Thinking of setting up an SMSF?
So you are thinking of setting up a Self Managed Superannuation Fund? Great – we would love to help!
If you do set up an SMSF, then you are IN CHARGE. YOU will be responsible for the investment decisions for the fund, and for complying with the super and tax laws. Your fund MUST be run for the sole purpose of providing retirement benefits for the members or their dependents.
The Australian Taxation Office (ATO) has put together a short video that helps explain why you might want a self managed superannuation fund.
- Look at your individual circumstances to ensure an SMSF is right for you
- Serious consequences for you and your fund if you get something wrong
- Set up and ongoing expenses apply – it’s not necessarily a cheaper option
- Rules and regulations around what you can and can’t invest in
- YOU will be responsible for investment decisions and complying with super and tax laws. If you don’t know what you are doing, your super returns may suffer
- You need time, interest and capability to run your SMSF successfully – it is not a hobby
- You need to have workable relationships with the fund members
- SMSFs might be popular, but don’t suit everyone
If all of this sounds a bit intimidating – there is an answer. Our advisers can help with all aspects of SMSF establishment, administration and strategy.