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Your superannuation refers to the pension or collection of pension schemes you belong to. It is quite common that when people enter into employment they enter into a contributory pension scheme known as a self managed superannuation fund. This fund will help you prepare for your retirement by taking a portion of your earnings and putting it into a savings fund which is also added to by your employer. When you come to retire, this fund is used to pay your pension. It sounds simple, but like anything that involves taxes - it can be tricky too.
It is given this title because even though your contributions as well as those of your employer are automated, they are your responsibility and so making sure that you pay the right level of tax is also down to you. Even if you do decide to take on a tax specialist, the responsibility of the fund is yours so you need to make sure that your self managed superannuation fund is handled by someone who knows what they are doing.
Who you get to manage your fund is up to you but you should find a tax specialist that is aware of all of the rules and regulations that govern your fund and the tax around it. Find a reputable tax specialist that is not just experienced but accredited too. Make sure that your accountant has worked with self managed superannuation funds before and knows what is involved in ensuring your accounts are as they should be and abide by the appropriate guidelines. The penalty after all for failing to manage your self managed superannuation fund will fall to you and not your accountant.
Why choose us?
If you choose us you will be working with a reputable firm that knows supers inside and out. We have been working in all areas of tax for many years and to our clients' great satisfaction. Learn more about how we can benefit you by getting in touch today and making an appointment to discuss your super in even greater detail. Start to get on top of your finances ahead of time to give yourself the greatest level of security for your finances.
Choosing a Superannuation Fund
It is possible for most employees to now choose which self managed superannuation fund they would like to contribute to, but often with more choice comes greater confusion. If you would like advice on which fund to go for then get in touch today, we will be more than happy to offer you some guidance. It is also common for some employees to have multiple superannuation funds that can be difficult to manage. If this is the case then you may want to consider consolidating them, which again, we are able to help with.
For all other queries, contact the team today.