Running your own self-managed super fund has many benefits. But unless you have a high degree of SMSF and investment knowledge, as well as plenty of time available to manage your fund, you’re likely to need some professional help. Here we look at the factors you’ll need to consider before you choose a provider.
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While many SMSF trustees turn to their accountant for assistance, they can only provide advice on some SMSF-related matters. To help SMSF trustees navigate this tricky area we’ve compiled a checklist to help you work out if your accountant is the right person to ask for help.
Self-managed super funds are still growing both in number and in assets. Yet, despite the popularity, the average trustee of an SMSF has only a vague understanding of the difference between those funds and public offer funds, which include retail funds and industry funds. Here, Noel Whittaker clarifies the differences.
An SMSF is a private super fund you manage yourself, giving you more control over how your retirement savings are invested. We look at how they work and some of the benefits and drawbacks of going it alone.
The number of SMSFs in Australia has continued to rise in recent years, along with average individual member and overall fund balances. The majority of SMSFs have been operating for more than ten years and have corporate trustees, with this structure becoming very popular since 2015.
SMSF trustees are legally obliged to have their fund audited by an independent SMSF auditor to ensure their ongoing compliance with Australian super legislation. The ATO can impose a range of penalties for non-compliance, depending on the seriousness of the breach.
Take the following 10 question quiz to test your knowledge on the fundamentals of self-managed super funds (SMSFs).
A common argument put forward against individuals starting a self-managed super fund is that budding SMSF trustees could lose their hard-earned super savings through inexperienced investing, and bad investment decisions.
Self-managed superannuation funds are often referred to as do it yourself funds or DIY Super. But how DIY can they really get? It it even possible to do everything yourself and if you were, how significant would the savings be?
Which investments are most popular with SMSFs? A short and simplistic answer is that shares and cash and term deposits compete as the most popular investments across the board for SMSFs.
According to the latest ATO statistics, more than 1.1 million Australians are members of SMSFs. This article looks at the most common characteristics of SMSF members.
An SMSF is a very attractive superannuation savings vehicle but it also comes with plenty of responsibility for anyone that signs up to being a trustee.
Simply put, superannuation is money you put in a super fund while you are working to provide income later in life when you retire.
Self managed superannuation funds are required by law “to formulate, review regularly and give effect to an investment strategy.”
Australian super legislation allows you to establish and run a second SMSF, but it’s important to understand the potential for downsides as well as benefits.