SMSF Basics – How to know if a Self-Managed Super Fund is for You

SMSF Basics – How to know if a Self-Managed Super Fund is for You

SMSF Basics – How to know if a Self-Managed Super Fund is for You

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.

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About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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