For many Australians, super is one of the biggest investments, if not the biggest investment, they will ever have. That’s why most people keep their super money in professionally managed super funds. However, some people want hands-on control over their retirement, so they choose to manage their money independently via a private, self-managed super fund (SMSF).
Self-managed super is the fastest growing area of the superannuation sector in Australia, with currently over 1 million Australians choosing a SMSF as their preferred retirement vehicle. This is because they offer a range of advantages over other super funds, including:
+ Active involvement & retirement planning
+ Choice of Investment
+ Family Fund
+ Taxation benefits
+ Creditor Protection
+ Potentially Reduce Costs
With this control comes responsibility; SMSF trustees need to have sufficient time to run their own super fund and ensure compliance with the law. Most industry observers think that you need combined balance of at least $200,000 for an SMSF to be cost effective, however this is based on the traditional and outdated SMSF administration costing. By choosing smsf+options as your preferred administration provider, combined balances of less than $200,000 may be suitable.
If you’re thinking about setting up a self-managed super fund you need to do your research and understand your obligations. At smsf+options we do not provide any legal or financial planning advice, therefore prior to making the decision to setup your own SMSF, we always recommend that you seek professional, independent legal and financial advice on its suitability for your individual circumstances. We are happy to provide referrals of our preferred advisers across Australia if required.
If you decide that a SMSF is right for you, at smsf+options we can assist you with each phase of your fund’s life cycle; from setup, growth, access, to winding up your fund. Contact us today by filling in your details below or by clicking here.
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To find out how smsf+options can assist you, contact Guy Wuoti on 07 5521 0029