Compliance with tax and superannuation laws is crucial for businesses entering into new arrangements. To safeguard your interests and ensure adherence to regulations, it is essential to have reliable legal assistance that specialises in superannuation law. At Pentana Stanton Lawyers, our team of superannuation lawyers in Melbourne offer comprehensive legal services designed to keep your business compliant and provides assistance with APRA and ATO audits.
Our experienced team of superannuation lawyers in Melbourne will work closely with your business to ensure ongoing compliance with tax and superannuation laws. We provide tailored advice and guidance to help you navigate complex regulatory requirements. With our assistance, you can confidently enter into new arrangements, knowing that your business remains compliant and avoids any potential legal issues.
Navigating the intricacies of concessional, non-concessional, downsizer, spousal contributions, government co-contributions, and salary sacrifice fund contributions can be challenging. Our superannuation lawyers in Melbourne will provide comprehensive advice on contribution strategies, ensuring your company remains compliant with the different forms of contributions and their legal implications. We will guide you in implementing effective strategies that optimise your contributions while adhering to regulatory requirements.
Fund restructures, such as mergers, splits, or wind-ups, require careful legal considerations. Our team will safeguard your business’s interests by providing the necessary documentation for matters such as the transfer of members/assets between Funds and Successor Funds Transfer. With our expertise, you can navigate these complex processes while protecting your business’s financial and legal rights.
Utilizing superannuation funds for property development and investment activities can be a lucrative venture. However, it also comes with legal intricacies that must be carefully managed. Our knowledgeable team will provide you with sound legal guidance, ensuring your business’s interests are protected throughout the process. We will help you navigate property development and investment activities within the framework of superannuation laws, maximizing the benefits while minimizing potential risks.
Agreements between superannuation funds and service providers, such as administrators or auditors, require thorough legal scrutiny. Our experienced lawyers will assist you in drafting comprehensive service agreements that protect the interests of both parties involved. We ensure that the agreements are legally sound and provide the necessary safeguards to maintain a successful business relationship.
Employers have a responsibility to comply with Superannuation Guarantee obligations. To ensure you meet these obligations and avoid legal complications, it is crucial to have a skilled legal team behind you. Our experts will provide comprehensive guidance and support, helping you navigate the complexities of employer obligations and ensuring compliance with regulatory requirements.
When it comes to superannuation compliance, having a knowledgeable and experienced legal team by your side is paramount. At Pentana Stanton Lawyers, our team of superannuation lawyers are dedicated to providing exceptional legal services tailored to your business’s needs. With our expertise in superannuation law and commitment to outstanding client service, we will ensure your business remains compliant, protected, and well-positioned for success.
Contact us today to schedule a consultation and discover how our comprehensive superannuation legal services can benefit you and your business.
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When you’re preparing for your consultation with one of our team, reading up on the basics of SMSFs and superannuation can be helpful.
Get started with our library of easy-to-read articles and guides.
A self-managed superannuation fund (SMSF) is a superannuation fund whose members are also the fund trustees. In other words, the people who have assets in the fund are also the ones responsible for managing it.
Anyone can establish an SMSF, although the compliance and management burden typically makes SMSFs more suitable for people with a combined total of at least $500,000 in superannuation holdings.
SMSFs, unlike APRA-regulated funds (like retail and industry funds), can invest in alternative asset classes, including property, artwork, collectables, hedge funds, and private equity. This capability may make SMSFs appealing to business owners, who can use their SMSFs to purchase certain business assets in a tax-efficient way.
For an SMSF to be more cost-effective than a regular fund, ASIC normally recommends having a minimum fund balance of $500,000. Below that threshold, the compliance and management costs may result in lower returns than alternatives. In some cases, a balance above $200,000 may be viable.
Keep in mind that you should always seek financial advice from a qualified professional before deciding to move forward with an SMSF. Talking to a superannuation lawyer can also help you understand the risks and requirements associated with SMSFs.
There are two initial costs associated with setting up an SMSF:
In addition to setup costs, you’ll also need to consider the ongoing costs associated with compliance and management. Unless you’re a financial adviser or accountant, it’s normally easier to pay a qualified professional to take care of tax and audit requirements. An average Melbourne financial adviser will charge you around $1,500 for managing an SMSF, although this doesn’t include tax strategy or investment advice.
The main reason SMSFs are unsuitable for many Australians is the relatively high fund balance required for cost efficiency compared to APRA-regulated funds. Many SMSFs are run by financial advisers or accountants at a fixed rate of about $1,500 per year; APRA-regulated funds, by comparison, charge a percentage-based management fee, which can be more appealing for people with lower super balances.
SMSFs also have high compliance and management burdens that typically need to be outsourced to financial advisers or accountants.
Finally, the fund trustees (that is, the people with money in the SMSF) must choose their own investments or pay a financial adviser to give them investment advice. This can add additional costs and create a risk that APRA-regulated funds don’t have.
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