Masterclass SMSF – What’s involved in a self-managed super fund? What are they?

 

Masterclass SMSF - What’s involved in a self-managed super fund? What are they?

SMSF – What’s involved in a self-managed super fund? What are they?

Self-Managed Super Funds (SMSF or DIY Super) are the biggest sector of superannuation savings in Australia See ATO (use this link if it drops off the words https://www.ato.gov.au/Media-centre/Media-releases/SMSF-industry-continues-to-grow/). So what is involved in a self-managed super fund, and what are they?

Superannuation is a long term savings arrangement which is preparation for having money to live on in retirement, and is part of the government’s plan to ensure adequate retirement income. Employers, self-employed, employees and family members (on behalf of others) can make contributions to a super fund.

Contributions can be paid to either -

  • Independent large super funds such as retail, industry, bank and financial institutions (Regulated by APRA – Australian Prudential Regulatory Authority)
  • Retirement Savings Accounts (RSA) banks, institutions (rare)
  • Your own self-managed super fund (SMSF) where you manage it.

Under Australian superannuation law, you have the ability to choose to contribute your superannuation contributions (and in many cases, direct your employer to pay employer contributions) to a superannuation fund of your choice. All super funds are trusts, as your money is held in trust until you are eligible by law to access it to fund retirement.

Note – The Australian Tax Office regulates SMSFs and has several publications, all about super and SMSF.

What is a Self-Managed Superannuation Fund (SMSF)

An SMSF works like all other super funds, which all have trustees, but the responsibility of managing it rests solely on you as the trustee, as well as being the member/beneficiary. Like all superannuation funds, SMSFs invest contributions and provide a benefit to members on retirement.

Generally, a superannuation fund is an SMSF if:

  • It has maximum of four or less members;
  • Each member of the fund is a trustee (or a director of the corporate trustee if used instead);
  • Each trustee or director of a corporate trustee is a member of the fund;
  • No member of the fund is an employee of another member of the fund, unless they are related parties;
  • No trustee of the fund receives any remuneration for their services as trustee; and
  • The fund has a trust deed document (the rules) that meet the requirements of the Superannuation Industry (Supervision) Act 1993 (SIS Act).

How Does an SMSF Differ from Other Superannuation Funds

The difference between a self-managed superannuation fund and other types of superannuation funds is that members are also trustees, or directors of a corporate trustee. This means they control the investments of the fund, the payment of pensions, income streams or benefits and are ultimately responsible for the ongoing compliance (abiding by the laws) of the fund.

What Different Types of SMSFs are there?

There are two main types of SMSFs, based on structure, that is, whether there will be a corporate (special super company) or individual trustees. Another difference is the number of trustees, single member or multiple, up to four trustees/members.

Corporate Trustee:

  • Four or less members;
  • Each member also a director of the company who is the trustee itself;
  • No member an employee of another member unless related;
  • Corporate trustee, nor any director is paid for services related to the fund.

Individual Trustee:

  • Four or less members;
  • Each member is a trustee;
  • No member an employee of another member unless related;
  • No trustee is paid for services related to the fund.

 

Single Member Funds come in two forms:

  • With corporate trustee, member must be sole director of the corporate trustee, or one of two directors either related or not an employee of each other;
  • Two individual trustees, one a member and the other either related or any other person who does not employ them.

 

To learn more about this and the following topics at one of our seminars –

  1. What’s involved in an SMSF and does it suit you?
  2. I want my business to be my super – can I do this and how?
  3. Should I borrow to buy property for my SMSF?
  4. Can stock market shares be included in the investment mix?

see Seminar page http://wp.me/P1sLJd-f

Get our FREE Expert Guide – Self-Managed Super and You – It has all the info you need to know, with bonus TIPS and CHECKLISTS  to determine if SMSF is for you and what steps are needed to set up, as well as how to get your SMSF set up FREE. It also gives you ALL the Aust Tax Office publications about SMSF (NAT XXXX). Get your copy now – click “Download” top right hand side above. You’ll also get monthly SMSF news, investment teaching and upcoming seminar and workshop briefs! Download your FREE Guide now!

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CASE STUDY – With his share of the sale of a business nearly due, Garry and Ingrid wanted control using a Self-Managed Super fund (SMSF) and to start living their retirement

CASE STUDY – With his share of the sale of a business nearly due, Garry and Ingrid wanted control using a Self-Managed Super fund (SMSF) and to start living their retirement

With his share of the sale of a business nearly due, Garry and Ingrid wanted control using a SMSF and to start living their retirement

WHERE they were atBoth Garry and Ingrid had worked hard – Ingrid some part-time work over the years, and Garry the last few years in partnership in financial services. Garry was ready to settle down now, because he and his business partner had finally secured a buyer for their company after an earlier sale fell through the previous year. Gary and Ingrid were ready to spend  more time with their granddaughter, and help their only daughter and son-in-law out. They had sold an investment property but wanted to know how to invest without the hassle of a tenant. Our advisor, Jim Brownlee, went through a fact-find to understand their financial situation better. Since they were keen to have a better return, and wanted to learn more about investing, Jim explained how self-managed super worked and what was involved. He emphasised the compliance responsibilities, but that most would be managed for them by the SuperBenefit service, so they didn’t need to worry.

What they WANTED to haveBoth Garry and Ingrid wanted to be fully secure with a steady income. Their assets meant they would not qualify for Centrelink Pensions, and that was OK, they preferred to be self-funded. They didn’t plan on any big trips, just a possible local holiday occasionally. Their own house was paid off, so not a problem.

What it will COST – The planner estimated in today’s dollars they needed $55-60,000 per annum to live on. They lived comfortably currently but not extravagantly and they allowed for a nice dinner out each week of $50-60 max. This also would allow them to have an annual holiday, requiring about $3-5,000 for a local trip and maybe $10,000 for one overseas trip. They would continue to run the 2 cars, estimated at annual running costs of $4-5,000 each per year, as they expected running around with grandchildren in time would keep them busy!

What they would NEED – Having worked in another financial services area, Garry already knew of the tax advantages within super, as well as the tax-free income stream/SMSF pension of the fund once they were in pension phase. Jim ran some figures and explained to the couple – if a conservative return of 5% is used, (one 20th of 100%) this meant it converted to needing at least 20 times the comfortable income aimed-for – from $1,100,000 to $1,200,000. Once the sale of the business was complete,  they could contribute the maximum Non-Concessional contributions each as members of their SMSF before the work test applied and they could reach that amount.

What to do NOW – I came and met Garry and Ingrid and explained the administration and compliance requirements relating to SMSF. I explained how SMSF was set up and what we would do – obtain the Trust Deed, AND, TFN and bank account set up ready for them to sign as owners and members. They also liked that we would support them with any questions, and that other investment ideas could be discussed with their auditor – but they knew that was unlikely! They just wanted a simple but reasonable return. Another part of the service they liked was to be able to talk direct with the Share Broker that we had many clients using, although they were not bound in any way to only use him. They would have their insurance reviewed by a specialist insurance planner, and most of all, liked that SuperBenefit provided monthly workshops so they could continue to learn, as well as seek any answers they needed such as other investment issues, and that 10 hours of mentoring and education was included at a time that suited them!

They now had the components in place -

Strategyto take control and their pool super, and contribute extra, and learn more when they had time

Structure to set up an SMSF together

Support with resources and all compliance taken care of by SuperBenefit, and other professionals, they could learn more about investment in property & shares as time allowed later. They now felt in control and it felt very manageable to them. They could see a well-planned future and had a team to support them.

Note – This is a simplified summary of one client – we recommend asking for a FREE consultation and/or seeking further professional advice with our or your advisor.

Interested to know what self-managed super (SMSF) is all about, and if it is for you? Come to a FREE seminar with bonuses every month Self Managed Super Fund Roadmap (all you need to know) for the next monthly event, see1 SMSF – FREE Seminars or call us 0407 361 596

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NEWS – Self-Managed Superannuation owners (SMSF) more satisfied, but warning to remember new ATO powers

NEWS – Self-Managed Superannuation owners (SMSF) more satisfied, but warning to remember new ATO powers

Self-Managed Superannuation owners (SMSF) more satisfied, but warning to remember new ATO powers

As the largest sector of the total superannuation pool in Australia, surveys show that self-managed super fund (SMSF) owners are more satisfied, which is good news, but trustees must remember that new ATO powers began from 1 July 2014.
Australians who manage their own superannuation are much more satisfied with how their retirement savings perform than those who leave it in the hands of funds. Results this week showed millions of super fund members were set to enjoy average returns of about 13 per cent, but those who take control of their own nest eggs are happier. “This is compared to industry funds with about 12 per cent with balances over this amount and retail funds with about 21 per cent.’’ SPAA chief Andrea Slattery said SMSF members were happier with their results because they had better involvement with their retirement savings, leading to stronger returns. “It’s about being engaged,’’ she said. Reported by Sophie Elsworth at The Advertiser.

It is a good time also to remember the new ATO powers began from 1 July 2014. As Jordan George of SMSF Adviser writes - 
There are some important changes concerning SMSFs which came into effect yesterday that SMSF professionals and trustees alike should be aware of.   The new ATO penalty powers apply from 1 July 2014. Under an education direction, the ATO may give an SMSF trustee a written direction to undertake an approved course of education where the ATO reasonably believes that the SMSF trustee has contravened the SIS Act or SIS Regulations.  Under a rectification direction, the ATO may give an SMSF trustee a written direction to undertake a specified course of action to rectify a breach of the SIS Act or SIS Regulations.  The administrative penalties apply to specific breaches listed in section 166 of the SIS ActRead More HERE.

The importance of a team with experience is paramount – a self-managed super owner can be more happy about their superannuation, especially when administrators and advisors are proactive and assist with investments and potential pit-falls BEFORE unnecessary non-compliance is found by the auditor!

Got questions? If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today and also get your FREE Expert Guide – Self-Managed Super and You – top right hand side above.

If you have any questions, why not give us a call – it’s FREE also! No obligation.

0407 361 596, Paul

And book for our next  FREE Seminar – Self Managed Super Fund Roadmap – all you need to know plus bonuses see HERE

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Pensions – What the Budget Means to Your Pension

Pensions – What the Budget Means to Your Pension

Pensions – What the Budget Means to Your Pension

The 2014-15 Budget was handed down on Tuesday, 13 May 2014. What does the Budget mean to your pension?

The Department of Human Services (DHS) website Budget page contains Budget information that may affect people who use the Department of Human Services programs – Centrelink, Medicare, Child Support and CRS Australia.

The page has information on the left side menu, grouped in a way that makes it quick and easy to find what matters most to you.

Note:Updates may occur, so you should continue to check for any new information that might be of interest over the weeks.

You can also view the Australian Government Budget website for more information about the 2014-15 Budget.

An alphabetical listing of all the 2014-15 Budget measures relevant to the department is also available.

Some key topics under “Older Australians” are –

From September 2014, the Commonwealth Seniors Health Card (CSHC) income threshold rates will be indexed annually by movements in the Consumer Price Index.

Currently, to qualify for a CSHC a person must have adjusted taxable income below the relevant annual income thresholds. These are $50,000 for singles, $80,000 for couples, combined, or $100,000 for a couple separated by respite care, illness, or when one member of the couple is in prison. These thresholds will increase with indexation.

The additional dependent child amount will not be indexed.

The higher income threshold rates will allow more people to qualify for a CSHC.

From 1 January 2015, non-taxable superannuation income will be included in the Commonwealth Seniors Health Card (CSHC) income test. This means that from 1 January 2015, superannuation account based income streams will be deemed under the existing deeming rules for the Age Pension.

From 1 January 2015 this will affect all new CSHC holders.

This is subject to a grandfathering provision. This means that there will be no change for customers who are existing CSHC holders as at 1 January 2015 and who have existing superannuation account based income streams. However any new superannuation account based income streams purchased by these customers after 1 January 2015 will be subject to the new deeming rules.

The current qualification age for the Age Pension is 65 years, increasing to 67 years by 1 July 2023. This measure increases the qualifying age from 67 to 70 years. On 1 July 2025 the qualifying age will increase from 67 years by six months every two years until 1 July 2035 when the Age Pension qualifying age will reach 70.  

This change applies to people born after 30 June 1958 who claim Age Pension from 1 July 2025.

From 20 September 2017 the deeming provision thresholds for payments which are means tested will be reset to $30,000 for singles and $50,000 for couples (for both pensioners and allowees). The current thresholds are $46,600 for singles, $77,400 for pensioner couples and $38,700 for members of allowee couples.

Got questions? What are your thoughts about the changes? If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today.

If you have any questions, why not give us a call – it’s FREE also! No obligation.

0407 361 596, Paul.

And book for our next  FREE Seminar – Self Managed Super Fund Roadmap – all you need to know plus bonuses see HERE

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Basics about Super – Transition to Retirement – How does it work? A possible solution to the later retirement age at 70?

Basics about Super – Transition to Retirement – How does it work? A possible solution to the later retirement age at 70?

Transition to Retirement – How does it work? A possible solution to the later retirement age at 70?

Transition to Retirement (TTR, or also called transition to retirement income stream (TRIS) or income pension (TRIP)) is a gradual move to retirement – a way to enable those aged over 55 to reduce your working hours without reducing your income. You can do this by topping up your full or part-time income with a regular ‘income stream’ from your super savings. There are many reasons people why people continue to work after 55 (minimum preservation age) or 65 (when you are eligible for the Government Age Pension (within certain asset and income tests)), such as the mental stimulation, social interaction or feeling of value to society.

The Australian Government has made it possible for you to keep working while drawing down some of your super benefits. The policy, called transition to retirement, allows you to supplement your salary and maintain a comfortable lifestyle if you want to reduce work hours. You can also use the policy to save tax and boost your super before you retire, if you continue full-time work. Once you hit preservation age (55 for many people, a designated age when you can withdraw super depending on date of birth), you can draw down a pension from your super even if you are still working. The government site Money Smart has a calculator to tell you what your preservation age is and also when you are eligible to receive the Age Pension. The income stream assets earning  a return will be tax free in the super fund, concessional contributions (before tax and employer) will pay still pay 15% coming into the fund. The income stream is taxable in the hands of the receiver at their marginal rate, but over 60 the TRIS becomes a normal Income Stream and is tax free in your hands. Once you reach age 60 you may no-longer need a TRIS, if you formally retire (condition of release) and you will receive the income stream tax free.

The main conditions for Transition to Retirement are:

  • Must reach preservation age;
  • No Lump-sum withdrawal is allowed while in TRIS;
  • You must withdraw a minimum depending on age, and only up to a maximum of 10%;
  • You cannot withdraw any lump sums in TRIS;
  • Not all super funds allow TRIS, but many Self-Managed Super funds do, as long as the Trust Deed allows it.

Benefits:

  • Chance to boost Super up to the contribution limits;
  • Pay less tax if salary sacrificing;
  • Ease into retirement – for personal or financial reasons.

Example from Money Smart:

Andy is 55 and this is his preservation age. He earns $100,000 and wants to keep working, and has $220,000 in super. He speaks to an advisor to calculate the benefit of TRIS. He converts most of his super to a TRIS, leaving a small amount in accumulation that his employer can continue to contribute to (or he can start a new accumulation account). The employer is contributing the 9.25% – $9,250 up to June 2014, (9.5% from 1 July 2014). He salary sacrifices $15,750 and draws an income stream of $12,660. Since the tax on earnings will be zero while in TRIS, he will save over $2000 in tax yearly. See HERE.

Another example from Super Guide:

Super Guide is a wonderful resource of super information and news. An example Trish Power gives, is Joan at 62, earning $90,000 with a tax bill of $21,247, who decides to start a TRIS, salary sacrificing $25,000 (over 60 the concessional cap is $35,000). She also will receive her income stream tax free as she is over 60. With a Self-Managed super fund she also can invest in companies with good franked dividends and benefit from the franking credits (tax already paid by the company). Over all she could save $4,925 in taxes. SEE item 6 at Super Guide.

The potential benefits of a TRIS strategy depend on:

  • Age;
  • Marginal tax rate;
  • Salary Sacrifice amount;
  • It is important to seek advice and have the calculations prepared to see if the strategy will benefit you – why not call so we can arrange an advisor to sit and discuss you needs?

Got questions? If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today and also get your FREE Expert Guide – Self-Managed Super and Youtop right hand side above.

If you have any questions, why not give us a call – it’s FREE also! No obligation 0407 361 596 FREE, Paul.

And book for our next  FREE Seminar – Self Managed Super Fund Roadmap – all you need to know plus bonuses see HERE and our SMSF and Property Boost to Super (combined) Free Seminar HERE

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Masterclass SMSF – Borrowing in SMSF & is it right for you?

SMSF – Borrowing in SMSF & is it right for you?

SMSF – Borrowing in SMSF & is it right for you?

How did borrowing (leverage) start in self-managed super funds (SMSF)? SMSF allows their trustees to take advantage of control and flexibility by designing their own personalised investment strategies – “hands on” control. As a result of lobbying by super groups, legislation was passed in Oct 2007 allowing SMSFs to borrow to purchase large assets. Further legislative changes and an important ATO ruling (SMSFR 2012/1) clarified the legislation and many began to “gear up” their SMSFs using lending to purchase shares, real property and other investment products. Now that SMSF assets are nearly 35% of all super assets, they are a significant portion. But is borrowing right for you, and what is involved?

Pros of borrowing in SMSF

Asset Selection – Borrowing offers more choice when you may not have enough to purchase certain assets outright. You may have $150,000 when you combine 3 family members’ super accounts (you still have separate accounts in the SMSF always, and can rollout again any time). But there is not much you can purchase for that, as well as having money for costs, stamp duty, conveyancing, loan costs etc. And liquidity will also be an issue – money to pay ATO levy and SMSF Income tax returns, administration, accounting and audit fess annually. But of $100,000 was used to cover a deposit and fees and costs, you may be able to borrow enough to purchase a house or flat at $350,000. The lender will have their own criteria, and we help you with professionals in their fields that you can talk to and choose to help you. You may also consider shares, managed funds and other assets. It is the combination of preparation by doing research and the financial analysis, then well-chosen asset and appropriate borrowing that will bring a successful result.

Potential Return – In the above example, if you put in $100,000 capital, and the $350,000 property has doubled in 10 years (the average property value change in the last 50-100 years in Australia), depending on the costs and rent return over those 10 years, you potentially have increased your $100,000 capital 5-6 times at least in 10 years! That is a leveraged return above merely doubling your money! Can you see the potential? But not just ANY property and careful balancing of many factors are required to give a good result.

Taxation – The interest paid on the loan is tax deductible for the SMSF, but not the principle re-payments, as in any investment. Usually the employer contributions (concessional) and your after-tax contributions (non-concessional) will help pay the principle part of the re-payments, and lenders will want to see a history of existing super contributions. The concessional contributions, especially if they are boosted by salary sacrifice, may potentially give your further tax benefits because you will pay 15% tax when it enters the SMSF, instead of your marginal rate by taking the money yourself. The other advantage is that the lower tax environment in super (15%) can help pay down the borrowing faster.

Cons of borrowing in SMSF

Asset Risk – Poor asset choice may result in borrowings and holding costs exceeding capital growth and income produced by the asset. The SMSF will be losing money. Not all property rises, and just because the sales person said it was a good investment for SMSF, doesn’t change the fact.

Re-payment Risk – The SMSF will need to be able to re-pay the loan so Cashflow will need to be calculated and maintained. The contribution limits will need to be watched as well, to ensure they are not exceeded and result in non-compliance penalties and fines.

Legal and compliance issues – The trust deed must allow borrowing as well as investment in the desired assets. Older deeds may restrict assets and not allow borrowing at all, and so should be amended. The investment strategy must be written and demonstrate due consideration of risk and return, taking into account the members. Section 52 of the Superannuation Industry (Supervision) Act 1993 requires the trustee to formulate and give effect to an investment strategy that has regard to the whole of the circumstances of the fund. Other sections of the Act and Regulations detail further requirements.

The correct structure needs to be in place, another trust that acts solely as custodian of the asset until the loan is all paid out. And the correct name must be on the contract to ensure stamp duty is not paid twice – when the asset is transferred back into the SMSF once free of the borrowing. One of our clients was told by the person in the sales office to use the SMSF name! Don’t believe what others say – check what is correct with a qualified and experienced professional, such as on our team.

The borrowed money can only be used to acquire a single acquirable asset, which restricts some house and land, and improvements that can be taken out, but allows repair and maintenance. Others traps include purchasing from related parties.

Warren Buffet – “When you combine ignorance and leverage, you get some pretty interesting results”

Interested to know what self-managed super (SMSF) is all about, and if it is for you? Come to a FREE seminar with bonuses, run every month – Self Managed Super Fund Roadmap (all you need to know) for the next monthly event, see 1 SMSF – FREE Seminars or our other seminars above – Navigate Shares and Property Boost (every few months) in the menu above or call us 0407 361 596

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CASE STUDY – With a young family Ian & Cathy, in their late 30’s, wanted to control their super and pursue better returns

CASE STUDY – With a young family Ian & Cathy, in their late 30’s, wanted to control their super and pursue better returns

With a young family Ian & Cathy, in their late 30’s, wanted to control their super and pursue better returns

WHERE they were at – Ian was looking to go out on his own, and when the company he worked for scaled down as a small business, the decision was easier to make. He knew he had great technical skills and the freedom of being his own boss breathed new life into his career. Cathy was an expert professional too at a local government facility, and the variety of hours on shift work didn’t bother her. They didn’t know very much about shares, but since the stockmarket overall had gained 15-20% in  the last 2 years, Ian was keen to understand how to find shares in strong growing companies where there was a great track record of results (we call it superior management), and put in place a plan to build a better super balance to retire on.

What they WANTED to have – As yet Ian and Cathy had not thought much about what they wanted to do when they retired. They are in their late 30s and retirement seems such a long way off. He had spoken to his accountant as well as our planner who painted the possibilities of how things could be. It was hard to imagine and focus that far ahead. But it seemed reasonable that the advisor said that to aim for 70% of current income (which would grow annually in 20-30 years) should be what they need to live on. Ian would need Income Protection, Life and Total & Permanent Disability Insurance.

What it will COST The planner estimated in today’s dollars they needed $45-55,000 per annum to live on. They lived simply currently and weren’t much into dining out, but that could change, and they allowed for a nice dinner out each week of $50-60 max. This also would allow them to have an annual holiday, requiring about $3-5,000 for a local trip and maybe $10,000 for one overseas trip. They could run the 2 cars, estimated at annual running costs of $4-5,000 each per year, as they expected grandchildren in time would keep them busy!

What they would NEED – The tax advantages within super, as well as the tax-free income stream/SMSF pension of the fund once they were in pension phase, was attractive and they even considered that they may be better to aim for more in super and less outside super where concessions were not possible. They would review this every 2-3 years.

If a conservative return of 5% is used, (one 20th of 100%) converted to needing at least 20 times the comfortable income aimed-for – from $900,000 to $1,100,000. Ian realised that aiming for the higher figure would mean they had a chance to avoid the minimum, and his wife was definitely on agreement!

What to do NOW – It took a good 1.5 hour for me to explain how a self-managed super fund worked, how it was created and what the compliance and legal responsibilities were for them as trustees. Because they could have our support to guide them as professionals who are daily keeping up with the ATO and regulatory changes, they felt comfortable our team would be the partnership they needed. For now just investing in the sharemarket would suffice – and as time permitted later, they were keen to come to workshops and understand a company’s fundamentals and how the broker used technical analysis to monitor support and resistance levels and time buying opportunities. They especially liked the stop-loss precaution to safe-guard gains made from any change in market sentiment (risk management), especially if a good gain had occurred (profit-capture). The next step was to arrange for our Life Insurance expert to obtain quotes for the best product to suit Ian’s needs, but part of Cathy’s super and insurance was to be maintained in one of her industry funds for the time-being.

They now had the components in place -

Strategy - to take control and their pool super, and contribute extra as they could to build as much as possible

Structure to set up an SMSF together,

Support with resources and all compliance taken care of by SuperBenefit, and other professionals, they could learn more about investment in property & shares as time allowed later. They now felt in control and it felt very manageable to them. They could see a well-planned future and had a team to support them.

Note – This is a simplified summary of one client – we recommend asking for a FREE consultation and/or seeking further professional advice with your advisor.

Interested to know what self-managed super (SMSF) is all about, and if it is for you? Come to a FREE seminar with bonuses, run every month – Self Managed Super Fund Roadmap (all you need to know) for the next monthly event, see 1 SMSF – FREE Seminars or our  other seminars above – Navigate Shares and Property Boost (every few months) in the menu above or call us 0407 361 596

Posted in 1 Latest Newsletter Topics, Case Studies of Clients, Retirement Planning, Superannuation General | Tagged , , , , | Leave a comment