TP Super Solutions

TP Super Solutions was established to service the growing demand for an independent, accurate and complete self managed superannuation fund (SMSF) administration provider. Our SMSF services are designed to allow trustees to focus on the day to day management of their SMSF whilst enlisting our specialist help to assist with their reporting and other statutory obligations. In essence, our mission is to take the complexity out of superannuation. TP Super Solutions services various clients in all states and territories of Australia.

Since the Simpler Super changes were introduced in 2007, the SMSF environment has been drastically re-defined. Reforms to how and when members can access their entitlements, the taxation implications of withdrawing benefits, the limits placed on the dollar amounts and timing of contributions made and various compliance requirements make running your own SMSF a potential minefield if not managed correctly. To give an example, SMSF trustees are responsible for:

• Making sure the purpose of their fund is to provide retirement benefits to the members.
• Preparing and implementing an investment strategy and making investment decisions with respect to super and tax laws.
• Accepting contributions and paying benefits (pension or lump sums) in accordance with super and tax laws.
• Ensuring an approved auditor is appointed for each income year.
• Undertaking administrative tasks such as lodging annual returns and record keeping, and
• Making sure new trustees sign the trustee declaration

In addition to the above, simple problems such as registering assets in the wrong name, loaning money from the fund to certain parties and other related party transactions such as leasing can trigger an ATO audit and in extreme cases result in the fund being made non-complying which effectively means it will lose 46.5% of its assets as a ‘penalty tax’. Given the growing demand for SMSF’s, the ATO has announced its intention to enhance its audit and compliance program and review an increased number of SMSF’s over the coming years.

Whilst there are numerous providers in the market place that specialise only in SMSF administration, we provide that extra edge or value-add in industry speak, by only employing qualified accountants. We are therefore well versed to advise on the taxation and accounting implications of actions undertaken by fund trustees and are bound by the professional code of ethics as set out by CPA Australia and the Institute of Chartered accountants.

TP Super Solutions typically provides services to SMSF trustees directly, but also provides its services to accountants, financial advisers, lawyers, stockbrokers and actuaries who are looking for a holistic approach to SMSF administration and compliance or simply do not have the necessary skills to deal with a constantly changing field. A strong network of financial advisors, lawyers, stockbrokers and actuaries has been established by TP Super Solutions in order to tap into their respective expertise as and when required. For example, implementing estate planning strategies, creating, enhancing or structuring financial plans, calculation of exempt pension income etc. Please note that no referral fee is paid or received by TP Super Solutions when dealing with our preferred partners in order to maintain our independence.

The directors of TP Super Solutions pride themselves on being easy to access, friendly and approachable to discuss your particular needs so you will feel comfortable in the knowledge that your particular SMSF is managed within the proper legislative guidelines. In the event that the directors cannot be reached our friendly, qualified staff will be more than happy to assist you with any queries you may have.

Can we help you?

If you have any questions or would like to arrange an assessment with one of our experienced advisors, call us on (02) 8224 8000 or click here to contact us online.