As one of the fastest growing Australian superannuation fund, the SMSF is becoming very popular among the Australians mainly because it provides many benefits, while giving you the power to control your own super. The SMSF is the only superannuation fund that allows you to invest in properties, shares and other valuable assets. Such investment decisions cannot be made with other superannuation funds.
As you can see the decision to set up self managed super fund is very important and requires skills and knowledge. This is a lifetime decision, so you need to be careful and consider all available options because not getting it right can cost you a lot. The decision to set up self managed super fund is huge, and you will need enough skills and knowledge in order to run the self managed super fund properly and successfully.
If you decide to set up self managed super fund, you become a director or a trustee of the fund. This way you have the power to manage your SMSF according to your own specifications as long as it is in compliance with the Australian Taxation Office (ATO) laws and rules. You will need to follow the conditions stated in the trust deed of your SMSF. The main idea is to run your super in the best way that will provide great retirement benefits to all SMSF members.
The most important things you need to consider are how to control your assets, and where to invest. If you don’t have enough skills to set up self managed super fund and to run it correctly, you will need to find a professional SMSF adviser who will guide you throughout the whole SMSF set up process. Consulting with a professional SMSF adviser before you start your self managed super fund is essential even for the experienced investors because even the smallest error can negatively affect your finances.
The professionals who can help you set up self managed super fund usually are administrators, tax agents, financial advisers and lawyers. Thus, hire a professional to set up self managed super fund. The SMSF expert can help you invest, manage and to control your fund in the best way that will benefit all SMSF members.