Real Plus Accounting Pty Ltd

Tax, Accounting, SMSF & Audit in Mawson Lakes

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Mawson Lakes CPA Accounting Practice

Business accounting quotes   SMSF quotes
 

tick  CPA Accountant and auditor in Mawson Lakes.
tick  Taxation & accounting advice for startup and established businesses.
tick  We provide specialised services for small businesses, individuals and SMSF.
tick  Tax returns for companies, trusts, partnerships, sole traders and SMSF.

Tel 08 8359 0888  | Mob 0403314498 |  Email Us

- Call us now for your 2017 Tax Return appointment
- Free SMSF and small business quotes
- We do online tax and accounting

Basics of What is a SMSF

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Self Managed Superannuation Fund (SMSF) or DIY Super is actually a special form of trust and is one of the most popular form of superannuation in Australia in order to save for retirement. There is over 400,000 registered SMSF in Australia. SMSF pays income tax at the flat rate of 15%. ATO is regulator for SMSF and fund can have up to 4 members.

SMSF can invest in a range of assets depending on your Investment Strategy and can hold the following assets: cash and cash derivates, shares in listed and unlisted companies in Australia and overseas, real estate property residential or commercial, units in listed or unlisted trusts, art, collectables...

Anyone can start a SMSF however many financial planners and ATO generally does not recommend to start unless you have at least $200k in accumulated benefits unless you have strategy in place to grow your fund quickly.

People who start SMSF are the one who want to take control over their superannuation savings and are pretty sure that they can create better investment strategy than managers of a large retail or industry superannuation funds.

SMSF have many advantages over public superannuation funds e.g. you can have one or more real estate assets in your SMSF, you can decide what shares or units you are going to have in your fund, you can purchase artwork (with some restrictions), assets of two member can be combined, SMSF can hold business premises, flexibility in buying and selling assets, no CGT once members start taking pension from the fund.

Some disadvantages are: can be complex and time consuming, risk of non-compliance, high costs for small balances, all members are trustees and can be personally liable for any penalties from ATO.

Each year SMSF has to lodge a tax return, produce financial reports, member statements and must be audited in order to satisfy compliance requirements.

Contact us for a free SMSF tax return and audit quote:

SMSF quotes

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Real Plus Accounting Pty is Certified XERO Adviser and MYOB Professional Partner.

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