The Sydney chartered accountants and Sydney accountants at Navado Tax Agents have designed 5 golden rules for maintaining a compliant SMSF.
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Golden Rule 1 – You alone are responsible for the SMSF
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Although you may use the services of a financial planner, solicitor or accountant, you are ultimately the person who is responsible for the continued compliance of the fund. Always ensure that you are aware of what is happening with your SMSF, be weary of the advice you receive, and always err on the side of caution.
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Golden Rule 2 – All assets must meet the sole purpose test
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The sole purpose test is basically to show that the funds and assets held by the SMSF are maintained for the purpose of providing benefits to the members upon their retirement. Assets should also be used to maximize their return.
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Golden Rule 3 – Do not pollute your funds
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Never mix your money and never make the mistake of confusing your SMSF as money you can use at any time and for any purpose. If you use this money for non-investment purposes, you may be liable for fines and penalties.
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Golden Rule 4 – Lodge your returns early
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Due to the complexity relating to SMSFs, always plan on lodging your SMSF tax returns at least a month prior to when they are due as this will ensure that if there are any complications, you will have sufficient time to arrange for those areas of concern to be rectified prior to the due date.
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Golden Rule 5 – Use professionals
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It is always best to ensure that you refer to SMSF professionals like financial advisors, lawyers and chartered accountants. These professionals work with SMSFs on a regular basis and have a thorough understanding of the law.
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Our multi-disciplinary team of professionals include chartered accountants, lawyers and financial advisors, each of which can contribute to the successful setup, management and operation of an SMSF. Namely:-
- Our chartered accountants and accountants can assist you to establish and administer your SMSF, ensuring that you are compliant with tax obligations
- Our financial planners and advisors can assist you create an investment strategy that suits your needs, objectives and circumstances
- Our lawyers and solicitors can provide technical legal advice, as and when required
Contact our office for more information.
- Our Principal has practiced since 2002
- Free First Consultation with Principal
- Experienced Chartered Accountants
- Experienced Registered Tax Agents
- Fixed Fees for SMSF Advisory clients
- We have regular repeat business
- All accounting staff University qualified
- We are fast, we return calls and emails
- We have state of the art technology
- We can work work with other experts
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Tax or Accounting Advice. It does not take into account your objectives, financial situation or needs or your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
Date: Dec 04, 2011
Tags: tax accounting, smsf advisory general
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Date: Dec 04, 2011
Tags: tax accounting, smsf advisory general
In most circumstances, your Sydney chartered accountant or Sydney accountant will draw their fees from the SMSF itself. Accordingly, you will not be directly out of pocket for the expenses incurred in using the skills of a professional. This is simil…
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Date: Dec 04, 2011
Tags: tax accounting, smsf advisory general
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If you require assistance with a Tax or Accounting matter, you should make an appointment to speak to a Chartered Accountant in our Sydney CBD Head Office.
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