Do you know enough about your responsibilities?
For more information on starting a Self-Managed Superannuation Fund, contact Skinner Hamilton Medical Accountants on (07) 5594 34 or email jason@skinnerhamilton.com.au
While you can have your accountant help with this, it is still imperative you have a sound knowledge of your responsibilities in operating a SMSF. It's a very serious commitment to have your own SMSF so you will need to be aware of your legal obligations, how the different investment markets operate, what strict governances are in place in terms of what you can invest in, your insurance liabilities, as well as the tax implications. It is also wise to be very familiar with the strict governances in place with regards to Self-Managed Super Funds. The ATO imposes penalties for those who fail to adhere to these.
Is it difficult to wind up a SMSF? Circumstances can change quickly in life; therefore it's just as important to know how to get out of a Self-Managed Superannuation Fund before you decide to get into one. So, should you find yourself in a situation where your SMSF needs to be shut down, you will be required, according to the Australian Taxation Office, to do the following: • • • •
Advise the ATO within a strict 28-day timeframe. Dispose of all the assets in the fund. Arrange for a final audit of the fund to take place Carry out your reporting responsibilities.
Disclaimer: Skinner Hamilton and its related businesses make no representations and give no warranty as to the accuracy of the information in this document and such accepts no liability for any errors, misprints or omission herein (whether negligent or otherwise). Skinner Hamilton Pty Ltd shall not be liable for any loss or damage whatsoever arising as a result of any person acting or refraining from acting on any information contained herein. This article is prepared for general information purposes only and we recommend that at all times individual advice be sought before acting on the information contained in this document.
112
Pindara Magazine
2016