Superannuation / SMSF Compliance & Audit

It's generally known that the majority of people in the workforce today don't currently have enough in their superannuation funds to provide for their retirement.  The old maxim is true... if you fail to plan, you plan to fail.   Getting the jump on superannuation now means you can look forward to a comfortable future, maintaining your quality of lifestyle in retirement.

BBA has in-house financial adviser Mr Rick Daquino of Moneyplan Australia who can advise you on numerous retail fund or industry fund options, or guide you through the process of setting up and managing a Self Managed Superannuation Fund (SMSF).

SMSF's are one of the most highly regulated entities in tax law, and can be one of the most advantageous for tax planning.  As Trustee of the SMSF, you have to be fully informed and understand your oblilgations.  If you don't manage the SMSF correctly, you can be found in breach of legislation by the Commissioner of Taxation and face civil or legal penalties, with penalty tax rates equating to 93% instead of the beneficial 15%.

Trustees of SMSF's must be aware of legislation regarding complex issues such as:

  • Contributions made by you or your employer
  • Types of investments allowed to be made by SMSF's
  • Who from and how much these investments can be bought from
  • Record keeping requirements for audit purposes

If you have an SMSF or want to set one up, come and talk to us to make sure you're doing the right thing.