What is Self Managed Super?
Self managed super funds comprise of more than 530,000 funds in existence, with the value of assets residing in these vehicles currently standing at over $500 billion and escalating.
As individuals super assets have grown over the decades, many people have sought to gain control over the day to day management of their superannuation, rather than leaving it in the hands of a third party. However trying to do it yourself can be an administrative burden, and in most cases leave open, room for making very costly mistakes. Self managed Super is not for the novelist, you should seek expert advice from a specialist SMSF Adviser to help achieve your end outcomes.
Self managed Super;
- Has 4 members or less.
- Each individual trustee of the fund is a fund member.
- Each member of the fund is a trustee.
- No member of the fund is an employee of another member of the fund, unless those members are related.
- The trustee can be a corporate entity.
- Employees cannot be in the same self managed superannuation fund as an employer member, unless they are related.
- No trustee of the fund receives remuneration for his or her services as a trustee.
- A SMSF is registered with, reports to and is regulated by the Australian Taxation Office.
- Provides – Control, Flexibility, Performance, Tax Savings and Cost effectiveness.
Running Self Managed Super
Trustees are required to:
- Act in accordance with the funds trust deed.
- Comply with contribution, preservation and benefit payment standards.
- Prepare and lodge annual tax returns and fund audits.
- Keep accurate and accessible records.
- Keep assets separate from personal assets.
- Comply with investment restrictions.
As Self Managed Super provides access to gearing, the use of a Limited Recourse Borrowing Arrangement can be very effective. Depending on your individual circumstances, it comes down to your individual circumstances. Speak with a Self Manager Super specialist today.
At Wyse Wealth, your SMSF adviser can set up your Self Manager Super Fund. In conjunction to creating your investment strategy, insurance strategy, directing cash flows, designing the asset allocation, tax effective strategies and your estate planning needs. Best of all the team are easy to talk deal with.
Call us today on 1300 850 902 , alternatively add your contact details in the fields below for a return call back.