Superannuation
SMSF articles
SMSF drawdown relief to be extended
Planning your SMSF contributions for better tax effectiveness
Azure Group can help with you with the setup, administration and compliance of your SMSF (Self Managed Superannuation Fund) from initial inception through to retirement planning. We have a wealth of experience in ensuring that your SMSF meets your individual and family goals as well as ensuring it complies with regulatory laws.
Setting up a SMSF
When setting up a SMSF it is advisable to have funds in the range of $100,000 to $200,000 for the SMSF to be viable and effective.
Azure Group is able to minimise the costs of establishing a SMSF because of our streamlined procedures that include:
- Registration of Corporate Trustee company with the Australian Securities Investment Commission (ASIC)
- Liaison with your lawyer to establish a trust deed for the SMSF
- Preparation of the documents needed to open a bank account for the SMSF
- Application for an ABN (Australian business number) and TFN (tax file number) from the ATO, including registration for GST if necessary
- Management of the roll over process from the existing retail superannuation fund to the newly established SMSF
-
We act as the main contact for all correspondence with regulatory bodies on behalf of the trustee.
Ongoing SMSF administration & compliance
There are strict rules that govern how you can use a SMSF, how you can invest your money and when you can access the funds. Azure Group has efficient procedures to maximise and ensure the quality of administration is delivered during the lifetime of your SMSF.
Our SMSF administration services include:
- Daily administration and reconciliation of your SMSF’s transaction data
- Preparation of annual financial reports which comprise of the fund operating statement, statement of financial position and notes to financial statements
- Administration of transition to retirement and account based pensions
- Preparation and lodgement the regulatory income tax returns and advisement on any tax liabilities or tax refunds from the ATO
- Management of the audit processes when required for the SMSF by an approved auditor
- Preparation of detailed member benefits statements
- Preparation of detailed investments reports, such as investments movement report and year-end market valuation report
- Liaise with actuaries to facilitate obtaining an actuarial certificate where required for hybrid superannuation funds
- Assistance in resolving various compliance breeches
- Real time communication and correspondence with the ATO as required.
To learn more about self managed superannuation funds (SMSF) and to speak with one of our wealth experts, contact us.
