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SMSF Outsourcing Services
Focus On Clients, Not Compliance, Streamline Your SMSF Workflow with Dedicated Outsourcing
SMSF stands for Self-Managed Superannuation Fund. It is a trust where assets and funds are managed and invested. It serves benefits after retirement for a group of a maximum of four members. All the members who must be trustees have better control over customizing their funds to meet their individual needs.
Accounting Farm provides SMSF outsourcing services using cloud-based SMSF software such as Simple Fund 360, Class Super, etc.
How does an SMSF work?
SMSFs provide financial benefits to retired members and their death beneficiaries. With the help of a Tax File Number (TFN), Australian Business Number (ABN), and bank account. They can do investments, receive and repay contributions, and pay out lump sums, and pensions with these documents. There are two trustee structures in SMSF:
Corporate Trustee
- A company is set up as a trustee with no more than four members as a director.
- Assets are registered under the company’s name
- It allows the addition or removal of members easily. Without affecting the legal ownership of funds or assets and improves administration.
- This structure requires running costs and must follow corporate legislation.
Individual Trustee
- A person is appointed as a trustee, with a minimum of two or a maximum of four trustees.
- Assets are registered under the Individual’s name
- This structure does not require a company setup or running cost and does not need to follow corporate legislation.
- It is a complex process to add or remove members and change ownership of assets.
Why Should Accounting, Bookkeeping, and CPA Firms Outsource SMSF Services?
One Stop Solution
Outsourcing SMSF services offers accounting, bookkeeping, and CPA firms a one-stop solution, streamlining the management of all SMSF-related responsibilities. This approach eliminates the need for internal task delegation and oversight, ensuring efficient and effective handling of tasks such as administration, compliance, reporting, and auditing by a specialized team.
Fast Turnaround Time
Specialized outsourcing firms in SMSF services possess the expertise and strategic planning to ensure swift task completion by allocating responsibilities to dedicated team members. Their specialized knowledge enables efficient processing, accurate reporting, and timely compliance, resulting in overall time savings for CPA, accounting, and bookkeeping firms.
