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Here’s everything you need to know about SMSFs
What is an SMSF?
Self-managed super funds, also generally known as SMSFs, are a way of saving for your retirement.
The difference between an SMSF and other types of funds is that the members of an SMSF are usually also the trustees. This means the members of the SMSF run it for their benefit and are responsible for complying with the super and tax laws. SMSFs can also give more control to trustees over their investments and various other factors.
Is an SMSF right for you?
If you set up an SMSF, you're in charge of the investment decisions for the fund and you're held responsible for complying with the super and tax laws.
An SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependents. Additionally, all decisions you make as trustees of your SMSF must be in the best financial interests of the members.
It's a major financial decision and you need to have the time and skills to do it. There may be better options for your super savings. It's best to see a qualified, licensed professional help you decide.
What are the benefits of having an SMSF?
There are potentially various benefits of an SMSF with the salient ones controlling, investment choice, flexibility, cost-effectiveness, tax benefits, transparency and borrowing amongst others.