Self Managed Superannuation Funds

The responsibilities and costs in running a Self Managed Super Fund  (SMSF) are a burden and they do not suit everyone. A great deal of consideration should be given before embarking on this journey.

If you set up an SMSF you become a trustee of the fund. This means you'll be responsible for managing your SMSF according to its Trust Deed and the laws and rules that apply to SMSFs .

As a trustee you'll have a number of administrative obligations - for example, you'll need to arrange an annual audit of your fund, keep appropriate records and report to the ATO.

The income of your SMSF is generally taxed at a concessional rate of 15%. To be entitled to this rate your fund has to be a 'complying fund' that follows the laws and rules for SMSFs. Much higher rates apply to income from non-arm's length investments and contributions above the contribution caps.

Accessing the super in your SMSF to pay benefits is generally only allowed when a member reaches what's called their 'preservation age' and meets one of the specified conditions of release - for example, they retire. There are significant penalties for unlawfully releasing super benefits.

If after discussion you chose to go down the path of SMSF, we can assist you with:

  1. The provision of a Trust Deed
  2. Develop and implement an Investment Strategy
  3. Ongoing review process to provide guidelines and checks to your Trustee responsibilities

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