SELF MANAGED SUPER FUNDS
An SMSF is one where you, as a trustee and member, have responsibility over the management, investment and administration of your self managed super fund. SMSFs are quite different from other super funds because they’re run by you, for you and any other members of your SMSF. SMSFs are established for the purpose of building retirement savings.
SMSF structures can be quite simple or complex depending on your needs. There’s a lot to consider, but you can outsource aspects, such as administration, to save you time and free you up to focus on what’s important to you.
However, self-managed retirement plans aren’t for everyone – particularly if you have lower super balances or don’t have the capacity to act as a trustee of the fund. That’s why it is important to seek advice.
THE BENEFITS OF SELF MANAGED SUPER FUNDS INCLUDE
- Greater control over your super, as you make the key decisions and you’re in charge of where you invest your money.
- Flexibility and choice. You construct your fund’s investment strategy and enjoy more investment choice. The choice of investments in SMSFs is far greater than
- what other super arrangements can offer. You can invest in property, direct shares, cash, term deposits and more.
- Costs. You are in control of what services you require and how much you pay for them.
- Tax advantages. There are potential tax savings in SMSFs depending on your personal circumstances and investment strategy.
- Pool your super with family or other members of the fund, for potential cost savings.
- The potential to borrow to buy a property within your super fund.
- nsurance can be included in your SMSF to protect your income and assets, for example life insurance, total and permanent disability (TPD) and income protection.
- Planning for when you’re not around, by specifying who you want to leave your money to.