GM Tax


Self Managed Superannuation Funds


Superannuation is the name used in Australia as the means of saving tax efficiently for an individual’s retirement.

Self Managed Superannuation Funds – or SMSFs – are one type of superannuation fund, albeit a type that is being used increasingly often by those who wish to be more involved in investment management decisions affecting their retirement and who do not want to leave such matters wholly to third party advisors.

Self Managed Superannuation Funds are now the largest and fastest growing segment of the superannuation industry in Australia, as more individuals take control of their retirement strategy.

Advantages of a SMSF

These Include

  • Ability to hold UK£ pension fund balances (of particular interest to migrants from the UK or returning Australians who are considering the transfer of overseas pension scheme benefits to Australia while the A$ remains strong)
  • Flexibility
  • Ability to acquire commercial premises (SMSFs are frequently used by business owners to acquire premises from which a business is to be carried on)
  • More investment options
  • Greater control of retirement savings

The Difference

The difference between a SMSF and other types of super funds is, generally, that the members of a SMSF are also the trustees.

This means the members of the SMSF run it for their own retirement benefit.

For trustees of SMSFs, managing the fund and ensuring compliance with relevant legislation is critical. There are many rules and regulations that govern superannuation generally which are designed to protect retirement income – and to ensure the concessional tax status of superannuation is not abused. Trustees must adhere to the rules and are ultimately responsible for the running of the SMSF, even if tax, finance and superannuation professionals are used to help to manage the Fund.

SMSFs aren’t for everyone and if you are considering using one GM Tax recommends that you consider the options carefully before making a decision. This will be a significant financial decision, and you must dedicate time to operate a SMSF properly.

You should certainly obtain professional advice prior to the establishment of a SMSF, and GM Tax can provide expert knowledge and support while you are considering the options – and subsequently, if you decide to set up a SMSF.

If you decide to set up a SMSF GM Tax can help with:

  • Obtaining a Tax File Number for the Fund from the Australian Taxation Office
  • Preparing the annual accounts of the SMSF
  • Arranging for the accounts to be audited by an independent auditor
  • Preparing the tax return of the SMSF for submission to the Australian Taxation Office

Our trusted associates can help with:

  • The establishment of the Self Managed Superannuation Fund
  • The transfer of overseas pension benefits into a SMSF in Australia, where pension benefits have been accrued outside Australia
  • Obtaining QROPS (Qualifying Recognised Overseas Pension Scheme) status for the SMSF where pension benefits have been accrued in the UK and are to be transferred to Australia
  • The investment of monies held within the SMSF
Free Estimation

GM Tax has a policy of providing a fixed fee quote whenever possible to all who are interested in engaging our services.

If you would like a no obligation fee proposal from a firm of tax advisors that understands the issues affecting migrants and expats please don’t hesitate to contact us by completing the enquiry form on this webpage or telephoning the GM Tax office that is closest to you.

We’ll be delighted to have a free initial discussion.