Self Managed Super Fund (SMSF)
FREE Consultation on your Financial Strategies
In recent years self managed super funds have surged and are now the fastest growing segment of the superannuation sector, currently representing around a third of Australia’s superannuation assets. A self managed super fund (SMSF) can give you more control over your super and retirement planning.
Who is a Self Managed Super Fund (SMSF) for?
Traditionally it was an area occupied by high net wealth individuals, professionals and small businesses. Now the ability to borrow to purchase property, SMSF’s have now become a viable option. Hence, a way to manage retirement savings to a much larger cross section of people. Although it doesn’t mean it is appropriate to everyone. Care should be taken and advice sought to make sure you know whether it is suitable for you.
Furthermore, a self-managed super fund (SMSF) is for individuals / couples who want to take direct control of their investments and manage their own superannuation. SMSF’s also offer greater flexibility and lower costs for higher super balances than public offer alternatives. Generally, a small super fund consists of 1 to 4 members. While they’re not the solution for everyone, self-managed super funds offer control and financial satisfaction to the people who do want to use them.
What are the questions most often asked about retirement planning?
First of all, we work with you to optimise your superannuation as it grows. Possibly using Self Managed Super Funds (SMSFs), Industry Super Funds and/or Corporate Super Funds. Superannuation is taxed less than the income tax that most people pay. Therefore, it can be the preferred low tax vehicle for retirement savings. Because superannuation is usually your largest asset, (after your property), it’s important to make sure you’re getting the most out of your savings.
Do you need an adviser?
We support our Superannuation and Self Managed Super Fund clients in Adelaide, (as well as Qld, NSW & Vic). Furthermore, we work to optimise your super, using an SMSF if that proves to be the right vehicle for you. Most importantly, help you take control, as well as provide overall guidance for your funds.
Why use FMG Wealth Strategists for Your Self Managed Super Fund (SMSF) Solutions?
A self managed super fund (SMSF) can give you more control over your super and retirement planning. However, there are complicated rules and regulations that govern them. Working with experienced and qualified accountants (and FMG Wealth Strategists) will ensure your SMSF meets your needs and current legal obligations and remains compliant.
FMG Wealth Strategists is an independent, unbiased service provider. And we are licenced to provide you with financial advice in relation to setting up and maintaining an SMSF.
We will help you establish a new self managed super fund. Meet annual compliance obligations and use the latest online tools to monitor, manage and review your investments. Our Self Managed Super Fund Solutions team is qualified and experienced to provide you with a full range of self-managed super fund (SMSF) services. Including and most importantly, helping you set up and manage your SMSF.
Self Managed Super Fund (SMSF) Pro’s and Con’s.
Just because an SMSF is now a more feasible and fashionable option, doesn’t mean it is appropriate to everyone. Let’s look at the different options.
Is an individual or corporate trustee structure right for your SMSF?
When establishing a self managed super fund (SMSF), you are able to elect a company or individual to act as the trustee of the fund. Often electing individual trustees is more popular, with the ATO’s statistical reports indicating that approximately 77% of all self-managed super funds (SMSF’s) are structured in this way.
It seems most people are drawn to establishing an individual trustee structure simply because of the cheaper initial cost. While the establishment fee for a corporate trustee structure is higher due to the need to establish and register the company with ASIC, it can be expected to deliver considerable monetary savings over the longer term. In your guide, we will take a look at some of the significant advantages of running a corporate trustee as opposed to running an SMSF with individual trustees.
Guide to setting up an Self Managed Super Fund (SMSF)
Because the number of self managed super fund’s in Australia has surged in recent years many have seen Self Managed Super Funds (SMSFs) have become the ‘must have financial fashion accessory’. Traditionally, it was an area occupied by high net wealth individuals, professionals and small businesses. Now, due to the significant reduction in compliance costs it has opened up to a wider cross section. Therefore, the introduction of the ability to borrow to purchase property, SMSF’s have now become a viable option to manage retirement savings to that much larger cross section of the Australian population.
A guide to buying property through an SMSF
Investing in property though a self-managed super fund (SMSF) has grown in popularity in recent years, particularly since it became possible for SMSF’s to borrow money to fund a direct property purchase.
Property purchased through an SMSF cannot be lived in by you, any other trustee or anyone related to the trustees – no matter how distant the relationship.
This is an area to make sure you know what you’re getting into.
A Self Managed Super Fund (SMSF) incorporates;
- Self-managed super fund (SMSF) – suitability assessment
- SMSF establishment
- Contribution strategies
- Right structure to facilitate borrowing for a property purchase
- Pension commencement and consolidation
- Lump sum withdrawals
- Annual financial statements and tax returns
- SMSF trust deed upgrades
- SMSF wind up