Especially with the way the global economy has been over the last five years, businesses of all types are understandably hesitant when it comes to handing over control of their superannuation funds. After all, outsourcing the care and management of money in that amount may just be asking for disaster. For businesses looking to learn about a DIY super fund and using a self-managed superfund, using accounting firms staffed with registered tax agents is the only way to go.
What is a Registered Tax Agent?
A registered tax agent is a type of accountant that specializes in compliance with tax law for a wide variety of businesses. Most accounting jobs are in commerce, industry, and the public sector, but many accountants find work elsewhere.
How Registered Tax Agents Can Assists with a SMSF
- Get Help Setting up SMSF
- Help Maintain a Super Fund
Registered tax agents know exactly what self managed super fund rules need to be followed when setting up a new super fund. For instance, the typical super fund needs a large amount of initial capital to make the set up and yearly maintenance costs worthwhile. Generally, this amount is, at a minimum, $200,000. Beyond the financial considerations, registered tax agents can appraise their clients of other important tips. For instance, taking out a separate life insurance policy is crucial when maintaining a SMSF.
After the fund has been established, there is the tedious work of maintaining it. Tax codes continue to change. Current law states that all SMSF assets supporting income streams are untaxed. However, from 1 July 2014 onward, the first $100,000 per person earned through a super fund are tax free. Anything beyond that will be taxed at 15%. Registered tax agents keep their clients appraised of these changes and make appropriate adjustments to stay in line with the law.
How to Find a Registered Tax Agent
Businesses looking to set up SMSF for their company, whether they are in Melbourne or elsewhere, need the expertise registered tax agents offer. That much should be clear. In Australia, three professional accounting bodies have been legally recognized. The Institute of Public Accountants, CPA Australia, and the Institute of Chartered Accountants of Australia have all been legally recognized and offer accounting services for all businesses. Businesses looking for a registered tax agent should contact one of these bodies immediately to start taking advantage of SMSF knowledge and other services high quality accountants can offer. References: www.balcorp.com.au