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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One of the first decisions you must make when setting up an SMSF is whether to choose a corporate or an individual trustee structure. We take a look at the pros and cons and the key differences between the two structures.
Having your own SMSF can be a rewarding experience, provided your fund is set up correctly from the get-go. Here are the nine steps required to get your SMSF up and running.
All super funds must satisfy the sole purpose test to be eligible to receive the tax concessions available under Australian superannuation legislation. All super funds (including SMSFs) must satisfy the sole purpose test. We take a look at how the sole purpose test is administered and how you can ensure your SMSF meets the requirements.
This article analyses the cost-effectiveness of SMSFs for small, medium or large fund balances, examining both set-up costs and running costs.
SMSF trustees are legally obliged to ensure their fund’s compliance with superannuation legislation in Australia. The ATO imposes a range of penalties for non-compliance, depending on the seriousness of the breach.
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?
Many SMSF investors are in the dark about what are typical SMSF fees, and whether they are paying a fair price for SMSF advice and services.
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.
Self managed superannuation funds are required by law “to formulate, review regularly and give effect to an investment strategy.”
An SMSF trustee declaration is an Australian Taxation Office (ATO) document that summarises the duties and obligations of an SMSF trustee or director.
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.
SMSFs must pass residency requirements at all time to be eligible for the tax concessions that are available under Australian superannuation legislation.