For many Australians, superannuation is one of the biggest investments of their life.
That’s why it is important to get professional help to maximise your superannuation.
While most people find a professionally managed super account that suits them, others prefer a more hands-on approach. Self-Managed Super Funds (SMSFs) gives you as the investor more flexibility and control over investment choices of your super fund when compared retail or industry super funds.
What is a Self-Managed Super Fund?
It is a private superannuation fund that is regulated by the ATO, that you manage yourself. SMSFs can have up to four members who must be trustees (or directors if there is a corporate trustee) and are responsible for all decisions made by the fund as well as complying with the relevant laws.
There can be significant costs associated with setting up and running a SMSF and are best suited for those with larger balances to ensure the fund is cost-effective. It is because of this, it is establishing a SMSF may not be in your best interests and so it’s best to get professional advice beforehand.
Getting SMSF Advice?
When seeking advice for an established self-managed super fund or looking to set up a fund it is important to find a smsf advisor that you can trust. The basis of this trust is formed from your financial advisor’s ability to understand your situation and your wants and needs.
By taking a holistic view of your situation, a good financial advisor will be able to determine if setting up a SMSF is the correct course of action for your situation or the best ways to maximising the return for your existing fund.
The Benefits of a Self-Managed Super Fund
If established and managed properly, self-managed superannuation funds offer a range of benefits. These include:
• More investment flexibility and control
• Lower fees on average
• Better performance compared to retail and industry funds
• More tailored to your circumstances
• Cost effective over the long term
Our Ongoing Self-Managed Superannuation Fund Service
While setting up a self-managed super fund is an exciting step, you will need to keep on top of crucial administrative and compliance-related obligations.
As part of our SMSF service, we also provide administration support. We partner with a specialist administrator to ensure you receive a straightforward and high-quality service that addresses all obligations while getting you the most out of your super fund.
The experienced SMSF financial advisors at My Wealth Solutions will:
• Answer all your questions
• Clearly set out and explain the obligations and costs associated with self-managed super
• Help you make a decision about what is best for you
• Help you set up and run your fund
• Help you make investments inside your self-managed fund
• Review your current super
• Ensure you have enough super for retirement
• Equip you with strategies to maximise your super
Our SMSF Administrative Service
Our superannuation service specialists provide a service that includes:
• Complete establishment of your new Self-Managed Super Fund^
• Private appointment with an independent auditor
• Annual liaison and audit facilitation
• Assistance with annual compliance obligations such as preparation of financial statements, member statements and SMSF annual return lodgement to the ATO.
^ We will provide you with a trust deed, all relevant minutes and declarations, ABN, Tax File Number applications with the ATO, election to become a regulated super fund, corporate trustee incorporations (if applicable) and the establishment of a Self-Managed Super Fund bank account.
Important Questions To Ask Yourself
With more control comes more responsibility, so you will need to consider your choice carefully. Here is a short list of questions you should ask yourself before setting up a Self-Managed Super Fund:
• Will you save money or waste it?
• Will you lose valued benefits?
• Will your self-managed fund outperform your current fund?
• What if something goes wrong? Do you know enough?
• Are you prepared to research and track your super investments regularly?
It is extremely important that you ask yourself these questions before you commit to a Self-Managed Super Fund. The good news is, our team are financial experts and can help you determine the answers to these questions and advise you on whether this is the right choice for your financial goals.
If you’re considering setting up a Self-Managed Super Fund or other retirement planning strategies, our financial experts can help you get on the right path.
More in this section
Buying Property In SMSFs
Frequently Asked Questions
What do I need to do when I establish self-managed superannuation?
When you set up a self-managed super fund you need to:
- Carry out the role of trustee, which imposes important legal duties on you.
- Use the money only to provide retirement benefits.
- Set and follow an investment strategy that ensures the fund is likely to meet your retirement needs.
- Keep comprehensive records and arrange annual finanical returns and complete audit by a qualified auditor.
- And, don’t forget to purchase separate life insurance coverage if you have a self-managed super fund.
What do I need to run a self-managed super fund?
You will generally need:
- There is much mis-information about how much you actually need in super to commence a SMSF. The answer is it really depends on the strategies agreed on for your SMSF and contributions being made. Speak to us further if you think an SMSF is right for you.
- To anticipate ongoing expenses such as professional accounting, tax and legal advice.
- Plenty of time to manage the fund.
- Financial experience and skills.
- Separate life insurance, including income protection and total and permanent disability cover.