Self-Managed Super - CapitalQ

Self-Managed Super

CapitalQ SMSF Specialists

As the Australian Government encourages it’s citizens to provide for their own financial retirement goals, more and more are taking control of their superannuation through the use of a Self-Managed Superannuation Fund.

Superannuation is a tax effective vehicle for wealth accumulation, and implementing your plans through a Self-Managed Superannuation Fund that you control provides you with the best chance to maximise these opportunities.

We are able to assist throughout every stage of a Self-Managed Superannuation Fund’s lifecycle ensuring you have control but are not burdened with administrative and compliance matters. The technology we use also ensures your Self-Managed Superannuation Fund is a cost-effective option.

Superannuation law is a delicate area and personalised planning is required for each individual. Our superannuation experts can assist with your superannuation requirements allowing you to effectively reach your financial retirement goals.

Self-Managed Superannuation Fund lifecycle:

  • Establishment
  • Rollover from your existing superannuation funds
  • Investment strategy and structuring
  • Contributions and wealth accumulation
  • Annual reporting including Self-Managed Superannuation Fund Return and Member Statements
  • Annual audit
  • Retirement planning including pension structuring
  • Death Benefits and Windup

Who are “CapitalQ SMSF Specialists” and How are they different to “CapitalQ Business Advisers & Chartered Accountants”

As of 1 July 2016, the laws changed regarding who can give advice about and related to Self-Managed Superannuation Funds (“SMSF”). From that date, Accountants, including unfortunately both Chartered Accountants (“CA”) and Certified Practicing Accountants (“CPA”), were no longer allowed to give much of the advice related to SMSFs which they had previously been providing since SMSFs were invented.

The changes did not impact our ability to provide our regular ongoing accounting, tax, compliance and administration advice and services, but merely the strategic advice and planning aspects including advice whether to establish an SMSF, whether to commence a Pension, whether to make contributions to an SMSF and whether to wind up an SMSF.

As you can imagine, the Team at CapitalQ Business Advisers & Chartered Accountants were extremely unhappy about this change, as were most Accountants AND their Clients, however unfortunately due to substantial lobbying from the Financial Planning industry, backed by Banks and their industry’s extensive financial resources and political leverage, the Government of the day introduced the new rules, restricting what Accountants were permitted to do and providing the Financial Services industry with a new revenue source!

From that day, Accountants had a decision to make …

  1. Stop giving SMSF advice, or
  2. Join a Financial Planning Dealer Group (usually owned by Banks and/or other large corporates in the Financial Services industry), or
  3. Obtain their own License if they could, which would allow them to continue to provide the advice, but under the grossly more regulated and compliance burdened regime.

For us, we knew that not providing the advice to our Clients was NOT an option. We also knew, that it was vitally important to our Clients that we remained independent, not to become part of a large Dealer Group who would dictate the advice we could give, how we could give it and potentially require us to “on-sell” products and services to our Clients.

So, we took the rather difficult step of attempting to, and ultimately successfully, obtaining our own License, allowing us to continue to provide the advice, albeit it in a very different way to how we had operated throughout our careers to-date.

Because of the added regulation, compliance and complexities that came with obtaining the License and providing our advice in accordance with the new laws, we opted to establish a separate and distinct business known as CapitalQ SMSF Specialists to do so.

The business is owned by CapitalQ SMSF Specialists Pty Ltd (ABN: 81 612 923 074) and the Directors and Owners of the company include not only Duncan Melbin (Founder of CapitalQ) but also our long serving Client Managers, Abhishek Puri, Kapil Bhasin and Tom Meredith.

So, whenever we provide advice to our Clients regarding SMSFs strategies, contributions, pensions and the like, we are doing so via CapitalQ SMSF Specialists, NOT CapitalQ Business Advisers & Chartered Accountants (ABN: 12 903 448 693), and we are doing so under the CapitalQ SMSF Specialists Pty Ltd’s Australian Financial Services License (“AFSL”) Number 488498.

The License held by CapitalQ SMSF Specialists is the same as those held by traditional Financial Planners. However WE ARE NOT Financial Planners in the traditional, common sense! Our License does not cover the full range of services that a Financial Planner’s might. We DO NOT sell or recommend financial products such as managed funds, life insurance, specific share investments, and the like. Our License is limited to only cover areas of advice specifically related to the establishment and management of SMSFs and their strategic use in wealth building and personal goal achievement.

We understand some Clients may find all of this frustrating, maybe even a little difficult to understand and follow. We assure you we share your frustrations. However sometimes you just can’t fight city hall, and you have to get in line, as we have. So we will do all we can to minimize the inconvenience for you, but should at any time you have any doubts under which banner we are providing our advice and services, please just ask.

More about Self-Managed Super

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What our customers say

Logo for Michael Gray
Duncan Melbin’s firm first became the business accountants for Exploration Data Services, and my Family, when he was still a Graduate Accountant some 16 years ago. Myself and my late business partner have followed him ever since!

In the early days Duncan was very proactive in regards to fine tuning our business structure and the benefits of getting the structure right early are still flowing today.

Throughout my time working with Duncan he has played a key role in ensuring our tax affairs have always been in order and our tax obligations have always been minimised and well managed.

Duncan has also played a key role in ensuring my Family and I have adequate wealth protection in place and that we have maximised our wealth creation including through a regular superannuation contribution strategy and the use of a self-managed super fund that keeps us engaged, in control and to a large extent free from the perils of the GFC.

More recently we took the opportunity to outsource our entire back office accounting function to CapitalQ including switching our accounting and invoicing to Xero. I now spend barely any time at all on my monthly accounting and Activity Statement lodgements, as CapitalQ have it all in hand. This allows me to focus on running my business better, and frankly to have more time to enjoy the spoils of a life in business.

I work closely with Kapil Bhasin, our Client Manager, and Peter Melbin, our outsourced Bookkeeper, and they are clearly very valuable assets for CapitalQ.

Working with Duncan, Kapil and Peter is very easy, they respond promptly to any queries I have and most importantly I have complete trust in the advice they give me and that my business affairs are being well looked after. I would recommend CapitalQ to any potential client without reservation.

So if you own a small business or are looking to grow your wealth I highly recommend you speak to the CapitalQ Team. They will give you good advice, and ensure you are on track for a sound business and financial future (and outsourcing your back office accounting process to them, and switching to Xero, will be two of the best business decisions you will make).

Michael Gray

Director - Exploration Data Services (Perth)

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