Self Managed Superannuation Funds
This is an area of specialisation that makes HELRON a leader in dealing with the ever increasing demands arising from frequent government changes to the laws and regulations.
Our specialist knowledge, procedures and standardisation have resulted in us achieving efficiencies in providing a very competitive and economical, yet professional one stop service.
SMSF Services include:
- Preparation of financial statements.
- Completion of statutory and taxation returns and all associated tax obligations.
- Maintenance of fund and member records during the course of the year.
- Preparation of resolutions and updating the fund’s permanent register.
- Arranging for the audit of the financial statements and liaison with the independent auditor.
- Assisting trustees meet their legal responsibilities.
- Applying for the actuarial certificates, when required.
- Business/Instalment Activity Statements and GST returns.
- Small business CGT concessions utilising an SMSF.
- Assistance in relation to optimising tax components before benefits are paid or restructured.
- SMSF consultancy and tax advice including ATO disputes.
- Tax planning for capital gains tax.
We will also provide assistance with the establishment of an SMSF that includes:
- Preparation of the Trust Deed (prepared by our legal associates).
- Establishment of the corporate trustee and its registration with ASIC.
- Preparation and lodgement of the relevant forms to obtain Australian Business Number, Tax File Number and complying fund status issued from the Australian Taxation Office.
- Preparing documentation to open bank accounts and investment accounts.
- Attending to administrative process to roll-over of benefits from another super fund.
Through our business financial planning associates, we will assist in:
- SMSF pension strategies and advice.
- Re-contribution strategies that allows for the conversion of a member’s taxable benefits to tax free benefits.
- The transitioning to pension phase or commencing an account based pension.
- Investment strategies.
- Life insurance where the policy is owned by the SMSF and is entitled to claim the premiums as a tax deduction.
Acquisition of properties by an SMSF has become popular especially using the facility of Limited Recourse Borrowing Arrangements (LRBA). We provide assistance with the process that includes:
- Referral for funding.
- Referral for legal and conveyancing services.
- Review of the SMSF deed to investigate whether any changes are required in order for the SMSF to have a LRBA.
- Facilitating for the establishment of a bare trust and all legal documents.
- Stamp duty implications that depends on which State the property is located.
SMSF estate planning is often overlooked by clients mistakenly assuming that a person’s will includes superannuation assets. This is not correct as the law relating to wills is governed by State Legislation whereas superannuation law is governed be Federal/Commonwealth legislation. This means separate provision needs to be made for superannuation death benefits. In this process, we will assist in:
- Setting up of an SMSF Will (prepared by our legal associate).
- Estate planning, including binding death benefit nominations.
- Tax planning in relation to reversionary pensions.
- Tax planning in the event of marriage breakdown.
- Tax strategies and planning in relation to superannuation death benefits.
We offer an “SMSF Accounting/Compliance Outsource” service for accounting practices who wish to outsource their clients SMSF compliance work. This provides a more efficient and cost effective solution for the SMSF client base. This service means you don’t need to retain highly skilled staff or worry that you are keeping your SMSF clients in compliance with the latest regulatory requirements. In these cases, we do not undertake any other work for these clients.
SMSF Audit Services includes both the financial and compliance audit followed by:
- The issuing of the annual audit report in the approved form.
- Management letter to the trustees advising of any areas of concern regarding the financial statements and compliance with the relevant superannuation obligations.
- Assistance to accounting practices on their audit complexities.
- Accountants requiring audits for their SMSF clients go to www.smsfauditsupport.com.au