SMSFs are the fastest growing sector of Australia’s superannuation system. Partly driven by the attractiveness of property ownership. Acknowledged as one of the most tax effective structures for wealth creation, SMSFs offer a number of key benefits, including:

1. Control
2. Flexibility
3. Tax efficiency
4. Potential cost savings.

Running your own SMSF not only puts you in control of your superannuation, but opens the door to a far broader range of investment opportunities than can be accessed through public offer or employer superannuation funds. You are able to buy the exact shares you are seeking, direct property (residential or commercial) and are able to access a much broader range of cash and fixed interest investments (i.e. term deposits, bonds, income securities). In recent years, the rules have changed whereby you are now able to borrow to purchase property and shares inside your SMSF as we can personally.

You may, or may not, need help with the actual purchasing of the assets you want to hold in your SMSF. However, a financial planner with accounting capabilities can provide help with your SMSF, from accounting to administration to keeping abreast of the growing legal and ATO requirements.

Superannuation is not just about the investments you make. When it really comes down to it, superannuation is about tax. Super is a low-tax environment that allows you to save for your future. And one way of doing that is to make sure that you optimise the management of your super fund.

Aside from investment knowledge, as Trustee you also need to be across:

•    Transition to retirement strategies
•    Salary sacrifice strategies
•    Strategies to reduce your super tax burden
•    Mandated investment strategies that are now required by the ATO
•    Insurance inside your SMSF
•    How to diversify into areas you may not have sufficient knowledge about


Task You need to Who can help
  • Create a written investment strategy to guide the fund’s investments
  • Choose investments that match the strategy
  • Track the fund’s performance
A financial adviser can help you to:

  • Create a strategy to fit your long-term goals and investment priorities
  • Make informed investment decisions, discover market opportunities and stay properly diversified
  • Ensure your fund is on track to meet your goals.
  • Consider each fund member’s Life insurance needs, including Total and Permanent Disability (TPD) insurance and Income Protection cover
A financial adviser can help you to:

  • Choose the right level of insurance for your situation
  • Find better value cover without any hidden catches.
Record-keeping and reporting
  • Keep up-to-date records of investment decisions, assets, contributions, earnings and transactions
  • Prepare annual member statements and other reports required by law
An SMSF administrator can help you to:

  • Take care of the paperwork, so you can focus on choosing great investments
  • Ensure your reporting is completely compliant and delivered on time.
  • Ensure your SMSF complies with super and tax laws, as well as the fund’s Trust Deed
A financial adviser, accountant, or SMSF administrator can help you to:

  • Stay up-to-date with changing compliance requirements
  • Spot any compliance risks.
  • Prepare and lodge Business Activity Statements and Installment Activity Statements
  • Complete the fund’s annual tax return
  • Maintain and reconcile the SMSF’s accounts
An accountant or SMSF administrator can help you to:

  • Prepare and lodge statements and returns
  • Ensure your accounts are complete and correct
  • Avoid missing out on legitimate tax benefits.
  • Arrange for your fund to be independently audited each year
An independent auditor, registered with ASIC, must carry out the audit on your fund — so that’s one professional you can’t do without!



Aspect Wealth Adviser’s SMSF Advice and Administration Process


If you are considering establishing a SMSF, a conversation with a specialist is time very well spent. The first step is deciding on the Trustee structure (individual or corporate), which has many implications for investment, asset protection and estate planning areas. It is far more in-depth than many people initially realise.

With the changing regulatory, tax and investment landscape, many existing SMSF Trustees and Members are consulting with us. Whether you are seeking investment and strategy advice, guidance through the Trustee’s fiduciary responsibilities or admin, tax and accounting services, our Advisers tailor their advice to your specific need. We can explain and help you implement some of the more complex SMSF strategies, including transition to retirement, salary sacrificing, in-specie transfers, concessional and non-concessional contribution strategies and borrowing inside your SMSF to buy residential property. The most common areas Trustees fall into trouble with the ATO is on releasing super, related party investments and not covering all of their fiduciary responsibilities.

To have a conversation and discuss your particular circumstance, contact us to discuss with our qualified advisers your goals and objectives.

This website contains general advice only. You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Shartru Wealth and its authorized representatives do not accept liability for any errors or omissions of information supplied on this website.