Superannuation funds are now the most effective place to build wealth in Australia and over the last ten years, the presence of self managed super funds (SMSFs) has been on the rise. With latest estimates suggesting that there are over 410,000 SMSFs in Australia, it is the nation’s largest superannuation sector.
With the industry’s growth comes tighter regulations and legislation which can present new challenges for accountants, financial planners and other professional advisors.
Superannuation law is highly complex and SMSF’s are subject to much stricter regulations than other entities. The current penalties for breaches of the superannuation laws can seem extreme. As a result, it is near impossible for advisors to provide comprehensive advice to clients unless they work full-time on superannuation issues.
From the introduction of SMSFs to Australia in 1994, William Buck has been there to develop smart, effective strategies for individuals and their families, assisting with the management of their superannuation funds and providing for their future.
Our superannuation consulting team has since grown to become one of the most highly skilled in the country. Focused purely on superannuation we seek to identify potential opportunities and develop innovative new strategies for our clients. These are primarily high wealth families and hundreds of professional advisors who regularly seek our advice to assist their clients.
William Buck has long been recognised as one of Australia’s leading experts in superannuation. The ICAA, CPA, NIA and various other bodies have over many years engaged us to lead the education of their members in these areas.
Key issues we assist clients with include:
- Tax risk management processes and strategies
- Providing strategies to optimise wealth transfers into SMSF’s from companies, trusts and individuals
- Using superannuation to drain retained profits out of companies whilst minimising tax
- Transferring overseas retirement benefits into Australia
- Advising whether potential asset purchases and other transactions are allowable in superannuation
- Setting up arrangements to allow SMSF’s to borrow to invest
- Determining whether it is advantageous for different investments to occur in a SMSF versus other entities
- Minimising tax and managing cash flows for family groups through benefit payments structuring
- Putting in place a structured plan to reduce tax on death benefit payments from 31.5% to 0%
- Assisting other professional advisors to provide technical advice to their clientsWorking alongside other professional advisors and preparing SMSF accounts, tax returns, pension documentation and other superannuation related paperwork for their clients.