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Joe Salomone, CPA – Director

B.Bus, Grad.Dip. (FP)

 

Joe Salomone is the founding member of Salomone Accountants. After gaining a Business degree majoring in Accounting from the Queensland University of Technology, Joe went on to pursue a Graduate Diploma in Financial Planning at the Securities Institute of Australia. Since then he has become a qualified CPA, and has over 20 years experience working in business services and taxation.

 

Joe specialises in assisting Small Business clients in the areas of taxation, financial accounts, tax planning and restructuring. He also has vast experience in assisting clients who have investment and rental properties and share investments.

 

Professional and Administrative Staff

 

Salomone Accountants is a flexible workplace employer. This flexibility allows staff the opportunity to fulfill a work/life balance which creates a happy work environment.

 

Investment has been made in the professional development of all staff at Salomone Accountants and the experienced staff are able to offer clients a friendly and professional approach. All staff endeavour to provide professional and accurate advice to clients in a timely manner.

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News

Self-managed super funds (SMSF) aren’t just about financial investment

December 3, 2020

Individuals may be looking to opt for an SMSF because these provide entire control over where the money is invested. While this sounds enticing, the downside is that they involve a lot more time and effort as all investment is managed by the members/trustees.

Firstly, SMSFs require a lot of on-going investment of time:

Data shows that SMSF trustees spend an average of 8 hours per month managing their SMSFs. This adds up to more than 100 hours per year and demonstrates that compared to other superannuation methods, is a lot more time occupying.

Secondly, there are set-up and maintenance costs of SMSFs such as tax advice, financial advice, legal advice and hiring an accredited auditor. These costs are difficult to avoid if you want the best out of your SMSF. A statistical review has shown that on average, the operating cost of an SMSF is $6,152. This data is inclusive of deductible and non-deductible expenses such as auditor fee, management and administration expenses etc., but not inclusive of costs such as investment and insurance expenses.

Thirdly, investing in SMSF requires financial and legal knowledge and skill. Trustees should understand the investment market so that they can build and manage a diversified portfolio. Further, when creating an investment strategy, it is important to assess the risk and plan ahead for retirement, which can be difficult if one is not equipped with the necessary knowledge. In terms of legal knowledge, complying with tax, super and other relevant regulations requires a basic level of understanding at the very least. Finally, insurance for fund members also needs to be organised which can be difficult without additional knowledge.
Although SMSFs have the advantage of autonomy when it comes to investing, this comes at a price. Members/trustees need to invest time and money into managing the fund and on top of this, are required to have some financial and legal knowledge to successfully manage the fund.