Don’t delay. Now’s the time to sort out your self-managed super fundLet’s talk
Sorry, did we just notice your eyes glazing over? It might seem like a long way off, but unless you start planning for retirement now you might be caught short then. Luckily, we can help you navigate and comply with tax and super laws when setting up a self-managed super fund.
Ready to plan for your future? Let’s talk.LEt's Talk
When you’re running your own small business, every moment of your day is full – with tasks, phone calls, dealing with clients and customers. The future seems far removed, and planning for it? Well, it can wait for another day. You’ve got 20 or 30 years, after all.
But if you don’t make a plan for your superannuation, you and your family might be caught short in the future. Self-managed super funds, where you make all the decisions about investment options, are becoming more popular, but you need to keep on top of administration and management, and ensure you comply with all the relevant regulations. And there are a lot. Thankfully, our friendly team of accountants and business advisors knows how to set up your fund and help you manage it.
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Our team of small business accounting experts, bookkeepers, tax specialists and business advisors are here to help. Let’s chat.
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Switching accountants, or engaging an accountant for your small business the first time is a big deal. We get it. So, to help you decide if you’re ready and if we’re ‘the one’, we’ve popped together some A’s to frequently asked Q’s.
Deciding to take on a self-managed super fund (SMSF) is a big decision, but one we can help you with. While we can’t tell you how to invest, you need someone to prepare tax returns and all the other documentation required, as well as ensure you’re complying with the complex legislative and regulatory requirements. That’s where Illumin8 can help make your SMSF journey as smooth as possible.
An accountant will prepare your financials and tax return. They’ll also coordinate the administration of the superannuation fund, including arranging the annual audit and other documents. What they can’t do – due to strict government licencing regulations – is advise on what you should (or shouldn’t) invest in. That’s where your financial advisor comes in. They’ll help with any decisions around what you do with your superannuation funds: the investments you should make, how much you should contribute to your fund, or the amount you should be withdrawing to assist with your lifestyle. At Illumin8, we focus solely on the accounting side of things then work closely with some bloody legends in the advisory space to ensure you are doing right by your current and future self.
Absolutely. We’ll work closely with your financial advisor to help carry out the administration of your SMSF. We can even recommend some great ones if you’re on the hunt.
Absolutely, and well done on being in control of this stuff. You’ll need to ensure, however, that you’re crystal clear on what you’re doing to ensure you end up with a great result. There are likely going to be times when you need some advice that, due to regulations set by the Australian Financial Services License, we can’t help you with. That’s when you should seek the support of a financial advisor.
It can be as simple or complicated as your chosen investments dictate. For example, do you have large cash deposits, or are you buying and selling cryptocurrency? They can both make your SMSF more complicated. Don’t worry though. When it comes to the complex side of things, we can manage the tax treatments of your investments and ensure you’re fully aware of what you can and can’t do within the superannuation environment. Just remember: a super fund will be audited most years, so you need to keep clear documentation and we can definitely help with that.
Superannuation can be used for a lot of different investments, and one of those might be to buy your business premises, whether you purchase it outright or borrow money from your bank. While we can’t advise directly on whether you should hold this property in super, we’ll work closely with financial advisors, property specialists and specialist SMSF finance brokers to assist you to buy and maintain your business premises.