Superannuation is a means of savings for retirement. It is compulsory for all workers. Employers are obliged to contribute an additional 9.25% of the salaries it pays its workers. Each employer should nominate a default superannuation fund to which workers’ superannuation can be paid. Workers can choose which superannuation fund they would like to have their contributions paid into. Employees can also choose a self managed superannuation fund, sometimes called self managed super fund or SMSF.
Accountant Melbourne can administer the superannuation obligations of employers as well as help employees establish a self managed super fund. A self managed superannuation fund or SMSF has many advantages compared to an industry or commercial fund. Firstly, there is control over how your money is to be invested. Secondly, you can avoid having to pay the often expensive fees charged by common superannuation funds. A superannuation fund may also borrow to purchase investment properties providing it is on an arms basis to the beneficiaries.
Accountants Melbourne can consult on superannuation matters and help you administer your fund within the law. Each financial year superannuation funds must be audited and we arrange auditing services to fulfil the relevant requrements.