Self-Managed Super Funds
A Self-Managed Super Fund is a superannuation trust that can have up to 4 members and each member is also the trustee of the fund. Each Trustee has certain degree of freedom to control in tailoring the fund to their own individual needs. However, Self-Managed Super Fund trustees are required to provide financial statements, lodge a tax return and engage in an independent audit.
The sole purpose of an establishment of SMSF is to provide financial benefits to its beneficiary and members in retirement.
Here are the basic features of a SMSF
- Tax File Number (TFN)
- Australian Business Number (ABN)
- Transactional Bank Account
- A nominated trustee
- Corporate Trustee
- Individual Trustee
At Tax Ideas Accountants & Advisers, we provide comprehensive support services for SMSF, from accounting to financial advice. If you are looking for more control on how to manage your SMSF, this is the right place to start as we act in your best interests. We can help you set up and monitor it to ensure that it meets compliance obligations.
A Self-Managed Super Fund may sound appealing at first, however, if not handled properly, it could put you into a far worse situation in retirement.
Consider the following questions
- A starting base, a minimum balance of funds and your expectation of the growth
- It may be wise to develop some strong knowledge about the share market and spend a significant amount of time on it.
- Do you have enough time to learn in order to keep yourself abreast of the changes that made by the ATO to SMSF regulations?
Irrespective of making a decision in switching to SMSF or you just simply would like to learn more about this area, it is important to get independent and unbiased professional advice from qualified accountants and financial advisers. Panbo Ye (managing partner) is a chartered accountant, authorised financial planner and also 1 of 1500 SMSF Specialist Advisers in Australia.
Call (02) 8318 1545