Setting up an SMSF is not exactly a piece of cake, however, it is well worth the effort, considering all the benefits members are to get after the accumulation phase. Just like any other investment, there are certain rules that one needs to follow as to make sure there are nether risks nor complications that might prevent or delay the process. For the purpose of constructing a simple SMSF guide for you, below I’ve listed the things you need to know before starting your own fund.
First off, a superannuation fund must fulfil some conditions before it is fully self-managed super fund or SMSF. The basic conditions of a SMSF are:
The main purpose of starting an SMSF is having exceptional control over the future of your finance. Some of the most common reasons why people set up SMSFs are the following.
It’s important to mention that small details can cost you a fortune. For that reason, if you have any problems or questions regarding setting an SMSF, you can always consult with a professional. They can provide a detailed SMSF guide on how to create, manage and maintain the fund without any minor or major issues and even foresee future considerations. They are backed by years of experience and that can ease the process of setting the SMSF safely and without delay.
On a more long-term note, even if everything goes smoothly in the preparation phase you will still need consulting. As a matter of fact, you will need it even when you’ll already have finished the set up of the fund and you’ve been running it for years, because these professionals can help you keep the fund up-to-date regarding all of the newly emerged laws and regulations.