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Self Managed Super

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What is Self Managed Super?


Self Managed Super Funds (SMSFs) are set up and run by members of the public to gain greater control over the financial outcomes they achieve in retirement. SMSFs often have lower fees than other forms of superannuation and are effective for people with more than $300,000 in their fund.


In addition, there is also a wider range of financial strategies and investment options available to SMSFs. In running a SMSF, you are both the beneficial members of the fund and in control of the fund as the Trustee.


As a Trustee you have a wide range of responsibilities that must be adhered to for the fund to remain compliant with the rules set out by the Australian Taxation Office.


 


Why do people Self Manage?


With an average of 83 new Self Managed Super Funds being created every day, it is clear that the Australian public is realising the benefits of going Self Managed.


While there are many reasons for this, the majority of these new funds are being created to give people access to more attractive strategies and thus greater control over the financial outcomes they achieve in retirement.


Like most financial decisions we face in life, there are advantages and disadvantages to using a Self Managed Super Fund. You should consult a specialist adviser to discuss these and how they relate to your financial situation.


If you do not have an adviser, Super Pathway can refer you to a specialist in this area.


Some of the Advantages and Disadvantages are as follows:


Advantages:


  • Greater control of your super
  • Access to powerful financial strategies that are unique to Self Managed Super
  • Greater investment choice
  • Lower fees on amounts greater $300,000*
  • Estate Planning flexibility

Disadvantages:


  • There are penalties if Trustee responsibilities are not met
  • Increased demand on your time as Trustee
  • Fees may be more than other forms of Superannuation for funds with less than $300,000 of assets

If you are unsure whether a Self Managed Super Fund is suitable for you, or whether your current fund is compliant, please contact us on (08) 8168 8450