What You Need to Know about SMSF in Newstead and How an We Can Help

Starting your own company can be a dream come true for all sorts of reasons, namely because you can be your own boss and potentially make a handsome living if you ensure your business is successful. However, it’s not easy to stay ahead of the competition when new businesses are established daily, and you need to keep your finances to avoid tax penalties and over-spending.

Additionally, you need to ensure you’re financially prepared for the future because even if your business is extremely profitable now, you might not be in the same position when it comes to your retirement. Fortunately, there are many ways you can ensure financial stability after you retire.

An increasingly popular method of saving money for retirement is to contribute to an SMSF or self-managed super fund. Unlike other retirement remuneration plans, you are the trustee of an SMSF, meaning it’s relatively easy to tailor the fund for maximum benefit. Large companies who contribute to retirement trusts on behalf of their employees usually tailor their policies for the interest of all rather than individuals, and that’s just one factor that makes SMSFs so attractive. However, it’s important to remember that managing such a fund is rather complicated, which means you might want to hire a professional SMSF accountant in Newstead.

At Lee and Associates Accountants, we constantly keep up to date with the latest regulation changes to SMSFs and endeavour to make sure your plan provides the most financial benefit to you. We’re a small firm with big firm experience, and we’ve worked with companies of all sizes from a wide range of industries for years. We’re here to ensure you can enjoy your retirement as a financially independent and stable individual, and we’re happy to provide a consultation so that you can find out how we can help.

Be Aware of the Forthcoming Changes to SMSFs

If you choose to place your trust in qualified SMSF accountants in Newstead, you can feel confident that all the changes to the fun will be taken into account to ensure your plan works best for you. However, to give you some insight, here are some of the main changes due to come into effect in July:

  • Spouse tax offset – From the 1st of July, the spouse’s income threshold will be increased to $40,000 from the current $13,800. This change has been made to allow more couples to support each other regarding putting money aside for retirement.
  • Personal super contributions deduction – Currently, you can claim a deduction on your super contributions if less than 10 percent of your income comes from your salary, but they will remove this condition in July.
  • Additional changes – Broadly speaking, more government changes will affect low-income contributions, tax-free pension caps and non-concessional contributions.

As you can see, some of these changes are rather complex, meaning you might benefit from professional help.

Dependable Newstead SMSF Accountants

At Lee and Associates Accountants, our mission is to make your life simpler by taking care of your fund in a professional manner. To find out how we can help, contact us today, and we’d be glad to arrange a consultation.