Self-Managed Superannuation Funds (SMSF)

Our team is dedicated to providing high-quality, tailored solutions to help clients manage their SMSF with ease

Our SMSF process

Setup

We guide you through the entire SMSF setup process and beyond. Help and answers are always available via phone or email.

Administration

We will assist you with the administration of your SMSF including all the paperwork. In addition, our technical team can take care of compliance for you, so you don't have to worry about complicated legislation.

Audit

We work with specialist SMSF auditors and will manage all their queries on your behalf.

What is an SMSF?

A Self-Managed Superannuation Fund (SMSF) is a type of superannuation fund in Australia that allows individuals to control and manage their own retirement savings. Unlike traditional superannuation funds, where investment decisions are made by a fund manager, SMSF members have direct control over the fund's investment strategy and decisions.

Our team is dedicated to providing high-quality, tailored solutions to help clients manage their SMSF with ease. Our goal is to ensure compliance, effortless administration, and peace of mind for each of our clients.

We understand that managing an SMSF can be complex, which is why we utilise BGL360, a cloud-based SMSF administration solution. Our team takes care of the administrative details, including handling the relationship with your SMSF auditor, to ensure that all necessary reporting and paperwork are completed on time. This way, our clients can relax knowing that their SMSF is in good hands.

Whether you are starting an SMSF, transferring an existing fund, or simply ensuring compliance, we have the expertise and resources to help you reach your financial goals. Our commitment to compliance, effortless administration, and tailored solutions is unmatched, and our team of experts is always available to answer your questions and provide the support you need.

Self Managed Superannuation Funds

What are the advantages of a Self-Managed Superannuation Fund (SMSF)?

A Self-Managed Superannuation Fund (SMSF) offers several benefits, including greater control over your investment choices, flexibility in investment options, and potential cost savings on management fees. With an SMSF, you can tailor your investment strategy to suit your financial goals and risk tolerance. Additionally, SMSFs provide opportunities for tax planning and estate planning, allowing for more direct involvement in managing your retirement savings. However, managing an SMSF requires significant time, knowledge, and compliance with regulatory obligations.

How much does it cost to set up and maintain an SMSF?

The costs associated with setting up and maintaining an SMSF can vary significantly based on the complexity of the fund and the services required. Initial setup costs typically range from $1,000 to $2,000 while ongoing annual costs can include accounting fees, audit fees, and regulatory charges, amounting to around $2,000 to $3,000 per year. It's important to consider these costs and compare them to the potential benefits and control you gain from an SMSF.

Can an SMSF borrow money to invest?

Yes, an SMSF can borrow money to invest through a structure known as a Limited Recourse Borrowing Arrangement (LRBA). This allows the SMSF to take out a loan to purchase an asset, with the lender's recourse limited to the asset itself. However, there are strict regulations and conditions governing LRBAs, and it is crucial to ensure compliance with the Superannuation Industry (Supervision) Act 1993 (SISA) and seek professional advice before proceeding with borrowing within an SMSF

What are the record-keeping requirements for an SMSF?

SMSFs are required to maintain accurate and accessible accounting records that explain the transactions and financial position of the fund. This includes; preparing an annual operating statement, a statement of the fund's financial position, and keeping minutes of trustee meetings and decisions. These records must be kept for at least 10 years. Additionally, SMSFs must lodge an annual return and undergo an annual audit by an approved SMSF auditor.

What types of investments can an SMSF make?

An SMSF can invest in a wide range of assets, including shares, property, cash, and fixed interest products. The fund can also invest in collectibles and personal use assets under specific conditions. The chosen investments must align with the fund's investment strategy, which should consider factors like risk, diversification, liquidity, and the fund's ability to meet its liabilities. It is essential to document and review the investment strategy regularly to ensure compliance and effectiveness

Why choose Palia Partners?

Palia Partners is a dynamic chartered accounting firm in Melbourne focused on delivering exceptional value beyond traditional accounting.

We use modern practices and new technology to increase efficiency to support your success and growth.

Our passion lies in providing tailored, practical solutions that follow best business practices, offering you clarity and direction to achieve your goals.

We're innovative

We believe in using cloud accounting technology to ensure real-time financial data is available to you as and when you need it.

We're experienced

With a combined experience of 30 years, we are well equipped with diverse and specialised knowledge to work with you.

We're proactive

We don't sit back and let matters unfold. We keep you focused, and driven so you can meet your financial goals.