Manage Your Self-Managed Super Funds With A Professional

A Self Managed Superfund is a trust fond in which investments are held and managed by its members with the purpose to provide benefits to fund themselves when they retire. Many people crave the control that comes with setting up an SMSF. However, what you should not forget is that having control over finances brings tons of workload and responsibilities.

That is why if you are not sure whether you are qualified enough to do it yourself and can handle the burden that comes along as a trustee, the smartest thing to do is to hire a professional to help you manage your Self Managed Superfund.

There are some rules and regulations the Australian Taxation Office imposes that you have to follow. The Self Managed Superfund is easy to set up but there are a lot of paperwork and it takes time to figure things out. The SMSF must be compliant with the trust deed as well as all the laws and rules by the ATO that apply to SMSF. You should know that the regulations are strict so it would be a great idea to hire an SMSF professional to help you set up your fund.

The SMSF professionals have experience in the entire process as well as the laws and regulations that apply to your Superfund. Therefore, the job of these experts is to make sure that your fund is compliant with any of the regulations set by the ATO.

Most SMSF professionals offer more services within one office so you will not have to go form one company to another, gathering information on how to set up a Self Managed Superfund to suit your needs.

You can appoint SMSF professionals such as accountants and financial advisers.

• A tax agent can help you prepare the accounts of your fund, its annual financial position and operating statements, complete your SMSF and provide tax advice and represent you in your deals; 

• A legal practitioner can prepare and update the trust deed of your Superfund;

• A financial adviser can help you create your investment strategy;

• A fund administrator can help you manage the running of your fund and meet your administrative obligations and annual reporting.

All of these services need licenses and specific skills, which probably you do not posses. SMSF professionals have most or all of these skills and qualifications, so they are able to tailor your super fund according to your needs.

SMSF: Super Fund Audit Explained

If you are running a self-managed super fund, you are one of those people who have recognized its benefits on time and started saving money for the retirement days in the best possible way. Setting up a self-managed super fund is very easy and simple; you meet the requirements, learn how to set it up and complete the process. But before you set up an smsf, you must know all your responsibility as an owner of the fund. One of those responsibilities is to ensure your super fund is audited once per year by a licensed auditor.

Self-managed super fund audit involves an approved auditor conducting a compliance and financial audit of your super fund. The financial audit involves the auditor examining your financial statement, while the compliance audit is about ensuring that your SMSF is compliant with all the superannuation rules. When SMSFs are in accordance with their own investment systems, they allow you to buy property. However, not many SMSFs are completely in accordance, because until 2007 they were not able to borrow. Since 1993, the Superannuation Industry Supervision Act demands SMSF trustees to have a super fund audit once per year by a licensed auditor.

The most frequently asked questions about super fund audit is “Can I conduct an audit for my fund?”. According to the ATO regulations, neither you nor any of your SMSF members can complete a super fund audit, because it would be a breach of ethical requirements (independence related). SMSF audits can be exclusively performed by approved and qualified auditors, experienced and knowledgeable in performing audits according to the law. If you want to become an approved SMSF auditor (but for auditing other super funds), you must:

• be an Australian resident;

• have enough practical experience;

• hold an education qualification;

• pass a competency testing;

To avoid fines by the Australian Taxation Office, keep yourself updated with all the legal and taxation obligations, whether you are the owner or a trustee of the fund. Indeed setting up an SMSF is easy, but handling it can be much more complicated. So, the increased number of Australians should not come as a surprise.

Most SMSF owners decide to hire a professional to help them out in handling their super funds. Preparing all the files required for a super fund audit is not easy. Moreover, they must comply with the SMSF regulations of the ATO. But professionals in auditing and handling SMSFs have no problems with anything related with these super funds. They are even able to discover all possible issues that might occur in near future. A well-performed super fund audit prevents bad investments and protects your money.

Few Tips On How To Find Budget-Friendly Furniture

Shopping for the perfect furniture for your new home can be a lot of fun. However, it can also be frustrating  once you find out that 'perfect' piece of your dreams doesn't fit on your budget. Don't panic yet. With a bit of patience, time and creativity you will not only be able to find many great furniture at a fraction of the cost but also ensure your greatest local or best online shopping experience.

Here are few tips on how to find budget-friendly furniture. 

Plan your furniture purchase ahead to hit the sales - Furniture companies usually release new products in February and August. That makes January and July the best time to buy furniture as the stores are trying to get out of their old inventory.  You can also wait for that big holiday sale where many retailers will be offering great deals on offers.

 Find amazing furniture deals online – The great thing about shopping online is that you have an easy and complete access to an entire furniture store. That allows you to sort and search efficiently for your furniture from the comfort of your home. For great deals and best online shopping experience, give preference to big online retailers. Big online retailers usually have bigger sales and the best prices because they don't need to rent a showroom space or hire salespeople – savings that go directly to your pocket.

Buy used furniture at flea markets and garage sales – While purchasing used furniture may not sound inviting for you, secondhand furniture pieces are common more affordable and can sometimes be more unique. If you want to furnish your home on a budget and without having to compromise in style, used items can be a great choice. Many times used doesn't necessary means old and unattractive. What someone may think is unnecessary or unappealing in their home can become a décor staple in your place.  

Another simple tip to help you stay within your budget whether shopping online or offline for furniture, is to subscribe for newsletters or frequent shopper programs and be notified of special sales and discount coupons. Sometimes, discount coupons offer up to 20% off, which can make a costly furniture piece a perfect bargain.

Want To Set Up A Self Managed Super Fund? Read This

SMSF, or Self Management Super Fund is a well-known subject to the Australian population. Why so? Because it is a super-efficient way of saving money for your retirement days. Thanks to this self managed superfund, you can invest your super savings for enjoying the fruits of your labor in the years to come.

SELF MANAGED SUPER FUNDS

But, what makes SMSF special and different from the other types of funds? It is the fact that all of the SMSF's members are also the trustees. However, it is good to know that not everyone can be a trustee and can run an SMSF, because excellent time and management skills is what every trustee must posses. To be an SMSF trustee means to be able to cope with lots of responsibilities for running the self managed  superfund and to make wise decisions that will not only affect your personal interests, but the interests of the rest of trustees as well. 

When it comes to building an SMSF, there are some main principles and rules that need to be met:

• The SMSF has to count less than 5 members;

• Each trustee is a member;

• Each member is a trustee;

• None of the SMSF members is an employee of some of the other SMSF members;

• None of the SMSF members is reimbursed for his/her function as a trustee;

Today, the self managed superfund is the fastest growing sector of superannuation, thanks to the great level of flexibility and control that it provides, compared to the old superannuation alternatives.

Let's take a look at the list of advantages of an SMSF:

Full Control Over the Investment Strategy – All the trustees of an SMSF decide together on the investment strategy or asset allocation and what approach to take to best balance risk and reward. Questions regarding how, what and when to invest, concern all the members of the fund. It is this  control over the investment choices that makes an SMSF so popular.

High Flexibility – The SMSF investments can be adjusted according to the needs and requirements of the trustees. There is the option to quickly change the SMSF investments, or the asset selection.

Reduced Taxes – All members of the self managed superfund benefit from reduced income taxes on capital gains and investment income

Durable Lifespan – According to the latest superannuation laws, the SMSF can provide benefits to all trustees for an unlimited period of time.