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No one who goes into business does so expecting to fail, but unfortunately, that is the outcome for many business owners. Several causes keep recurring in the many studies made into small business failures. These are bad management, failure to plan, lack of capital, the wrong business structure and failure to seek professional advice.

Why do these businesses fail while others trade successfully for many years, providing employment for staff and financial security for the owners? After many years of experience helping clients run successful businesses, we think we have the answer to this question. Charter Partners are accountants and business advisors, and from our experience, we have found five essential attributes, or secrets if you like, to business success.

Planning for the Future

In the next 15 years, 40% of the jobs that exist today will not exist, with manual tasks replaced by automation and robotics. Planning for this is just one example of the need for strategic thinking by business owners. Plans made today will change, but the task of changing them will force owners to face future challenges instead of ignoring them.

Leading from the Front

Never underestimate the influence a good leader exerts. People will work hard for a good leader; they will put forward ideas, as well as being loyal and interested in their job if they feel they are respected. Most leadership skills can be learnt, so an owner without those skills can acquire them.

Keep Watching the Capital

A business can have everything going for it and still fail if the flow of capital is insufficient to run the daily operations. Searching the market for a capital inflow in an emergency usually results in the business having to accept unfavourable loan terms, when a better outcome was possible if the problem had been recognised earlier.

Look at the Business Structure

Many small businesses start out as sole traders, but as they grow and prosper, this structure can be restrictive. There may be tax advantages to other structures that are unavailable to a sole trader. It can also limit the opportunities to sell the business in the future, as its identity and that of the owner are difficult to separate.

Get Professional Advice

Every successful business owner seeks professional advice from accountants, solicitors and financial advisors. Developing relationships with such experts keeps owners in touch with legislative and market changes, and helps them to make decisions that are more informed.

Along with taxation and audit services, we offer a range of other programs to assist our business owners improve every facet of their operations. Our Business Mentoring and Business Partner Programs are just two of the additional methods we use to help our clients stay ahead of the competition.

What Does a Good Bookkeeper Need?

Bookkeeping is one of the occupations that is enhanced, rather than diminished, by computerisation. The development of accounting software removes the more tedious tasks and allows the bookkeeper to produce reports targeting specific cost centres on demand. This provides business owners and managers with the opportunity to correct problems before they become long term.

Bookkeepers Still in Demand

However, computerisation does not mean that bookkeeping skills have become redundant. In fact, skilled bookkeepers are in high demand, particularly in small and medium businesses. They work with in-house or external accountants to record business transactions, track receipts, make payments on time and keep records in formats that meet tax laws.

Charter Partners are accountants offering bookkeeping services to our clients. We know the value a competent bookkeeper adds to our operation. We provide a cost-effective service to clients who want to concentrate on the operational aspects of their business, leaving their accounts to our bookkeepers to process.

A good bookkeeper must have a thorough understanding of double-entry bookkeeping principles and, where necessary, specific qualifications. Good computer skills are essential, as is the ability to enter data accurately and quickly. These are skills that can be learnt, but successful bookkeepers also possess three essential habits that make them invaluable to an employer.

Attention to Detail Needed for Accuracy and Investigation

Attention to detail is essential for accuracy and for picking up a discrepancy or an omission that warrants further investigation. Many mistakes are found by bookkeepers like ours, who notice the content of the documents passing through their hands or the data they are entering into the computers.

Importance of Keeping Records Organised 

Filing is an unpopular task often given to junior staff members who do not understand its importance. This applies to both electronic and paper-based records. Good bookkeepers like ours know that the value of an impeccably managed filing system is the ease at which a record can be retrieved when it is needed. In accounting, this is often for a tax audit, so keeping records organised is critical.

Sound Time Management Meets Deadlines

Bookkeepers often work to tight deadlines. Accounts must be reconciled and reports produced on a regular timeline; to do that requires a constant flow of input into the accounting software. It is not enough to leave all the data entry until the last minute, and then rush through it when a deadline looms. Having the personal discipline to self-manage the time available is an essential attribute.

If you are contemplating employing a bookkeeper, this is the best advice we can give you. However, if you, like many of our other clients, would rather outsource this task, we are ready to help.

Many small businesses start off as a one-person operation, often in the trades, as a mobile supplier of personal services or working from home. Others change hands because of a sale or some other circumstance. Regardless of how or why a person becomes a business operator, the structure of the business must be decided.

There are compelling reasons for this, including legal and operational risks, tax obligations and protection of assets. As the business grows, the structure can be changed but this is costly, so deciding early is important. The four most commonly used business structures in Australia are the sole trader, partnership, company or trust.

Sole Trader

The simplest and cheapest structure is the sole trader. In this situation, the person who owns the business controls and manages it, and is legally responsible for everything that happens, including any debts or losses incurred.

Sole traders can employ other people, but they are not employees of the business themselves. This is important, as personal drawings from the business are not considered to be wages that can be claimed as a tax deduction.


In a partnership, the group of people running the business share the profits and the losses according to the terms of a partnership agreement. This agreement contains details of issues such as control, distribution of profits and losses and other operational information.

The partnership does not pay tax on the profit it earns. Each partner reports their income from the partnership in their own tax return. Like a sole trader, any drawings by a partner from the business cannot be claimed as a wages deduction.


A company is a legal entity with a more complex structure than the sole trader or partnership. Initial set-up and ongoing administration costs are high. Companies are regulated by ASIC (Australian Securities & Investments Commission) through compulsory reporting requirements.

One of the attractions of this structure is the asset protection it provides but this is not absolute, as its directors can be legally liable for their actions and possibly the debts of the company.


Setting up a trust can be expensive, as it requires a legal document called a trust deed, which sets out how the trust will operate. A trustee is legally responsible for its operation, and that trustee can be an individual or a company. The beneficiaries receive any profits from the trust.

The tax situation relating to a trust can be complex. While the trust must lodge an annual tax return, it is how the income is distributed that determines if the trust pays tax.

A Few Things in Common

For all four structures, there are some commonalities. For example, each structure requires a tax file number to lodge the annual tax return, to apply for an ABN (Australian Business Number). It must be registered for GST (Goods and Services Tax) if the annual GST turnover is $75,000 or more.

Get Professional Advice

There are many other issues that make it important for new business owners to get professional advice before they decide on their business structure. Getting advice from an accountant or business advisor such as Charter Partnerswill help you decide which structure is right for your business

In Australia, the end of the financial year occurs on 30 June, and with this date fast approaching, all taxpayers – individuals and businesses – should be preparing to close off their financial records for 2016/2017. Tax laws require taxpayers to keep certain records for a specified period, generally five years from the time they receive an assessment related to that year. This may be longer for some businesses, depending on circumstances.

Filing before Computers

Before computers, keeping these documents in a filing system where they could be accessed and retrieved was an important part of the job for an administration assistant. Even in a small business, the amount of paper generated in a twelve-month period was substantial, and storing it took up large amounts of space. These business records needed to be kept in such a manner that, in the event of a tax audit, they could be produced to tax officials.

ATO Accepts Electronic Records

Since the advent of computers, this arduous process has been simplified. The ATO (Australian Taxation Office) considers electronic documents to be just as valid as paper ones. This applies to records that were electronic to start with, such as receipts for online purchases, and those that were originally in paper form.

Scan and Save

The easiest way to set up a paperless filing system for your tax records is to scan them when you have finished processing the information. This is what we recommend to our clients so they are not scanning twelve months of paper records at the end of the year. Our accountants here at Charter Partners advise our clients to add scanning as the final step in their process.

Time and Cost Savings Benefits

When it is time for us to prepare a client's tax returns, having the information in electronic form makes it much easier for us to manage large numbers of transactions in the event we need to check some fact. This is a major benefit to us, which increases our productivity and in turn, keeps costs down for our clients.

For them, the main benefit of a paperless filing system is also based around productivity. Provided the information is scanned and saved in a systematic manner, it can be retrieved quickly if needed. Clients no longer need to find storage for large numbers of archive boxes.

The Advancement of the Decade

Cloud storage is inexpensive and readily available, although we recommend backing up on another medium as a secondary measure in case of an outage or some other interruption to service. Being able to scan and store accounting and tax records is one of the most important benefits we believe we have seen in the last decade of business administration.

To young people who have just entered the workforce, the prospect of setting aside part of their income for retirement is usually the furthest thing from their minds. After years of financial dependency, they can finally make their own decisions. Buying a reliable vehicle, the latest fashions and electronic devices, socialising with friends and saving for holidays are their current priorities.

It is usually not until they are completing employment forms that they think about superannuation, and often because an employer is asking if they already have a super account. So, what is superannuation and why should young people care about it at this early stage in their working lives?

What is Superannuation?

In simple terms, a superannuation fund is an investment vehicle that receives special tax concessions from the federal government. Members make cash contributions to the fund that is then invested in assets, which generate income to fund retirement. When members finally access this income, the tax concessions they have gained along the way increase the amount of money available to them at retirement.

How Does the Superannuation Guarantee Work?

In Australia, the Superannuation Guarantee (SG) scheme requires an employer to pay a compulsory contribution of 9.5% of an employee's ordinary time earnings into a super fund. At induction, a new employee signs employment forms including an application to open a superannuation account. Young people without an existing super fund account generally opt to join the one proposed by the employer.

There is nothing wrong with this as many industries have well-established funds, known as industry super funds that have shown consistently reliable performance. These funds are run only for the benefit of members. They have low fees and advertise that they do not pay commissions to financial planners. There are also other "retail" super funds where employees can request their funds be paid.

Take Note of Fees and Charges

All super funds charge their members annual fees. These days, young people move between jobs seeking a career path much more frequently than in previous generations. If they open a new super fund with every employer, their contributions may only amount to a few thousand dollars before they move on to another employer. Having multiple funds will quickly reduce their super balance as their contributions are swallowed up by annual fees and insurance premiums.

Is Consolidation the Best Option?

To prevent this from happening, they can choose one fund and "roll over" the other contributions into this one, consolidating their investment into one account and only paying one set of fees and insurance premiums. They should also do their own investigations into the financial performance of the funds they are considering, the fees charged and any insurance coverage being offered.

How Would You Manage an SMSF?

It is also possible under some circumstances for young people to establish their own self-managed superannuation fund (SMSF), allowing them to have full control over their contributions and investments. This is very time consuming and requires significant knowledge of superannuation processes and tax legislation.

Accounting and business advisory firms, such as Charter Partners, offer administration and compliance support to SMSF managers. Having this assistance is essential for young and inexperienced people who want to manage their own superannuation. By taking control early in their careers, they are giving themselves the best opportunity to think long term and establish a secure financial future.

It is hard to imagine in 2017 that the origins of double entry bookkeeping stretch as far back in history as the early 13th century. This system is accepted worldwide as the most accurate way to track transactions and value assets and liabilities. It also gave rise to bookkeeping as a skilled vocation that has been in steady demand ever since.

What Do Bookkeepers Do?

It was the bookkeeper's role to record all daily business transactions, reconcile bank statements and balance ledger accounts to the "trial balance" stage. Should these two totals not balance, it signified an error somewhere, which had to be found and rectified before taking the accounts any further. The final step was producing an income statement (or profit and loss), and a balance sheet, which gave the business owner the full picture of that trading period.

Modern Software Does the Routine Work

Without the modern accounting software we have today, this was a time-consuming and tedious process, and large businesses needed more than one bookkeeper to keep the accounts current. These days, the software itself performs most transfers, data matching and reporting. The modern bookkeeper can input multiple transactions and then produce a report in a few minutes that once would have taken many hours.

Bookkeepers Get the Interesting Work

However, the advent of computers has not diminished in any way the skills of a competent bookkeeper. In fact, it has been enhanced, as accounting software has removed the tedious aspects of the work, freeing up bookkeepers to perform tasks that are more complex.

We know that, because here at Charter Partners we offer a bookkeeping service for small businesses, in addition to our accounting, business and taxation services. Some of our clients prefer to give all their attention to the actual running and growth of their business, and leave the bookkeeping to an experienced and skilled operator.

Bookkeepers Need a Range of Diverse Skills

We believe that to be successful in modern business, bookkeepers now need strong analytical and problem solving skills, attention to detail and the foundational underpinning knowledge needed to make the decisions computers cannot do. They must also be well-organised and able to keep multiple source documents like invoices, purchase orders, receipts, et cetera, in an orderly and easy-to-access system.

Computer Skills, Patience and the Ability to Think Outside the Square

Of course, they must be numerically competent and possess up-to-date computer skills, not only with accounting software but also with other common business programs such as Microsoft Office. Patience is also required, especially when an error is evident and is hard to find. We like them also to think about the needs of the client business and to be prepared to offer suggestions for improvements.

Bookkeepers with these attributes and skills are always in demand as the profession continues to grow in status.

The Federal Budget 2017


$20,000 instant asset write-off extended 

The popular $20,000 instant write-off for assets purchased by businesses with an aggregated turnover of $10 million or less is extended until 30 June 2018, further improving cash flow. Be mindful that this depreciation only applies to some assets and that they will need to be installed and ready for use by 30 June 2018 to qualify.

Assets costing over $20,000 can be allocated to a pool and depreciated at a rate of 15% the first ear and over 30% for each year thereafter. 

From 1 July 2018, the instant asset write-off will revert back to $1,000.

Contractors in the courier and cleaning industries

Following in the footsteps of the building industry some years ago, courier and cleaning businesses will be required to report annually on payments made to contractors. The Australian Tax Office (ATO) will expect lodgement of the contractor's following information in August 2019:

  • ABN;
  • Name;
  • Address;
  • Gross amount paid for the financial year;
  • Total GST included in that amount.

Levy on foreign workers

Subsequent to the announcement of the replacement of 457 visas, the Treasurer announced the introduction of a new levy on businesses with foreign workers on certain skilled visas from March 2018. The revenue raised from this measure will support the training and development of Australian workers.

Businesses with an annual turnover of less than $10 million will be required to make an upfront payment of $1,200 per visa per year for each employee on a Temporary Skill Shortage visa and a one off payment of $3,000 for each employee being sponsored on a permanent Employer Nomination Scheme or permanent Regional Sponsored Migration Scheme visa ($1,800 and $5,000 respectively for business with a turnover of $10 million or more) 

GST on residential properties and subdivisions

From 1 July 2018, to avoid failure to remit GST, property developers will no longer manage the GST on sales of newly constructed residential properties or new subdivisions. Instead, they will be required to remit the GST directly to the ATO as part of the settlement process. 

Bank Levy 

Starting 1 July 2017, a new bank levy will be imposed on the major financial institutions and will be calculated quarterly as 0.06% of the banks licensed entity liabilities such as corporate bonds, commercial paper and certificates of deposits and Tier 2 capital instruments. To prevent the banks from funding the levy with an increase in the interest rates, the Australian Competition and Consumer Commission (ACCC) will undertake residential mortgage pricing until 30 June 2018.

Farming businesses 

The Farm Business Concessional Loans Scheme will be extended to assist farmers and their partners who have received their full entitlement for the Farm Household Allowance (FHA) and who do not receive any other form of Commonwealth income support.

Former FHA recipients will be eligible for loans of up to 50% of their current debt and to a maximum of $1 million for debt refinancing only. Loan applications will be accepted on the basis of all existing eligibility criteria with the exception of the requirement to be in a rain deficient area. 


Incentive to downsize 

If you are aged 65 or more, have owned your principal residence for the last 10 years and would like to downsize, now is the time! Last night, the Treasurer announced that the government will allow a non-concessional contribution of us to $300,000 from the proceeds of the sale from 1 July 2018. This non-concessional contribution will be excluded from the existing age test, work test and the $1.6 million balance threshold (however not the $1.6 million transfer cap) 

Further, for the properties under joint ownership "both members of a couple" can take advantage of the concession for the same home, therefore increasing it to $600,000 per couple. 

First home owners and super contributions

From 1 July 2018, first home owner applicants will be able to withdraw specific voluntary contributions made into super from 1 July 2017. In essence, extra salary sacrificing (when allowed) could be used to save for a deposit. 

Extension of tax relief for merger super 

This tax relief enables superannuation funds to transfer capital and revenue losses to a new merged fund and was due to lapse on 30 June 2017. it has been extended to 30 June 2020 and will continue to ensure that members' balances are not reduced by tax during the merge.

Limited Recourse Borrowing Arrangements (LRBAs)

The measure introduced in this budget in relation to LRBAs aim at reinforcing those announced in last years budget. From 1 July 2017 a Self managed Superannuation Fund (SMSF) member with a balance of $1.1 million and an outstanding LRBA loan balance of $500,000 will have a total super balance of $1.6 million and therefore will not be able to make further non-concessional contributions. 

Non-arm's length arrangements 

From 1 July 2018, the non arm's length income rule will be amended to prevent members using related party transactions on non-commercial terms to increase their superannuation savings by including expenses that would normally apply to commercial transactions. 


Medicare levy and low-income threshold increased

From 1 July 2019, the Medicare levy will increase to 2.5% of taxable income, however low-income earners will continue to receive relief from this levy through low-income tax threshold for singles, families, seniors and pensioners which will also increase for the 2017 financial year as follows:

  • Singles - $21,655
  • Families - $36, 541 plus $3,356 for each dependent child or student 
  • Single seniors and pensioners - $34,244 
  • Family threshold for seniors and pensioners - $47,670 plus $3,356 for each dependent child or student 

Family tax Benefits

The Family Tax Benefit will remain the same for the next 2 years and indexation will resume on 1 July 2019.

A consistent 30 cent on the dollar income test taper for Family Tax Benefit Part A families with a household income in excess of the Higher Income Free Area will apply from 1  July 2018. 

Limitation of deductions for rental properties 

From 1 July 2017, deductions for travel expenses relating to inspecting, maintaining or collecting rent for a residential rental property will no longer be allowed as the Government feels it was "abused".

Deductions for plant and equipment, such as dishwasher, carpet or ceiling fan, will also be limited due to concerns that these items were being depreciated by successive investors in excess of their value. A deduction on plant and equipment purchased after 9 May 2017 will still be claimable over the effective life of the asset, however subsequent owners of the property will not be able to claim that deduction. 

Acquisitions of existing plant and equipment items will be reflected in the cost base for CGT purposes for the subsequent investors. Therefore the cost of these items will have some tax benefit when the property is ultimately disposed of. 

Non-compliant jobseekers

A new demerit point system will be introduced to penalise deliberately non-compliant job seekers for each failure (without reasonable excuse). Individuals who accrue four demerit points in six months will enter a three-strike Intensive Compliance Phase and will face the following penalties:

  • Lose 50% of their fortnightly payment for their first strike;
  • Lose 100% of their fortnightly payment for their second strike;
  • Cancellation of their payment for four weeks for their third strike 

Infrastructure projects

The Treasurer announced funding for major infrastructure projects on transport connections such as upgrades to the Bruce Highway in Southeast Queensland and other major roads throughout the state as well as upgrades to the railway system around the country.  


What Not to Do With Your Business Accounts

Keeping on top of the accounting requirements of their small business is usually the least exciting part of being a micro-entrepreneur, but if the owners do not pay it the attention it deserves, poor accounting practices will be their undoing. In fact, it is one of the key reasons why one in three small businesses fails in the first year of operation.

If you are thinking about starting up a new business, you are most likely thinking more about how to market your product or service than your accounting practices. Here are some of the mistakes that most new business owners are likely to make if they do not have basic bookkeeping skills or the right advice. Hopefully, you will take steps very quickly to correct any of these if you have already made them, and avoid them if you have not.

Not Keeping Separate Business and Personal Accounts

No business should be operating through the personal accounts of the proprietor. In the very early stages it is tempting to use personal accounts until the business takes off. As the business grows, it is very difficult to go back through bank statements to separate business and personal. The owners risk drawing too much cash out of a fledgling business and at tax time, cannot identify legitimate deductions and pay more tax than they should.

Falling Behind

This mistake can be avoided by spending just a few minutes each day doing the accounting paperwork. While it is tempting after a busy day to leave it for later, as time passes and memory fades, the lack of a written record makes it much harder to recall transactions without the relevant dockets, invoices and purchase orders, amongst others.

This is especially important now that many transactions are electronic. There will be a record but it will be an electronic one. Just having a basic system to keep everything organised will make all the difference to knowing what has been sold, what has been paid and who is owed.

Not Having an Accounting System

No one is suggesting that a start-up business needs to spend much needed early capital on expensive accounting software designed for the larger business. In the initial stages, a spreadsheet is sufficient, and if the owner is not computer literate, this can be the old-fashioned pen and paper type.

This is the perfect opportunity for the business owner to choose an accountant such as Charter Partners. This decision will save a lot of stress in the long run, and an accountant can set up a typical spreadsheet that anyone can use. Many accounting firms also offer bookkeeping services so a busy owner can hand day-to-day transactions over to an experienced operator.

Failing to Communicate with Your Accountant

For many small business owners, the first personal contact with their accountant after the initial appointment is at tax time. This could be many months after the business has begun trading. This is a wasted opportunity because regular contact with their accountant gives the small business owner the opportunity to ask questions, become familiar with financial terms and understand the tax implications of some of their decisions.

Not Chasing Payments

This usually happens when business owners are trying to do everything themselves. They are so involved in generating and performing the service they deliver that they allow payments to slide well past the usual trading terms.

This is a huge mistake for obvious reasons. Getting paid is the reason they are in business, and without a constant injection of cash, it won't be long before they have run out of funds. This is a task that they could easily delegate to someone else, provided they have a good accounting system.

It is tragic to think that so many viable businesses have ended before they reached anywhere near their potential. The mistakes made by these owners will have long-term consequences for their personal financial situations, but they could have been avoided by taking a few simple steps.

With opinion polls showing that trust in our politicians is at its lowest point since 1969, it is not surprising that we have also become less trusting of other public institutions. Long-term abuse of children by some religious institutions has been laid bare and politicians with a skewed view of their entitlements have been publicly embarrassed.

Are Our Business Worlds Still Trustworthy?

It does not end there, as our biggest banks have just been called on to remove unfair loan provisions that are costing people their homes and businesses, even though they have not defaulted on their payments. Is it any wonder then that people who need a financial advisor to help them manage their assets do not know whom they should trust?

Trust is Earned through Service to Clients

We understand these concerns, as they are the same ones that our clients have expressed to us many times. Our accounting firm, Charter Partners, has been providing our business clients with accounting, taxation, audit and other related services for many years. During this time, we have demonstrated our values of excellence, quality and service, and in the process, established a bond of trust between our clients and ourselves.

Personal Recommendations a Good Place to Start

As a result, many of our clients ask us the best way to find a financial advisor they can trust. ASIC (Australian Securities and Investment Commission) has a few tips on their website, starting with word-of-mouth. Canvassing family, friends, work colleagues, your accountant or lawyer for their experiences and recommendations is a place to start building your short list.

Professional Memberships a Positive Sign

As in any industry, there are also professional associations that hold their members to a code of conduct, and provide regular training to keep them up to date with market and legislative changes. The Financial Planning Association and the Association of Financial Advisers are two such organisations mentioned on the ASIC website.

Don't Take Anything for Granted – Check and Double Check

The ASIC website also has a public register of financial advisors. They suggest that you check this register for the history, qualifications and current employment status of all the names on your short list of financial advisors. They also recommend that you check the FSG (financial services guide) of those you are considering, to see if the services they offer are compatible with your financial goals. This guide also provides information about their charges, ownership and affiliations.

All this can be a lengthy process, and you may still not be entirely sure that you have made the right choice. We are not licensed to provide financial planning advice but our clients trust our industry knowledge enough to include our suggestions on their short lists.

Are you one of the many Australians who are looking beyond industry and retail superannuation funds for a better long-term outcome regarding your retirement savings? Then you may be interested in starting your own self-managed superannuation fund (SMSF).

You probably already know that superannuation is an excellent vehicle for saving for retirement. It offers generous tax incentives to encourage people to think ahead, rather than relying on the aged pension. Establishing your own fund means making your own investment decisions, and while this may not sound attractive to some people, many Australians are already managing their own SMSFs.

Setting up the Fund

To set up an SMSF, there must be a valid trust deed executed under law and a trustee declaration indicating that you understand your duties and responsibilities. The SMSF must be registered through the Australian Business Register and elect to be regulated by the ATO. This is just the beginning.

It is in this setting up stage that a lack of knowledge or a bad decision could cause the fund trustees unnecessary problems further down the track. It is, therefore, very important that you seek professional advice before you start. This is the only way you can be certain that the set-up process is correct for your needs and will serve your purpose.

As mentioned earlier, getting the administration right is critical to the success of the fund. Just to give you a better indication of what is involved, consider how you will maintain the investment register, advise on changes to members and trustees, administer pensions and rollovers, prepare regulatory returns and provide investment returns with accounts.

Luckily, help with this is available as there are many companies like Charter Partners that provide SMSF administration services. They assist with establishing the fund and the ongoing administration and compliance, leaving you to contemplate how to grow the fund assets.

Growing the Fund

If you have members who have been working for many years they will already have accumulated significant funds in their industry or retail superannuation funds. When these funds are rolled over into the SMSF, you will be responsible for these assets, their rate of growth and security. Even in a fledgling fund, you could be holding hundreds of thousands of dollars in cash or other assets.

If the prospect of making investment decisions for these assets is suddenly daunting, there is also professional help available in terms of investment management and financial planning. You are not alone, as their role is to help you grow your fund with a strategic focus on providing for a comfortable retirement.

Of course, if you have the time and skills, you can still go-it-alone, but with all this assistance available to you, why would you take the risk and possibly jeopardise your retirement plans and those of your members?