www.assurewealth.com.au
Your friends keep telling you about this Self-managed superannuation fund because they love the control and flexibility it gives them compared to their old super fund, so it got you thinking, “should I have one too?”, but you know that self-managed super funds are complex and you don’t know where to start.
So lets’ take a look at some self-managed super fund basics:
• Who can be in your super fund? You can be in by yourself or you can share your fund with three other people, they can be family, friends or even business associates, as long as there is no more than four of you. Every member of the fund must also become a trustee, this means that every member is responsible for looking after the fund’s assets so that each of you is equally responsible for making investment decisions, paying benefits and meeting the legal requirements that go with running the fund.
• Self-managed funds are so popular because they give you more control and flexibility than you could ever get with a retail or industry super fund. Many people become frustrated with the lack of flexibility, transparency and performance that the retail or industry fund offers and they want to take control over their own destiny.
• Many business owners likes managed funds because their fund can invest in business properly. A business owner can even set up a self-managed fund to buy the property that their business operates from plus your options are not limited to commercial property as self-managed super fund can borrow money to purchase a residential property
• So what’s the catch? Managing your own super fund is a big responsibility. You need to have the time, commitment and skill to manage your own fund. If you don’t follow the rules and your fund could face some significant penalties. For this reason, it is important to seek professional help to make sure the fund is set up properly and that you have suitable investment strategy and that your fund is taking advantage of all the tax-smart strategies and it always complies with the law, that way you can get the best out of your fund.
• To find out more information about Self-managed superannuation funds and whether one might be appropriate for you, please click on the ‘Resources’ section of our website, thank you.
