Do you have a Self Managed Super Fund?
As a valued client of Fitzpatrick & Co Insurance Brokers we keep striving to give to you increased and comprehensive services.
With that in mind we believe that it is in your interest, as a trustee of a SMSF, to be
- fully protected from Trustee’s Administrative penalties imposed by the ATO if your SMSF has been breached, the cost of which comes straight out of your own pocket
- have the costs of audits covered if your SMSF is to be audited by the ATO. Keeping the value in your fund
- able to have your say about superannuation regulation and increase your control on matters that may affect you and your family through superannuation changes in the future by the Regulators.
(E.G. Due to the unpredictability of our Governments and if Labor’s proposal to make excess franking credits non-refundable it is estimated that it will remove $75 billion from superannuation benefits – lost benefits. 69% surveyed were on less than $90,000 p.a.)
We would like to introduce you to Self-Managed Independent Superannuation Fund Association (SISFA). (The quiet achiever for trustees of SMSFs that’s been around since 1998).
By being a Member of SISFA, along with our support, will give you the additional protection that you want and will need when you need it the most.
SISFA is a Non-Profit Advocacy Group, which was specifically created for clients like you - a trustee of their own Self-managed Superannuation Fund (SMSF).
SISFA has recently released a NEW improved Trustee Membership.
As you are aware auditors have an obligation to review SMSFs with the objective of checking the compliance of that Fund with the SIS Act (1993) and the SIS Regulations.
If a fund is found to have breached, the Auditor is compelled to notify the ATO by issuing an Audit Contravention Report (ACR). This may include Trustee Administrative Penalties which the ATO could then impose. Paid directly out of the trustee’s pocket. (Up to $12,600 per trustee, per breach).
During any year, prior to any administration and audits being concluded, it is also possible for the ATO to cross reference all activities by the client and their entities which can help the ATO further identify any SMSF’s unwitting breaches. This may then result in further penalties.
(It is expected that the ATO will actively audit as many SMSFs as they can over the next 4 years).
By being a Trustee Member of SISFA it will not only put you ahead of the queue it will allow you to:
- Have a DIRECT SAY in actions being considered by the Regulators – BEFORE THEY HAPPEN
- Always have access to matters that may directly affect you as trustee – BETTER INFORMED
- But just in case something goes wrong a SISFA Trustee Member – HAS AUTOMATIC INSURANCE COVER
If you wish to become a member of SISFA and be 100% protected against fines and audit cost click here to complete an online membership application.
Should you require assistance in joining SISFA, or if you would like an information pack please contact Linda Smith on 0414 746 813 and we will only be too pleased to assist you.