Self Managed Superannuation

Thinking About a Self-Managed Super Fund (SMSF)? Here’s What You Need to Know

SMSFs: Taking Control of Your Retirement Savings

Self-managed super funds (SMSFs) are a popular way to save for retirement in Australia, giving you full control over your super fund. But with great control comes great responsibility – you’ll handle all the legal and tax details yourself.

Is an SMSF Right for You?

An SMSF might be a good fit if you:

• Really understand finance and legal jargon
• Have a reasonable amount of super savings to cover initial set up and ongoing yearly costs
• Have plenty of time to manage your investments and the fund

What’s an SMSF, Anyway?

An SMSF is a type of trust set up just for your retirement, regulated by the Australian Taxation Office (ATO). Some specifics of an SMSF include:

• Up to 6 members per SMSF.
• You need a trustee – either a Corporate Trustee Structure or an Individual Trustee Structure.
• Typically, there’s one main bank account for contributions and investments.
• You must have a Trust Deed outlining how the SMSF runs.
• Your Investment Strategy should detail how you plan to invest.
• A Binding Death Nomination says who gets your super if something happens to you.
• You need to file a tax return and get an audit every year.

It’s Not All DIY

Despite the ‘do it yourself’ tag, you’ll need help from professionals:

• An independent auditor registered with ASIC for yearly audits.
• Sometimes, a qualified actuary for an actuarial certificate.
• An independent valuer for certain assets, like artwork.
• You might also work with an administrator, an accountant, and a financial adviser.

How Precept Financial Services Can Help

Our team can guide you through investment and estate planning for your SMSF. We suggest strategies that fit your risk profile and investment ideas, but you’re in the driver’s seat. Managing SMSFs and estate planning can be tricky, but we’re here to ensure your money is in good hands.

If you are thinking about starting an SMSF, our qualified financial advisers at Precept are ready to help. Give us a call and let’s make your retirement savings work for you!