Simplified
Self-Managed Superannuation Solutions "SMSF"
At Wendy Super Accounting, we provide comprehensive SMSF services designed to simplify and enhance your financial journey.
Why choose us?
We build long-term, trust-based relationships that go beyond the numbers.
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Our clients benefit from personalized, high-quality service that they can't get from larger firms. Our purpose is to understand your dreams, needs, and goals so we can develop a plan that transcends mere accounting strategy. We aim to provide comprehensive support, ensuring your financial well-being and helping you achieve your aspirations. With us, you’re not just another client; you’re a valued partner on a journey to financial success and peace of mind.
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At Wendy Super Accounting transforms the complexities of SMSF management into a seamless and empowering experience.
What does SMSF mean?
A Self-Managed Superannuation Fund (SMSF) is a type of retirement savings account in Australia. What makes it different from other superannuation funds is that the members of an SMSF also act as trustees, meaning they manage and control the fund's investments themselves. This gives members more control and flexibility over how their retirement savings are invested. However, it also comes with added responsibilities, such as ensuring compliance with superannuation laws and managing administrative tasks. SMSFs are regulated by the Australian Taxation Office (ATO) to ensure they operate within the law and provide benefits for retirement.
Five PROS and CONS about SMSF
1. Control over investments:
Individuals have full control over how their retirement savings are invested, allowing for personalized investment strategies aligned with their goals and risk tolerance.
2. Diverse investment options:
SMSFs offer a wide range of investment options, including direct property, shares, term deposits, managed funds, and alternative assets, providing opportunities for diversification.
3. Tax benefits:
SMSFs offer potential tax advantages, such as concessional tax rates on investment earnings, tax deductions for contributions, and the ability to claim franking credits.
4. Estate planning flexibility:
SMSFs allow individuals to include estate planning strategies within their fund, providing control over how assets are distributed upon death and potentially minimizing tax liabilities for beneficiaries.
5. Cost efficiency:
For individuals with substantial superannuation balances, SMSFs can be more cost-effective compared to retail or industry super funds, as fees are often fixed rather than based on a percentage of assets.
1. Complexity and responsibility:
Managing an SMSF requires time, knowledge, and ongoing compliance with regulatory requirements. Individuals must stay informed about changes in legislation, investment strategies, and administrative tasks.
2. Costs and fees:
SMSFs can incur higher costs for administration, auditing, legal advice, and other services compared to retail or industry super funds. These costs may outweigh the benefits for individuals with smaller balances.
3. Risk management:
Individuals are responsible for managing investment risk and ensuring proper diversification within their SMSF. Poor investment decisions or lack of diversification can lead to financial losses.
4. Regulatory compliance:
SMSFs must adhere to strict regulatory guidelines, including reporting, record-keeping, compliance audits, and meeting the sole purpose test. Non-compliance can result in penalties and potential loss of tax benefits.
5. Service Providers and advice Risks:
Risks may arise from arrangements with disreputable or inexperienced service providers, so great care needs to be taken when making any external appointments. Similarly, inappropriate advice, either from well-meaning individuals or from those seeking a personal gain, can result in decisions
made by trustees who rely on that advice. This could cause the loss of superannuation savings and/or
non-compliance of their SMSF.
Overall, an SMSF is like having your own special way to save and invest money, but it comes with responsibilities and things to think about to make sure you're making the best choices for your future.
Experts recommend seeking professional advice, like that offered by Wendy Super Accounting, to help navigate these responsibilities and make informed decisions that align with your financial goals and retirement plans.
Our tailored understanding process.
01.
Initial Consultation:
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It starts with an initial consultation where we discuss your financial needs and retirement goals.
02.
Customized Analysis:
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​We conduct a detailed analysis of your current financial situation and create a personalized plan tailored to your goals.
03.
Customized Solutions:
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We provide customized solutions and strategies to address your SMSF accounting needs effectively.
04.
Implementation and Monitoring:
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We implement the agreed-upon plan and continually monitor its progress to ensure alignment with your goals.
05.
Regular Communication:
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We maintain regular communication to keep you informed about the process, address any questions or concerns, and ensure clarity throughout.
Our Services
1
Basic Package
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Annual financial statements and tax return preparation.
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Compliance documentation (minutes, resolutions, etc.).
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Lodgement of regulatory forms.
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General compliance support.
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Online access to reports and documentation.
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Audit Coordination: We manage the submission of your fund for audit.
$1.500*
2
Standard Package
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All services included in the Basic Package.
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Regular compliance checks and reviews.
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Periodic investment performance reports.
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Access to online accounting software with real-time data.
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Corporate trustee management: If your SMSF has a corporate trustee.
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All the above + 1 SMSF Expert (60 minutes) consultation call
$2.000*
3
Premium Package
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All services included in the Standard Package.
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Comprehensive strategic advice.
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Quarterly or monthly reporting.
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Detailed performance and compliance reports.
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Dedicated account manager.
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Estate planning and retirement strategy support.
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Exclusive Facebook Group: Unlock Premium Content and Community.
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All the above + unlimited SMSF Expert consultation calls
$2.500*
Important package information
* Please note that the prices for the packages mentioned earlier correspond to funds with a maximum of 10 listed shares, bank accounts, and term deposits, or one residential property. The price could change depending on the complexity of your investments.
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