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We actually love this strategy of Super Fund Outsourcing, but there are positives and negatives to this situation and you will need guidance from your legal, accounting and SMSF Specialist Advisor. Many owners of small to medium enterprises use this as an effective strategy but others do a half-baked job and leave themselves exposed.
- Direct control of your super investments and a real understanding of where your money is invested.
- The fund will pay only 15% tax on commercial rent paid
- If the premises is sold no capital gains tax may be applicable once you are in pension phase and 15% or less if earlier.
- You can be your own landlord with secured tenancy which allows you greater certainty when fitting out or installing equipment.
- Keeps liquidity in the business to fund other costs.
- There are thousands of dollars in setup costs and there are sometimes higher fees involved in getting a loan through your SMSF.
- If a member of the fund dies without the proper insurance in place the fund may have to pay out death benefits leading to a rushed sale of the commercial premises.
- If sold to a third-party then there is a possible loss of tenancy to the business which could destroy it.
- There are strategies that can be built to avoid the cons, it is best to speak to an adviser so that they can see what is best for your personal situation.
SMSF or the Self Managed Super Funds, is a long-term savings arrangement, which has gained popularity in the recent years.
The major benefit and reason for SMSF’s rise is its aspect of giving you the power and resources for property investment. It favors you to convert your funds into assets. But a major concern is that you can’t just invest your money into anything. Though It has many gains, but there are also lots of rules that you need to be aware of. The assets you invest on are supposed to be for business only and not for personal use, or you might incur hefty penalties.
The best would be, to let an expert handle your SMSF (also known as SMSF outsourcing) than paying for errors or being in the fear of making one. Connect Accounting, provides outstanding service and support for your SMSF. Just pass us all the required stats and worries, and gain full and efficient control over your numbers.
Australian clients include a number of BRW Top 100 Accounting Firms.
Connect Accounting undertakes the full range of accounting and superannuation compliance tasks, including:
- Accounting and taxation compliance work for companies, trusts, partnerships,sole traders and individuals
- BAS, interim accounts and other regular accounting functions for small and medium sized business.
- Self-managed superannuation funds
- Preparation of working papers and files for the audit of Self Managed superannuation funds.
- Work papers.