CALL US: (07) 3367 0999 | EMAIL US:

Testimonials

VANCAN

“The team at Salomone Accounts have always gone above and beyond. They make everything easy to understand, in a clear and concise way. They are a proactive team and always have time to answer my questions, however basic. Yes, you heard right…an accountant that is actually easy to speak to, and takes the worry out of managing our numbers. So we can focus on what we do best.”

 

Tara-Jay Rimmer
Director -The Van that Can Pty Ltd
www.thevanthatcan.com.au

Gordon Country Enterprises

“Joe has been amazing guiding us through the process of a start up business and then helping us strategise with the most tax effective way of amalgamating with a parent company. His communication and thoroughness is always on point and his personal touches, such as coming out and doing a personal inspection of the property just go to demonstrate his professionalism, dedication and warmth towards his clients. Whether you are a start up, individual or large commercial venture, we would have no hesitation in recommending Salomone Accountants.”

 

Sarah Gordon
Director – Gordon Country Enterprises Pty Ltd
www.gordoncountry.com.au

Ascent Wealth Management

“Joe and the team at Salomone Accountants have been a great support to my advice practice.  In the nine years we have worked together, Joe’s knowledge coupled with a very efficient process has ensured we have had good outcomes in the processing and lodgement of our returns.  We have also benefited by establishing a number of business structures with Joe’s assistance.  Each time we have needed something, Joe’s assistance has been professional and the process to implement has been seamless.  I have no hesitation in recommending Joe and his team to small business and individuals alike.”

 

Steve Nielsen
Director – Ascent Wealth Management Pty Ltd
www.ascentwm.com.au

“I find Joe a thorough and practical accountant, I have used Joe for my investment accounting & business advice requirement for the past 10years. Joe is prompt, easy to communicate with and always takes the time to listen & understand any requirements. I recommend Joe for both Personal & Business accounting services.”

 

Colin Smith
General Manager – SSS Australia

“Salomone Accountants were integral in the commencement of our business, 8 years ago, and have been working with us ever since, as our business grew.  Joe and the team have always been attentive to our needs and provide a highly professional service, allowing us to focus on the growth of the business”

 

Jonathan Crooke
Director – Seventh Circle Studio Pty Ltd

Business
advice

taxation
planning

compliance
services

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.