New to SMSF
Five good reasons why you’d want a self-managed super fund.
- To take advantage of tax benefits
- Invest in assets that suit your goals and objectives
- Purchase life insurance through the fund
- Facilitate the transfer of your wealth
- Be the trustee and decision maker.
But: is a self-managed super fund right for you?
Click on the images below to explore both the advantages and disadvantages to running your own SMSF.
So: what does it mean to have your own SMSF?
Superannuation is full of rules and regulations, and SMSFs have a solid legal framework that tells you what you can and can’t do:
- An SMSF must have less than five members; each is generally a trustee of the fund
- An SMSF must operate for the sole purpose of providing benefits to its members upon their retirement
- Trustees do not receive any remuneration for their services
- Trustees are required to prepare and implement an investment strategy for their fund, providing a framework and direction for the investment of their super assets
- Trustees have wide flexibility in their choice of investment, including either directly into property and shares, or indirectly via a managed investment
- Trustees are responsible for ensuring the fund remains compliant with superannuation laws and regulations.
The decision to set up an SMSF should be considered very carefully.
Before you take the plunge, you seriously need to consult with a qualified financial planner or SMSF specialist accountant. Like, for example, Hood Sweeney. Contact our Financial Planning or SMSF Team on 1300 764 200 or email.
The information on this webpage contains general advice and is provided by Hood Sweeney Pty Ltd AFSL No. 485569 (Hood Sweeney Accounting & Business Advisory). You can contact us on: T 1300 764 200, F (08) 8232 1968, E firstname.lastname@example.org, Address: 11-16 South Terrace Adelaide SA 5000, Postal address: PO Box 10516 Adelaide BC SA 5000. That advice has been prepared without taking your personal objectives, financial situation or needs into account. Before acting on this general advice, you should consider the appropriateness of it having regard to your personal objectives, financial situation and needs. You should obtain and read the Product Disclosure Statement (PDS) before making any decision to acquire any financial product referred to on this webpage. Hood Sweeney does not receive any remuneration or commissions for providing the general advice set out on this webpage. Hood Sweeney (including any of its related body corporates) does not have any associations or relationships with the issuers of any of the financial products discussed on this webpage.