New to SMSF
Five good reasons why you would 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 seven 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 below.