Setting up a self managed super fund (SMSF) is one of the most popular ways of saving money for the retirement. The distinction between this fund and the traditional way of saving money for retirement is the fact that you can use the assets you invest in this fund to receive income. One of the main advantages of setting SMSF is the control you have over the assets you invest. But, just like every other fund, there are certain rules that must be followed. For example, SMSF cannot have more than 5 members. Also, every member is at the same time a trustee of the fund as well. The fund is run for one purpose only – to benefit members and provide retirement income. Read More →
Self managed super fund is ideal for people who want to take things into their hands. Greater control means greater power over your money. Since you are your own director/trustee, you choose exactly where to invest your superannuation money, which fees to pay, or what insurance to take. With smsf, you have greater flexibility to mix various investments in order to match your needs. And what matters most, you can reduce tax through effective Smsf strategies. Read More →
SMSF is a very popular as well as the fastest growing type of superannuation fund in Australia. According to certain reports, the total number of operating SMSF in Australia currently counts over 480,000. SMSF offers flexibility, giving you options to invest in many different assets which may not be available through other funds, such as specialized managed funds, direct shares and property. This fund differs from other types of funds because the members of SMSF are also the trustees. This generally means that the members of the fund have the ability to manage the SMSF solely for their own benefit and also have full control over the fund.
SMSF Australia is not for everyone, as managing your own fund can be complex. As a director of the trustee company or a trustee you must comply with many laws, regulations and rules. You should think carefully before deciding to set up your SMSF. This is a huge financial decision and you need to have skills and time to run your SMSF successfully. You should also seek appropriate financial and legal advice before establishing this type of super fund. Here are few things you should consider. Read More →