Self Managed Superannuation keeps you in control
DBA Accountants can set-up and assist you with running your SMSF. Indeed, it is one of our specialities.
What exactly is a Self Managed Super Fund?
It’s basically a way to save for and fund retirement. An SMSF is a structure that has the purpose of providing retirement benefits to its members. What makes an SMSF different from other types of super funds is that the people who benefit from the fund are also the people who run it. They are also responsible for complying with the superannuation and tax laws.
Why consider having an SMSF?
We are often asked what the benefits are of having a fund you manage yourself, over a traditional retail or industry super fund.
Quite possibly the biggest advantage is control. You get to choose what you invest in. You may wish to customise your investment portfolio on a particular niche, eg. technology in the medical industry or only invest in renewable energies and ethically run companies. You may also wish to invest in assets that are not available through the big super funds – for instance, direct property. Many business owners are particularly interested in owning their business premises via their SMSF. An SMSF will allow you the flexibility to do this. Please note, we aren’t licensed to give product advice.
Or if Collectables interest you, click here for information on Collectables as an SMSF Investment
An SMSF can also borrow to acquire assets, something else you can’t do through a big fund.
Tax concessions are attractive and your super fund can own property jointly with you. This allows you to negatively gear in your own right, AND positively gear in your fund. We’ve put together a report that easily explains this system. To find out how to Invest in Property Jointly with Your Fund click here.
Click here to access an interesting report about Selling Your Business Premises to Your SMSF
Another upside is there are savings in managing your own fund! The big funds charge fees as a percentage of your fund balance. Once your super reaches a certain value, this can be more than the relatively fixed fees associated with SMSF.
Another advantage to having a Self Managed Super Fund is that it can be incorporated into a Wealth Management Strategy. And as it continues beyond your death (allowing funds to be distributed to your family members) it becomes a key element of your Estate Planning.
When is the right time to set up a SMSF?
Age should not be a factor in deciding when to establish a Self Managed Super Fund. If you’re ready to take control of your own investments, we should talk.
There are two make or break questions:
1. Do you have time to invest in your investment? (no pun intended)
2. Do you have sufficient assets in super to make it cost effective?
… not everyone has the time, knowledge and patience to get the most out of their investment strategies – but still want the benefits of having a Self Managed Super Fund – and that’s where DBA Accountants can help…
Who will benefit most from a Self Managed Super Fund?
If you’re someone who wishes to play an active role with your superannuation investments, or you simply want peace of mind knowing you did all you could to ensure you have sufficient retirement funds… then an SMSF might be a good fit for you.
How can DBA Accountants assist you?
First of all DBA can advise you on whether an SMSF is the right fit for your needs and goals. You need to be aligned with the process and the outcomes of this type of structure. You’ll learn what your obligations and responsibilities as a trustee of your own super fund are, and your rights as a member of that fund.
DBA Accountants can take care of the set-up of your Super Fund for you. This includes advising whether SMSF is right for you, establishing the fund, registering with the regulatory authorities, collecting monies from existing super funds, and transferring the assets into your new fund. We will also provide the necessary documents to your bank to allow them to set up the fund bank account.
Record-keeping is often a major issue for many SMSF-ers. This particular activity is why, we are sure, DBA Accountants is on so many of our client’s Christmas Card lists! We assist with the record-keeping and on-going accounting required for your SMSF fund, including lodgements with regulators. DBA also liaises with the fund’s auditor, as well as investment and insurance advisers. We will ensure your SMSF is compliant with tax and superannuation laws.
You can ask for support and advice anytime – and be confident knowing the answers are based on years of experience, and aimed to cater for your unique circumstances and help you reach your goals.
Simply contact us today and we can help answer any questions you have about retirement funds, and help you get the most out of your Self Managed Superannuation Fund.