Setting up a Self-Managed Super Fund (SMSF) is a major financial decision. The responsibility rests with you as trustee(s). SMSFs don’t suit everyone, so how do you know if it is for YOU?
It’s important to consider – (tick what you can be confident with):
- What is involved in management – if you have the time and knowledge and skill to manage and invest;
- What it means to be a trustee – you hold and invest money/assets for the benefit of the members’ retirement, are responsible for running the fund, make decisions that affect the interests of all members, must act in the best interests of the members, act separately from your own affairs, ensure money is accessed when the law allows;
- The assets and money to be viable compared to the costs;
- Ensure it is set up solely to pay retirement benefits to members (Sole Purpose Test);
- Ensure compliance with super laws to be entitled to tax concessions;
- Want the opportunity to actively manage your own super, but understand responsibilities.
See NAT 71923 pg 5 and 22, and 11032 (Aust Tax Office publications – available in PDF by searching HERE
Get our FREE Expert Guide – Self-Managed Super and You (click “Free Download” top right– it has all the info you need to know and checklists to determine if SMSF is for you and what steps are needed to set up. 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! (Top Right on “Free Download” button)
If you have any questions, why not give us a call – it’s FREE also! No obligation.