Introduced in 1991, the Australian superannuation regime is a compulsory system set up for the benefit of employees which can only be accessed in retirement. Superannuation is seen as a forced savings plan, especially beneficial to those who would be less likely to plan and save for their retirement, such as those on low incomes and young people. However, today more and more Australians are looking to take great control over their superannuation fund. So, the Self-Managed Superannuation Fund has become the vehicle of choice for their retirement. Today, Self-managed Superannuation Fund holds one-third of retirement savings in Australia, and serve over million members. Our leading superannuation lawyer in Perth provides advice and assistance to clients in relation to Self-Managed Superannuation Funds.
A Great Investment Option
According to our tax lawyer in Perth, Self-Managed Superannuation Fund is a great investment option with broader investment choices, and it’s widely recommended for small businesses.
Self-managed Superannuation Fund allows more flexibility when it comes to contributions, the timing of contributions, allocating earnings to particular members and implementing ‘reserves.’ This flexibility reduces the amount of tax and encourages you to make strategic decisions on contributions, reserves, and distributions.
How a Superannuation Lawyer Can Help?
– A superannuation or tax lawyer in Perth advises you on the use of superannuation and accessing associated tax concessions which include receiving a tax concession or selling an investment or business.
– They assist and guide you through the process of document preparation.
– They advise you on superannuation borrowings and establishment of instalment trusts.
– Provide expert advice on creating a self-managed superannuation account, and deciding how the benefits will be shared to the beneficiaries.
– If you are selling assets to the SMSF, they will assist you on tax and transfer duty-related tasks.
– They deal with the audit issues related to your SMSF with the Australian Taxation Office.
– Help you in estate planning.
– Assist you in understanding the rules and regulations that apply to the self-managed superannuation fund. This helps you avoid any strict penalties.
Superannuation is a long-term savings plan for retirement. But, sometimes, the Superannuation laws are highly complicated, difficult to understand, constantly upgrading, and intertwined with taxation law. So, it’s always beneficial to hire a superannuation lawyer to help you guide you through the process. They are knowledgeable and employ a holistic approach to keep you updated about the changes and advise you the best options available to save more.
The author of this article is a leading tax and migration lawyer in Perth. In this article, he explains how a superannuation lawyer helps you with your SMSF. Visit https://www.munrodoig.com.au/ for more information.