A SMSF is your own personal Superannuation Fund that gives you total control over how your Super Benefit is invested. An SMSF is perfect for the DIY Investor who prefers to make their own Investment Choices for their retirement rather than leave their Superannuation to be invested by others. There in no minimum amount required to setup a SMSF.
If you set up an SMSF you become a trustee of the fund. This means you’ll be responsible for managing your SMSF according to its trust deed and the laws and rules that apply to SMSFs. The key principle is that you run your SMSF for the sole purpose of providing retirement benefits to fund members.
A single self managed super fund can be set up to include you, your partner, and/or your family members, and will benefit all involved, including future generations since it can be passed on. A well-managed SMSF can save you the substantial ‘overhead’ fees that are applied by large retail superannuation funds, and they are normally protected from creditors in the event of bankruptcy or other crises. Furthermore, a self managed superannuation fund allows members to contribute shares, other listed securities and commercial real estate in lieu of cash, which can provide many monetary benefits.
You can accept various super contributions for your members but there are some restrictions, mostly depending on the member’s age and whether they’ve exceeded the contribution caps.As a trustee you’ll have a number of administrative obligations – for example, you’ll need to arrange an annual audit of your fund, keep appropriate records and report to us on the fund’s operation.
The income of your SMSF is generally taxed at a concessional rate of 15%. To be entitled to this rate your fund has to be a ‘complying fund’ that follows the laws and rules for SMSFs. Much higher rates apply to income from non-arm’s length investments and contributions above the contribution caps.
We have the expertise and experience to help you with your Self-Managed Superannuation Fund. We help you managing everything for you from initial set up, ongoing accounting and compliance, to general advice and audit. We do all this based on low fixed fees so you know exactly what you will be paying before you engage us to work on your SMSF.