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SMSF Advisor
Sydney
To discuss your SMSF needs please contact one of our qualified Financial Advisers at Future Wealth Group on Phone 1300 691 861 or peter@futurewealthgroup.com.au.
Insight Into Self Managed Superannuation
Self-managed super funds (SMSFs) are a way of saving for retirement. SMSFs are one of the fastest growing sectors of the Australian super industry. SMSFs give people full control of their own super fund, including all the legal and tax responsibilities associated with doing this.
What is SMSF?
Financial and Legal Knowledge
For those considering a Self-Managed Super Fund (SMSF), it’s crucial to have a strong grasp of finance and legal matters. This knowledge enables informed decision-making and ensures compliance with regulations, a foundational aspect of SMSF management according to the Association of Superannuation Funds Australia (ASFA).
Financial
Resources
Financial Resources
An SMSF’s feasibility largely depends on having sufficient funds. The costs include setup, annual operations, and professional fees for accounting, tax, audit, and legal advice. Adequate financial resources ensure the fund’s performance justifies these expenses, making it a vital consideration for potential SMSF trustees.
Time Commitment and Insurance
An SMSF requires dedication to research and manage investments effectively. Additionally, securing life insurance, including income protection and total and permanent disability cover, is essential for the fund’s long-term security. These factors are integral to determining if an SMSF suits your financial strategy and lifestyle.
You Can Do It All Yourself
Despite some people calling SMSFs ‘do it yourself super’ or ‘DIY funds’ you will have to work with some other people to meet your obligations. You will need an independent self-managed super fund auditor who is registered with ASIC to complete your fund’s audit each year. In some circumstances, you will need a qualified actuary to provide you with an actuarial certificate. Each year, you need to value your assets at market value. In some circumstances, you will need an independent valuer who is qualified to do this; for example, to value artwork.
How We Can Help
The team at Future Wealth Group can assist you with the investment and estate planning strategies for your SMSF. We will recommend an investment strategy that is in line with your risk profile and incorporates your ideas about investing within your SMSF. We make the recommendations. You make the decisions. SMSFs and Estate Planning is a complex area, but with our experience we will help to make sure your money goes to the right people at the right time.
