Self-Managed Super Funds (SMSF)

Changes to the Regulatory Framework and Advice

The regulatory framework has changed materially in recent years, and this has changed how we are able to service our clients in the SMSF space. In addition to this, stronger and tighter restrictions have been placed on the Trustees of the SMSF.

Advice that we, as accountants, were able to provide to SMSF’s previously is no longer able to be provided by accountants without having specific licencing and qualifications in place. In the past, we had staff who were maintaining their credentials, however we found that this was taking time away from our focus on accounting, taxation and advisory services.

Holistic Tailored Advice

George and Andy embarked on a full review of our requirements in both the SMSF space, and with a view to providing a seamless end-to-end service to our clients. SaabTeece has been fortunate enough to come across Andrew Debono and Kristian Zuza, who are passionate Financial Advisers who are focused on quality advice and service, in line with key values of SaabTeece.

Based on this, we are pleased to announce that George and Andy have entered into a formal venture with Andrew and Kristian, and this venture is called ST Wealth. All four have an ownership interest in this venture, while Andrew Debono and Kristian Zuza will provide all financial advice as licenced advisers.

This will allow SaabTeece to continue to provide taxation and accounting services, while ST Wealth will provide the necessary Statements of Advice, signed off by Andrew Debono or Kristian Zuza as licenced Financial Advisers.

Statement of Advice

The Statements of Advice signed off by ST Wealth will ensure that SaabTeece will continue to provide the following:

• Establishment and wind up of SMSF’s
• Setup and commutation of Account Based Pensions
• Withdrawal and recontribution strategies

SaabTeece, as Accountants and Tax Agents, will continue to prepare Financial Statements and Taxation Returns for the SMSF’s.

All SMSF Financials and Tax Returns require an annual Audit, and this is performed by an unrelated third party auditor, as per regulations.