Managing Your Self-Managed Superfund (SMSF) in 2019-20

By September 12, 2019Blog
Managing your self-managed superfund

Manage Your Superfund Better!

A self-managed superfund (SMSF) can be a rewarding alternative for your retirement. SMSFs gives you the freedom to make choices about your super investment, and the autonomy to control all aspects of your super. Instead of a super company investing your money on your behalf, you become the director of your own super, allowing you to make decisions about your money. Often misleadingly called a DIY superfund, running your own SMSF requires knowledge in finance, legal systems and time.

Advivo can help you manage your super better

This is why people often use superfund advisors to help manage their account. These advisors have no power or responsibility over your super but help guide you on what to invest and the fine legal points that surround running an SMSF. The service Advivo offers differs from our competitors in that we offer ongoing advice on all aspects of running a SMSF and we are up-to-date with all the recent regulatory changes.

In 2019 managing your superfund has become even more complex, as there have been some major regulatory changes in the past two months. Due to these changes, reports must be made quarterly rather than yearly, as they have been in the past. Quarterly reporting needs to cover any rolling over from previous superfunds, any contributions made, as well as members starting or stopping pensions. Keeping on top of your contributions is a very important aspect of managing an SMSF, due not only to the ramifications of over-contributing but also because of the carry-forward of unused concessional contributions that can be used in future years.

How do we keep you in the loop?

In the interest of making your SMSF information more accessible and open, Advivo has implemented monthly processing using BGL SimpleFund 360. BGL SimpleFund 360 is a cloud-based software package that runs a monthly reconciliation to keep your SMSF up to date and always accessible to you. It also makes the end of year work far more efficient and, therefore, less expensive. Clients with Advivo can log in and see their position at any time including:

  1. their contributions for the year to date.
  2. If any bring-forward caps have been used, what can still be contributed within the limits
  3. If taking a pension, your minimum pension amount for the year and how much has already been taken
  4. Details of current investments held in the SMSF including income earned during the year to date.

As an SMSF owner, you are required to have your super audited by a certified SMSF auditor, Advivo will ensure the compliance of your SMSF and help guide you through the legal obligations of running your own fund. Our accountants can also assist you in wealth creation strategies and succession plans and keep track of your personal and business finances along with your superfund. This enables Advivo to provide a helicopter view of your entire life position, informing a more thorough well-rounded financial strategy and then to provide a streamlined and comprehensive report of your finances at the end of the financial year.

One of the most important things to think of when considering an SMSF is if it’s large enough to be effective. The smaller the SMSF, the higher the expense ratio, so it’s important that you contact us and talk to one of our SMSF accountants to make sure a Self-Managed Super Fund is right for you!

Call us on 07 3226 1800 or send us a message. You can also visit our office at Level 12, 300 Ann Street, Brisbane CBD.

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