How to Set up an individual Self-Managed Super Fund
Clever business owners in Wollongong are now getting back command over their retirement savings with self managed superannuation funds that can lower your tax debts and maximise returns to achieve financial independence.
Wollongong SMSF Advisor
BV Tax Law Financial Accountants can care for all the administration, accounting , taxation, compliance, and the annual SMSF auditing, for you devote your time focused on investing for your retirement.
What is a self-managed superannuation fund?
A self-managed superannuation fund (SMSF) is a legal structure that holds a person’s retirement savings but which is managed directly by that person, as opposed to an industry super fund or employer operated superannuation fund. An SMSF can give you increased control over your financial long-term, allowing you many more investment options.
What is the minimum amount for a SMSF?
It’s also essential to keep in mind, that our team typically advise clients have a minimum of $300,000 in combined retirement assets before considering setting up an SMSF.
SMSF Set-up Costs Wollongong
What’s included when you set up your self-managed super fund
Set up Fees (inc GST)
- Individual SMSF account establishment (one-off fee) $495.
- Fund establishment.
- Trust deed.
- Registration with ATO including ABN and TFN application.
- Corporate Trust establishment fee ( if applicable) $715.
Setup SMSF for your Family.
You can set up a SMSF fund for yourself and up to three other people and combine your super balances. This may enable you to purchase assets of higher value than if you set up a fund with fewer members, achieve greater estate planning flexibility and reduce fund running costs.
SMSF Accountant Wollongong.
BV Tax Law Financial Wollongong provides a wide variety of specialist SMSF advice from our award winning SMSF Specialists. Our SMSF services are amongst the best in Australia . Our Wollongong team can provide:
- SMSF set up
- SMSF structuring
- SMSF borrowing and investing
- SMSF administration, auditing and compliance.
SMSF Accounting Wollongong SMSF Advice.
BV Tax Law Financial Wollongong provides commercial accounting and advice, financial planning and SMSF solutions to the Wollongong, Illawarra, Port Kembla, Bulli, Thiroul, Corrimal, Figtree and surrounding areas. Our team provides particularly strong relationships with local business and high wealth individuals and specialises in proactive advice.
High Level Control Over Your Wealth
More flexible investment choice:
Through your SMSF, you can choose from a much wider variety of investments including all listed shares, some unlisted shares, residential, commercial and business property, and collectables including artwork, stamps and coins.
SMSF Borrowing to Buy Property in you SMSF
Borrowing within that fund to purchase of an investment property.
The regulations for super fund borrowing are stringent and it is important that you speak with an expert self managed super funds borrowing specialist before investing or making acquisitions in your super fund in property.
A few benefits of buying property within your SMSF;.
- Zero capital gains tax (CGT) when you sell the property in retirement.
- No income tax on rental income on retirement.
- The loan is paid off using super contributions and rental income.
- The assets in the SMSF are protected.
Buying your business premises with SMSF.
This buying structure is strongly beneficial from a taxation and asset protection perspective and it is primarily for these reasons that SMSFs are such popular investment vehicles in Australia.
Before acquiring your own business premises, you should consult with your accountant, financial planner or mortgage broker to discuss all the applicable advantages and disadvantages for your circumstances.
Local SMSF Tax Advice
BV Tax Law Financial in Wollongong, NSW can provide Control and Flexibility to your Super Fund. We can help you combine family assets, make decisions to grow wealth for retirement and set up a strategy for your heirs and their own later years.
Discover if self managed super is ideal for your situation.
Our planners and tax advisors would love to assist you to adjust investments and the structure of your super as needed, and to implement effective tax strategies.
How to Contact Us:
For more information on setting up self-managed super and planning for your retirement, please contact our Wollongong SMSF financial advisors today. We service: Wollongong, Illawarra, Port Kembla, Bulli, Thiroul, Corrimal, Figtree and surrounding areas as well.
- Business structuring Wollongong
- Tax Planning Wollongong
- Estate Planning Wollongong
- Charity Philanthropy Ethical Investing Wollongong
For BV Family Law Advice click here.
Specialist SMSF Accounting Firm in Wollongong NSW also servicing Illawarra, Port Kembla, Bulli, Thiroul, Corrimal, and Figtree.
BV Financial Advisors Wollongong are affordable accountants and legal advisors. Ask about if self managed super is the right choice for you. NSW specialists for SMSF property and loans for business and high wealth families. Call us for a free initial assessment
Phone: 1300 663 540
- How to Set up an individual Self-Managed Super Fund
- Wollongong SMSF Advisor
- What is a self-managed superannuation fund?
- What is the minimum amount for a SMSF?
- SMSF Set-up Costs Wollongong
- Set up Fees (inc GST)
- Setup SMSF for your Family.
- SMSF Accountant Wollongong.
- SMSF Accounting Wollongong SMSF Advice.
- High Level Control Over Your Wealth
- SMSF Borrowing to Buy Property in you SMSF
- Buying your business premises with SMSF.
- Get Advice on Running Your SMSF
- Local SMSF Tax Advice
- Discover if self managed super is ideal for your situation.