News By Tag
News By Location
Follow on Google News
SMSF Accountants Sydney Australia
If you are setting up an SMSF in Sydney, it is better to take assistance from SMSF accountants Sydney for compliance, administration and taxation of your SMSF. Quick SMSF Accountants can help you in administration of your SMSF.
By: SEO Services IT
To be considered an SMSF, your fund needs to have a trustee and the maximum of 6 members, who are considered as the trustees of the fund or the directors of the trustee company, where the trustees are not paid for their services towards the fund.
Benefits Of SMSF
SMSF is taking the do-it-yourself route towards managing your retirement money and superannuation fund. The main benefits of SMSF are investment choice as they provide range of investment options by following rules of the SIS act, tax benefits from concessional tax rates in the accumulation phase being 15 percent and, in the pension, phase no tax payable. Rules needs to be followed for these and also how much can be transferred to the pension phase and these percentage can vary in some situations. SMSFs have costs and need to lodge tax return annually and needs to be audited as well. As the SMSF grows the more cost effective it can be depending on the related investments and the costs for the professional services.
1. Who is an SMSF member?
Ans. SMSFs are allowed to have up to six members, each of whom will be the trustees of the fund or directors of the corporate trustee which is acting as trustee of the SMSF. There are some exceptions for single member fund. A member cannot be an employee of another member – unless they are relatives. SMSFs needs to be set up correctly. Only Members of an SMSF can contribute to the SMSF.
2. Is the establishment of an SMSF a tax deductible expense?
Ans. No, the establishment of a SMSF is capital expense and not a tax deductible one.
3. Is administration, audit and tax return fee a tax-deductible expense?
Ans. Yes, administration, audit and tax return fee, all are tax deductible expenses, which are to be paid by the superannuation fund.
For more info visit our website: https://www.quicksmsfaccountants.com.au/
Quick SMSF Accountants
03 5917 2450