The self managed superannuation fund (SMSF) is a way that people in Perth and beyond can save for retirement. When employers make contributions into your super, you can choose to have them put it in their corporate fund, an industry fund, a retail fund or an SMSF. There are many factors to consider, such as risk, reward, fees and insurance.
Remember that this information is general in nature. We can’t really make any specific recommendations without an individual consult to fully understand your financial situation first. We would like to give you an overview of SMSFs to help you decide if you would like to know more about them.
Factors to Consider
An SMSF isn’t for everyone. There are some factors you need to consider. According to the Australian Taxation Office (ATO), you may need as much as $200,000 to set up a viable SMSF. In addition, you will need to be a trustee. That involves a lot of time and responsibility.
You will need to submit reports on deadline, constantly monitor your investment strategy, keep abreast of all changes in SMSF regulations and keep a keen eye on the market for investment opportunities. You will also need to choose someone such as Approved Financial Planners to set up your SMSF.
Benefits of Self Managed Superannuation
Those who have enough time, money and access to sound financial advice will find that self managed superannuation provides a lot of benefits for our Perth clients.
You have more choices available because you can choose your own strategy for investment. You can also create a larger SMSF with family members or co-investors.
Call Approved Financial Planners Today
If you are interested in an SMSF, call us today. We can set your SMSF up for you and provide the expert advice you need. 08 6462 0888.