SMSFs (self-managed super funds) are heavily regulated trusts and breaching their rules may have severe penalties. It requires dedication and good management in order to achieve the economic return one would hope to. The trustees must also understand their responsibilities and obligations, which can be an administration burden.
On the 1st of January 2017, there had been dramatic changes to the Age pension rules where many seniors lost their entitlements, and from the 1st of July 2017 major changes will take place to the superannuation rules, which will affect self-funded retirees in the future. In other words those changes may make it difficult for some retirees to enjoy the lifestyle they ought to enjoy regretfully due to government’s harsh and unreasonable rules. It is understood and universally accepted that senior citizens have the right to maintain a reasonable standard of living and live in dignity for the remaining years of their lives. It is sad that politicians have no wisdom and are out of touch of what is happening in the real world.
We recommend that you read the attached document titled “ Super Changes” below, which highlight all the super changes that will take place on the 1st of July 2017.
This will make the case even stronger for people to manage and control their own super monies.
Elegance Accounting in Burwood and regardless of your location whether you are in Glen Waverly, Mount Waverley, Box Hill or Vermont can advise you on every aspect of the SMSF and can take over the accounting and tax process, which requires compliance and auditing. We can also help you to borrow for investment with compliance to the special borrowing rules of self-managed super funds. If you have already made the decision to set up your own fund we can also take over the whole process.
A self-managed super fund has basic requirements that must be met:
The operation of the fund has several rules, which must be understood to avoid breaching them. Elegance Accounting is here to support and advise.