Self Managed Superannuation

Pigot Miller Wilson have extensive experience establishing, managing and auditing self managed superannuation funds (SMSF).  The rules and regulations that govern SMSF on a Federal level are complex and they change frequently, hence we are strongly of the opinion that your SMSF be in the hands of an experienced Chartered Accountant.  This ensures that you maximise the benefit of managing your own super whilst providing you with the security of having control of your investment.

The benefits of having a SMSF are:

• You control your investment
• Zero tax rates in retirement
• Immediate access to your wealth in retirement
• The opportunity to borrow funds from a bank to leverage your investment opportunities

Frequently asked questions

• How much money do I need to justify having a SMSF?

The ATO/Count recommend that you have at least $X invested in super to establish a SMSF (there are always exceptions however).

• How much does it cost to maintain a SMSF?

Every year the ATO requires a $150 Supervisory Levy, you are also required to prepare financial statements for audit, a superannuation fund tax return and also engage an auditor to audit the fund.  Depending on what is required to account for your fund the cost will vary accordingly.  You should request a quote from your accountant for the management of your SMSF.

• What else do I need to consider?

There are many laws and regulations that govern the appropriateness of individuals being trustees for SMSF, these must be satisfied.  Pigot Miller Wilson will be able to guide you through this process.

Further, SMSF require a time investment – you must consider whether you are comfortable guiding the direction of investment AND have the time to accurately and effectively keep records so that your fund will comply with audit standards.

• Will the rules governing SMSFs change?

Yes.  Any entity that is taxed is subject to change due to political influences at the time.

• How do I ensure my SMSF complies in this changing environment?

Pigot Miller Wilson recommends the use of a live Trust Deed so that when the rules change your fund is complying and able to utilise any advantages that have come about due to a change of law (eg; pensions).