Tag: tax return

1. This is the best choice for you

• An SMSF is a significant financial decision.

• It is the responsibility of the trustees to manage the fund and comply with all laws.

• The right advice is essential. Also, consider whether you have the knowledge, time, and skills to manage super.

• It is important to consider the financial resources and smsf tax return assets required to make it financially viable. 

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2. The roles and responsibilities of trustees

• A Self Managed Superannuation Fund may have up to four members.

• You must also be a trustee to become a member.

• Although you can be a trustee for a company, all members must be directors.

• All trustees have a responsibility for running the fund. They should ensure that all members are happy with any decisions made.

• To ensure that the fund maintains its compliance status, the trustees must comply with taxation and superannuation laws. They are entitled to superannuation tax concessions.

3. Responsibility and accountability

• SMSF professionals can be hired by trustees to fulfill mandatory duties and tasks. This includes auditing, reporting, and tax administration.

• A professional can be a lawyer, administrator, or accountant.

• Although trustees can engage the services professionals, they still have to maintain control over the funds.

• The ultimate responsibility for the fund will be with the trustees.

4. Retirement planning strategies

• You have many options for retirement planning strategies to help you achieve your goals.

• To maximize your SMSF returns, seek professional advice from a financial advisor or lawyer to help you plan your retirement.