Self Managed Super Funds (SMSF)
In Australia, a number of Australians are taking control of their superannuation.
There are over 1.1 million members of Self Managed Super Funds (SMSF) with a total value of over $701 billion invested (source Australian Taxation Office).
What is a SMSF?
For those that want to take more control over their retirement, a Self Managed Super Fund (SMSF) is a superannuation fund which is managed by yourself with up to 4 members in the fund.
What are the advantages of a SMSF?
- Greater investment choice – there are more invesment options available than retail superannuation such as direct property, business property
- Greater control – you can pool your superannuation as a family and strategically plan how your fund is structured for the future
- Cost – most administration costs are fixed so as your combined super balance increases the overall average cost may reduce
- Tax – you as trustees have better control how your super is taxed and you can structure the fund’s investments to maximise tax effectiveness
- Estate Planning – you have more control over how you transfer your wealth to your family.
When Should I look at an Self Managed Super Fund?
Due to the administrative costs of running an SMSF, for an SMSF to be cost effective, generally the combined superannuation total of all members should be at least $200,000.
What is required?
Running an SMSF is more complex than other super funds and requires a more ‘hands on approach’. You will need to have an accountant for the accounting and audit of the fund and it is recommended to have a financial adviser to guide you on the regulations (SMSFs are governed by the Australian Taxation Office) and investment allocation of your fund.
How we can help you
At BND Financial Services, we work side to side with an accounting firm, D.J. Stone Accountant (ABN 37 050 984 528) to provide complete Self-managed Super Fund (SMSF) services to help you take control of your superannuation, including:
- Determine if an SMSF is suitable for you
- Setup an SMSF
- Manage and advise on your SMSF investments
- Administration of your SMSF
- SMSF Compliance
- Consolidation of your superannuation
- Audit of your SMSF
- SMSF Financial Statements
- SMSF Tax Return
- Recommend and review the investment strategy of the SMSF
- Provide advice on life insurance for the trustees of the fund
- Retirement Planning advice to help you achieve your lifestyle and retirement goals.
To request a no cost, no obligation appointment with one of our experienced financial planners, please give us a call (03) 6344 3899 or complete the contact form below:
Below are two videos from the Australian Taxation Office which explain what is required to setup and run a SMSF.
Source: Australian Taxation Office