cost includes establishing SMSF with a borrowing arrangement and corporate trustees. If corporate trustees need to be set up with ASIC additional costs apply for the formation the company.
Advantages of setting up SMSF – the main advantages of Self Managed Super Fund are control, low cost, tax-effective, Investment choice, Estate planning, timing on investment selection and sale, creditor protection.
Disadvantages of setting up SMSF – may be lack of investment expertise in SMSF trustees, Trustees/members of the SMSF may not be motivated to ensure that the fund is run in a way that ensures it meets all the legal requirements, SMSF administration responsibility, Non-compliance risk, Costs.
SMSF administration once SMSF set up is done – The ongoing tax compliance cost varies depending upon the complexity of the fund and investments. It also depends on the type of services you need. If you wish financial advice or investment management, that would be an additional cost.
If you are in search of SMSF administrator who can do annual SMSF accounts and lodge tax return for you SMSF please feel free to reach our team members at Superfund Warehouse.
0412 028 425