Maitland Accounting & Taxation is a professional services firm, specialising in accounting and tax for individuals, businesses and super funds. We aim to support our clients and form strategies both personal and for superfunds to ensure goals are achieved effectively and efficiently. We see your vision for your future and your retirement. Our goal is to ensure the security of your Superfund and complete satisfaction with our services.
Superannuation – DIY Self-Managed Funds (Accounting, Tax and Audit)
Establish & Close SMSFs
Retirement Income Streams
Developing Investment Range Strategies for SMSF’s
It is a legal requirement that SMSFs formulate and give effect to an investment Strategy. An Investment Strategy is simply a plan for making, holding and realising Fund Investments that reflects the Fund’s Objectives (e.g. increasing the value of members’ interests).
Basic Deposit Products
Basic deposit products are products that:
• Offer funds at-call (or on demand) or if for a fixed term for a period of no more than two years.
• Allow for the immediate withdrawal of funds without penalty, other than a reduced interest rate.
• Incur no entry or exit fees and no ongoing management charges (excluding maintenance charges such as account service fees).
• Have a specified return or interest rate.
Lump Sum Withdrawals
Generally your SMSF can only pay a member’s super benefits when the member reaches their ‘preservation age’ and meets one of the conditions of release, such as retirement. The payment may be an income stream (pension) or a lump sum, depending on the circumstances.
Transition to Retirement Income Streams
The Australian Government has made it possible for you to keep working while drawing down some of your super benefits. The policy, called transition to retirement, allows you to supplement your salary and maintain a comfortable lifestyle. You can also use the policy to save tax and boost your super before you retire.
Receiving death Benefits
A death benefit payment is generally made by the SMSF to another person because of the death of a member of the fund. A super death benefit may generally be paid either as an income stream or a lump sum. Income streams are usually either a new income stream that is paid to a dependant, or a reversionary income stream that is the continuation of an existing income stream and paid to a dependant. If a member dies on or after 1 July 2007, a person who is not a dependant of the deceased is not able to receive an income stream.
A re-contribution strategy is just that; a withdrawal of your superannuation benefits and a re-contribution back into super.
Limited Re-Course Borrowing Arrangements
An LRBA is a type of loan structure where the only SMSF asset that the lender (or any other party) has access (recourse) to is the asset that was purchased using the loan, if the fund is unable to meet its loan repayments. … However, an LRBA can only be used to purchase a ‘single acquirable asset’.
Direct Property Transfers into an SMSF
Insurance needs Analysis
Self Managed Super Funds must include an Insurance Needs Analysis as part of the fund’s SMSF Investment Strategy.