SMSF CONTRIBUTIONS & PENSIONS
There may be more to your SMSF than you realise.
Contributions and pensions can be some of the more complex areas of running an SMSF, particularly as your circumstances and the rules change over time. Good planning, accurate records and getting the administration right can make a significant difference to how smoothly your SMSF operates. Our team can help you understand the tax and administration implications of different transactions, identify matters that may need attention and work with your financial adviser where personal financial advice is required.
SMSF Contributions
Are you making the most of the contribution rules? There are different ways money can be contributed to super, each with its own rules, limits, tax treatment and reporting requirements. Our team can help you understand the tax and administrative treatment of contributions within your SMSF and make sure they are correctly recorded and reported. We assist with:
- Employer contributions
- Personal contributions
- Concessional contributions
- Non-concessional contributions
- Spouse contributions
- Contribution reporting and record keeping
There may be contribution opportunities worth discussing. Depending on your circumstances, there may be contribution rules or tax considerations you haven’t previously encountered. Talk to us before making an unusual or significant contribution. We can explain the tax and SMSF administration implications and, where personal financial advice is required, work alongside your licensed financial adviser.
SMSF Pensions
Moving from saving to drawing on your super? When an SMSF member moves into pension phase, the accounting, tax, administration and reporting requirements of the fund can change. Our team can assist with:
- Establishing and documenting pension accounts
- Pension administration and reporting
- Annual minimum pension calculations
- Multiple pension accounts
- Accumulation and pension interests
- Transfer balance account reporting
- Documentation and ongoing compliance requirements
As members move through different stages of retirement, SMSFs can become more complex. You might have multiple pension accounts, members in different phases, a combination of accumulation and pension interests, or changes occurring within the fund that have tax and reporting consequences. This is where specialist SMSF knowledge matters. We can review the accounting and tax position of your fund, explain the implications of different transactions and identify matters worth discussing with your financial adviser.
Could your SMSF be structured more effectively?
SMSF strategies you may not be using
SMSF rules and tax settings change, and your fund can change too. There may be strategies, elections or administrative opportunities relevant to your SMSF that you haven’t previously considered. Our role is to help identify the SMSF accounting, taxation and compliance issues that may warrant attention. Where a strategy involves personal financial product advice, we can work with your licensed financial adviser or refer you to an appropriate professional.
Expert care as your SMSF changes
Your SMSF at 40 may look very different from your SMSF at 60 or 70. As contributions change, pensions commence and your fund becomes more complex, having an experienced SMSF team behind you can make the administration easier. We’re here to take care of the accounting, tax, administration and compliance and to help you understand what needs attention along the way.
The information on this page is general information only and does not constitute personal financial advice. Freedom Financial Partners can assist with SMSF accounting, administration, taxation and compliance. If you require advice about whether to make a contribution, commence a pension or implement a financial strategy based on your personal circumstances, you should seek advice from a suitably licensed financial adviser.
Whether you’re looking to set up an SMSF, transfer an existing fund or find a team to manage the ongoing work, we’d be happy to talk.