Superannuation provides you with a wealth accumulation vehicle that is one of the most tax effective methods of saving for the long term. Self Managed Superannuation Funds (SMSF) allow you to have greater control over your investments as you have the opportunity to decide how your funds are invested and how the fund is operated. However, with control comes responsibility and with all the tax benefits available to super funds, there is also a high level of government regulation and compliance.
All SMSF trustees are required to prepare financial statements, lodge an income tax return and other relevant statements with the Australian Taxation Office annually. The SMSF is also required by law to be audited on a yearly basis by an approved auditor. Distinct Accounting are qualified accountants with specialised knowledge, expertise and skill in Self Managed Super Funds.
Distinct Accounting can assist you with:
* preparation of annual financial statements, including operating statement, statement of financial position and notes to financial statements
* preparation and lodgement of the fund’s annual return (income tax return), calculation and advice of tax liability or tax refund
* analysis of the SMSF by an approved auditor
* preparation of member benefit statements, including member’s tax components
* facilitation of actuarial certificate where required
* managing communication and correspondence with Australian Taxation Office
* effective superannuation strategies, particularly for estate planning and for members approaching retirement
Please contact us today to discuss how we can assist with the accounting and taxation needs of your Self Managed Super Fund.
