The annual rate of growth in self managed superannuation funds in Australia is now close to 10 per cent.
As at June 30, 2014, there were approximately 534,000 self managed superannuation funds, with total wealth holdings nearing $550 billion in assets – just under a third of all money invested via super funds! In addition, there are approx. 1,012 million members in this sector. It’s no wonder the tax office is paying special attention.
If you have a Self Managed Super Fund (SMSF), or are contemplating establishing one, there are a lot of questions you need answered.
- Should I be setting up a SMSF and what will it mean to me and my super?
- Can I use the assets of my SMSF to benefit my business?
- Who can be in the SMSF?
- What do I need to do to keep the SMSF compliant?
- What assets can the SMSF buy?
- Can the SMSF borrow money to purchase assets?
- What should I be doing to make the most out of my SMSF?
The rules surrounding SMSFs are complex. You need to know what you can and can’t do with your SMSF and importantly, how to utilise your SMSF in the most effective way. Then there are the compulsory audit and compliance requirements.
MPC Consolidated offers a complete suite of superannuation services, giving you access to both advisers who can help you establish your superannuation, and ensuring that your SMSF is well run and meets all of its audit and reporting obligations.
If you need assistance to efficiently manage your SMSFs compliance, reporting and auditing requirements, contact us.