Self Managed Super Fund (SMSF) Advice

One of the biggest benefits of SMSF is the ability to invest in assets such as property or shares that would be prohibitively expensive if you were investing on your own or not available in traditional retail or industry super funds.

Other benefits include:

• Estate planning
  It’s important to know who can receive your superannuation in the event of your death. As superannuation is not part of your estate, there are certain people who you can nominate to receive your super in the event of your death. It’s also important to know any tax implications depending on who you nominate to receive your super, in some cases the beneficiaries can be taxed up to 32%.
• Effective tax management
  The current tax rate on superannuation earnings is 15% when you are accumulating your wealth for your future. But once you reach a stage where you can access your super to fund your retirement lifestyle, there is potentially no tax paid by the fund and you receive your regular payments tax-free.
• More flexibility and control
  As the fund’s trustees are also its members, you have greater flexibility in your SMSF in terms of investments, strategies around payments and taxations which is not generally available in retail or industry funds.
• Lower running costs
  With large superannuation balances, potentially the cost of running your SMSF decreases compared to a traditional superannuation fund as you can pool your assets into one fund, which you can’t do with an industry or retail superannuation fund.
• Protection from Creditors
  Creditors are generally unable to access your superannuation. This is a great asset protection strategy, however super contributions it can be clawed back if your intention was to avoid creditors in the first place.  So Someone may put their money into a SMSF to avoid paying their obligations unless clawback legislation is in force.
• Pooling your super with others
  SMSF’s enable you to combine your superannuation with up to six people in total. This can be particularly helpful for spouses and families, as certain investments have a minimum investment that might be more than an individual’s super balance or it’s more cost effective to pool your assets together to get greater synergies and make your money work harder for everyone involved. It also means the families are only paying fees on one account and those costs are split across each of the member’s balances.

At Aspiri, we’ll help determine whether a self-managed super fund is appropriate for you and your needs.

We can establish your SMSF and assist you in managing your responsibilities, so you can take advantage of all the benefits without having to worry about the day-to-day hassles of managing your own funds. If you currently have a self-managed super, we can look at strategies to increase your investments, minimise tax and provide you with strategies to help manage your SMSF.

Learn more about how you can create a successful long-term investment strategy within the tax efficient environment of an SMSF.

Contact us to find out more about self-managed super