smsf+Advice
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SMSF+ Advice… For you..
If you’re looking for more control and flexibility to plan your financial future, why not consider a self-managed superannuation fund (SMSF)?
With an SMSF you’ll be your own investment manager and responsible for making all the investment and administration decisions.
Managing your super yourself comes with many pros and cons, including;
Pros
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- + Complete control over how your super is invested
- + Can invest in direct investments, such as residential or commercial property
- + Can use borrowings to purchase a single acquirable asset (such as a property)
- + Can invest in alternative assets like art, stamps, physical gold & Crypto Currency.
- + Can share the fund with family members
Cons
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- + Generally need a balance of $200,000 or more for an SMSF to be cost effective
- + SMSFs are expensive to set up and manage
- + Managing an SMSF can be very time consuming
Sounds simple right!!!. But the truth is an SMSF is not right for everyone and each individual has unique circumstances which may material impact your retirement plans.
SMSF Options is here to provide licensed financial advise to help you decide if a SMSF is right for you.
We’ll Be There Every Step of the Way
Setting up an SMSF can be complicated. Not getting it right can materially affect your financial situation and retirement plans.
The first question you need to be sure about is whether an SMSF is the right fit?
SMSF Options Pty Ltd are Authorised Representative (No. 124 6866) of SMSF Advisers Network Pty Ltd ABN 64 155 907 681 AFSL No. 430062 and are licenced to provide advice on the establishment of a Self Managed Super Fund.
1
Introduction
- In our first meeting we will discuss the advice process
You
Identify your current situation and objectives;
3
Document
Determine and document strategy;
4
Plan
Present and proceed with advice;
5
Implement
Manage the implementation process.
6
Review
Review ongoing recommendations.
Simple
What is Licenced Advice?
Did you know that not all SMSF administrators are made equal?
After the removal of the Accountants’ Exemption, there are limitations on what your SMSF adviser can legally discuss with you without being authorised under a license to give financial advice.
For example, if you are considering setting up a SMSF via non-licenced adviser and are not sure if your should use a corporate trustee or an individual trustee, or should you rollover all your current fund to the SMSF, they can only act on your instruction and are not legally able to advise or correct you if you are making the right or wrong choice. This carry’s significant risk.
The good news at SMSF Options we are Authorised Representative (No. 124 6866) of SMSF Advisers Network Pty Ltd ABN 64 155 907 681 AFSL No. 430062 and are licenced to provide advice on Superannuation (including Self-Managed Superannuation Funds)
Seeking advice is not mandatory, but it is important that your adviser can provide advice if you need it.
Below is a list of everyday matters that your SMSF will likely deal that may require licenced advice.
| Client conversation | Not Licensed | Licensed |
|---|---|---|
| + Provide advice on the suitability of an SMSF, including structuring that best suits your needs | ||
| + Provide advice on the suitability of an Limited Resource Borrowing Arrangement | ||
| + Recommend a client rollover the benefits from their current plan | ||
| + Recommend a client consolidate several accounts into the single fund | ||
| + Reducing pension balance to $1.7m as per reforms | ||
| + Recommend the amount of contribution a member should make | ||
| + Recommend a client make use of a specific contribution strategy with their SMSF | ||
| + Recommend that a client commence a pension (either account based or TTR) | ||
| + Recommend a client use their SMSF to purchase property | ||
| + Recommend a client use their SMSF to purchase property with an LRBA | ||
| + Recommend the use and advantages of binding death benefit nominations | ||
| + Point out in general terms that clients may lose benefits by moving from their current plans | ||
| + Have a factual discussion about the contribution caps a member will be subject to | ||
| + Provide factual information in relation to matters to do with operating an SMSF (sole purpose test, related party transactions, etc.) | ||
| + Advise the minimum (and maximum in TTR) pension payable from prepared accounts |
We’ve got this!
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