Business owners are increasingly looking to use self-managed superannuation funds (SMSFs) as a means of business and succession planning, according to accounting and financial services firm, RSM Bird Cameron.
Calling on the findings of its thinkBIG research covering the small to medium enterprise sector, RSM Bird Cameron has pointed to the continuing growth in SMSF establishment.
RSM Bird Cameron director, Brad Eppingstall said the latest research showed that SMSFs continued to grow in popularity with 53 per cent of respondents using a SMSF compared with 48 per cent last year and 45 per cent in 2013.
“This growth is consistent with what RSM Bird Cameron has seen in clients setting up SMSFs, namely that business owners are looking to utilise SMSF’s as a means of business planning/succession planning. For people looking to buy a business property, using funds from a SMSF can be an attractive option,” he said.
Eppingstall said that, additionally, SMSFs were more attractive to business owners as a source of asset protection and a way to plan for retirement away from the business.
He said that as the next 12 months unfolded, small and medium enterprises were likely to need support around setting up their SMSF in the most tax-efficient way possible while complying with all the rules and regulations.
“Businesses will also need to keep a close eye on the potential changes to the superannuation system,” Eppingstall said.
