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Accountants Milton

Salomone Accountants is a specialist accounting firm situated in Milton, providing accounting, taxation and compliance services to small and large businesses, professional individuals, property investors and share investors primarily in the suburbs Red Hill, Milton, Spring Hill and Rosalie of Brisbane.

What we do

The team at Salomone Accountants delivers services including preparing financial statements, tax returns and cash flow budgets that go beyond compliance to meet the tailored needs of our clients. Our services are designed to offer you strategies to build your revenue, maximise your profits and grow your personal wealth.

Who are our clients

We provide professional accounting and tax services to individuals, businesses, retirees and self-managed super fund trustees. Most of our clients are locals from the Brisbane suburbs of Red Hill, Milton, Spring Hill and Rosalie.

Specialist services

We provide specialised advice in the establishment and administration of a self-managed super fund (SMSF). We are experienced in mentoring business start-ups to help fast track your business to success. Our expertise covers a range of industries, in particular, property investors, small and large businesses, professional individuals and share investors.

Professional standards

Our professional team of Milton based accountants are dedicated to extensive professional development to ensure you receive timely and accurate accounting and tax advice. Our services extend to business planning strategies to best meet the strategic needs for small to large sized businesses. We pride ourselves on our hands on practical approach to business, tax and financial services. As we work with you to use the right accounting software, you will find fast turnarounds on compliance based work and tax returns.

At Salomone Accountants, we aim to deliver personal service every time with our accessible Milton location, after hour appointments and ongoing communication. If you are interested in taking a more innovative approach to your accounting, tax, business and financial needs call us today on 07 3367 0999.

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News

How You Structure Your SMSF Could Impact The Trustees In The Fund

May 16, 2022

The way in which a self-managed super fund is structured could change its legal compliance requirements. If you are in the process of setting up an SMSF, you will need to make a decision about how to structure it appropriately to suit. 

An SMSF can be structured as a single-member fund or a multiple-member fund, with the trustees of those funds deemed as either to be individual trustees or a corporate trustee

Examining the circumstances of your members could help to narrow down the structure that will be best suited. You can also work out from the requirements of each structure whether or not a fund structure would be suitable for the needs of your members. 

Individual Trustees

Individual trustees in a single-member fund will have two trustees within the fund. One trustee must be the fund member, but cannot be the other trustee’s employee (unless they are also relatives). An example of a single member trust fund structure could be a family super fund, where the members are trustees for the fund.

Individual trustees in a multiple-member fund structure generally have between two to six members. Each fund member must be a trustee and each trustee must be a fund member. Like the single-member fund, members of this fund structure cannot be the employee of another member (unless they are relatives). 

SMSFs that use individual trustees or are looking to use individual trustees in their structure may benefit from the following: 

Corporate Trustees

SMSFs that are set up using corporate trustees, typically set up a business or company to act as a trustee. The members within these kinds of funds are known as directors and will need to apply for a director identification number as such.

Corporate trustees within a single-member fund structure may have one or two directors, but one of those directors must be the fund member. If there are two directors, the member cannot be the other director’s employer (unless they are relatives).

Corporate trustees within a multiple-member fund structure generally number between two to six members, with each fund member also being a director. A member cannot be the employee of another member (unless they are relatives). An example of a corporate trustee SMSF could be a business acting as the trustee for a super fund, where the members are also directors of the fund. 

SMSFs that use corporate trustees or are looking to use corporate trustees in their structure may benefit from the following: 

The setup of an SMSF can be a complicated process. You may benefit from speaking with a professional assisting you in its preparation and establishment. Choose someone who is qualified, registered and licensed, and right for you and your circumstances.