Running a self-managed superannuation fund (SMSF) is a large responsibility and we are there to help you meet your obligations and make the most of your superannuation.

Our accounting team is able to complete the accounts and tax obligations of your fund efficiently, and then spend the time to advise you of the intricacies of superannuation law and regulations.

If you are looking to establish or have a self-managed superannuation fund, it will either be in the Accumulation phase or the Pension phase. Liberate is able to provide accounting and administration advice for both of these phases, as well as the transition between the two.

The decision whether to start a SMSF is based on:
  • Size of your balances – it is recommended at least $200,000 in balances to make it economical;
  • The desire and competency to control your investment choices;
  • Retirement goals

Accumulation Phase

The accumulation phase represents the period that a member is able to build their super savings prior to their retirement. Members are eligible to make contributions up to age 65; contributing to super above this age however is dependent on whether you continue to work.

Further to taxation and end of financial year reporting, your Liberate accountant/financial planner will assist in ensuring all areas and consideration of your SMSF are taken care of and your responsibilities as Trustee of the fund are fulfilled.

Pension Phase

The pension phase represents the period in which the super fund pays an income stream or pension. When you convert your superannuation to a pension, there is no tax payable if you are over age 60. The earnings from the capital that support the pension are also tax-free. If you are between ages 55-60 a part of your pension payment may be taxable, this portion is taxed at your marginal rate plus the Medicare levy. You will also be eligible for a 15% tax offset.

Also to be taken into consideration in operating a pension account within a SMSF:
  • Minimum pension payment requirements – due to the tax free status of the pension  account there are minimum amounts that must be withdrawn each year.
  • This minimum amount is determined by the super fund member’s age.
    Actuary Certificate – as part of a tax effective strategy (such as transition to retirement), to continue building super savings, a single member may hold multiple accounts in accumulation and pension phase. In order to determine the portion of the benefits can receive the tax free pension status an actuary certificate is required.

Call or email us to book in your free consultation where we will listen to your needs and answer your queries.