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• Considering SMSF

Considering SMSF

Self Managed Superannuation Funds ("SMSF") provide individuals with the ultimate expression of choice when it comes to wanting to take a greater level of control of your retirement goals.  Super is the way most Australians save money to retire, and for more than 750,000 indiviuals, SMSFs allow them to be the master of their own financial destiny.

If you are considering managing your own super (SMSF), it does come with responsibility.  Super is meant for your retirement, so there are special rules about how it’s managed and when you can access it.

There are a range of key considerations you need to consider as to whether a SMSF is right for you. The Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC) have outlined the following six important steps for consideration to assess the appropriateness of an SMSF:

• Consider your options and seek professional advice.
• Ensure you have sufficient assets, time and skills to manage your own fund. 
• Follow the super and tax laws and understand the risks.
• Tailor your trust deed and investment strategy to suit the members of your fund. 
• Be sure you can meet your record keeping and reporting obligations.
• Make sure you understand your annual auditing obligations.

Source:  Thinking about Self Managed Super , ATO/ASIC, March 2009

There are strict rules that govern how you can use an SMSF and how you can invest your money.  It can be difficult, but at Outlook Tax & Accounting Solutions, we provide self managed super fund trustees with real solutions tailored to each clients own requirements.  Seeking qualified and licensed professional advice to help you decide if it’s the right super fund for you is an important process before proceeding to establish a fund.

You should carefully consider which option is best to provide for your retirement.  If you’re thinking about setting up an SMSF, it is important to work out if this type of fund is right for you and to understand the things you will need to do to set up and run an SMSF successfully. 

  SMSF New Fund Establishment Request Form