It’s no surprise that the self managed superannuation fund (SMSF) is the fastest growing superannuation sector in Australia. No other retirement savings soluton offers the combination of flexible investment options, full account management control and attractive tax concessions. Read on for some general information on SMSF establishment.
SMSF Set Up
First you need to decide if a self managed super fund is the right move for you. We recommend answering these key SMSF setup questions, seeking professional advice and researching your options carefully before taking any action.
Once you have decided to proceed there are a few mandatory things you need to do. These include setting up a Trust, appointing Trustees and preparing your Trust Deed. The later confirms details for your Trustees, their powers, along with various conditions governing matters such as contributions and benefit payments.
Various forms need to be lodged with the Australian Taxation Office (ATO) to apply for a tax file number (TFN) and a Australian Business Number (ABN) for your fund. You’ll need to open a dedicated bank account and also prepare an investment strategy to ensure you have a sustainable plan for managing the money in your fund.
You can get help with the majority of these tasks at a low fixed cost by connecting with a professional service provider in our Marketplace >>
Running Your SMSF
Managing a SMSF involves various administration and compliance responsibilities. For example, you need to run the fund according to your investment strategy, handle all contributions and withdrawals in line with the sole purpose test, as well as complying with the various taxation laws.
In order to streamline the management of a self-managed super fund, Trustees traditionally invest in elaborate software systems and rely on full-service accountants to satisfy their ongoing reporting, compliance, audit and taxation needs.
As you can imagine, the costs can quickly mount up, sometimes to the point where they impact on the viability of the SMSF. Fortunately, thanks to Mclowd, you now have access to cost effective solutions that enable you to retain your autonomy, maximise your flexibility and keep you in control of your SMSF.
Mclowd is the future for SMSF Trustees
Mclowd is here to slash the cost of SMSF administration and compliance, making self-managed super funds obtainable and affordable for all Australians.
Mclowd’s free SMSF software is an online cloud-based administration and accounting tool which enables Trustees to track and report on all areas of their fund. By harnessing the latest developments in technology they have been able to help you automate many of the tasks involved in managing your SMSF, vastly reducing the time and cost involved in managing your fund.
Thanks to Mclowd’s free SMSF software there’s no more spreadsheets and no more costly software subscription fees. It’s absolutely free and always will be.
However, the savings don’t stop there. Mclowd delivers an online services Marketplace, connecting you with doxens of qualified professionals from around Australia and the World. By hiring through the Mclowd Marketplace, you’ll pay a low fixed cost with professional fees up to 70% less than those charged by traditional service providers.
You can ease the burden of managing a vast array of administration and accounting tasks. Mclowd Marketplace services include but are not limited to self managed super fund setup and audits, general accounting and bookkeeping work, legal advice, financial planning, tax and BAS, insurance, funds management, stock broking and property advice.