Hundreds of thousands of Australians are attracted to the idea of managing their own super fund in a Self Managed SuperFund (SMSF).
A self managed super fund (SMSF) is a structure that provides the most comprehensive opportunity for individual control and flexibility. In particular, SMSFs do provide for some additional investment opportunities (such as direct property and collectibles) but some people do find the responsibilities and workload of SMSFs quite onerous. In addition, the costs of the SMSF structure need to be carefully considered, with a minimum of at least $200,000 investment required in most cases to make it a worthwhile option.
Is a self managed super fund (SMSF) for you? In the end, if you feel an SMSF is for you then you need to be aware of a number of obligations you have as trustee including making arrangements for investments, compliance and fund administration, tax returns, audit reports and more.
Many trustees engage advisers experienced in SMSF advice to assist them and determine the services for the areas you would prefer most help with.
There are also other streamlined investment services for SMSFs that provide a wide investment menu managed by professional fund managers that includes hundredsof managed funds, listed securities, exchange traded funds, warrants and term deposits. These services provide consolidated reporting and tax reporting. In contrast, many of the more comprehensive super funds (other than SMSFs) allow you to retain similar flexible investment control without the need to be the trustee.
So if you feel that the effort of managing your Self Managed Super Fund, is starting to out way the benefits, it might be worthwhile having a chat with us to see how we can help put you back in control of your super.