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A Self-Managed Super Fund (SMSF) is a private superannuation fund that you manage yourself. The members are usually The Trustees of the fund, and it is regulated by the Australian Taxation Office (ATO).
If you want control, and can handle the responsibility, then an SMSF may be for you. There is an ATO approved education program through the SMSF Association that could help clarify the responsibilities required. Alternately one of our Advisers could give you a quick overview of the types of responsibilities necessary to become a Trustee of a SMSF.
If you have $140,000 or more in super as an individual (or combined with a partner) a Self Managed Super Fund (SMSF) may be suitable for you.
An SMSF must have its own Tax File Number (TFN) and Australian Business Number (ABN), as well as its own bank account. It's sole purpose is to provide an income upon the retirement of its members, and the members also have the responsibility of ensuring that there is an investment strategy in place. Future Assist provide comprehensive SMSF services and support including set up, investing, ongoing administration, taxation and compliance preparation.
There are many benefits when it comes to running your own SMSF. Firstly, the control you have over what you choose to invest in and how is the most important. An SMSF can also borrow to invest via a Limited Recourse Loan. There is also the ability to have more control over tax.
You can still invest in the usual shares, term-deposits, managed funds and property. You have the ability to choose your own shares, and small business owners can invest in buying their own business property through their SMSFs. Many SMSFs hold collectibles such as artwork, jewellry, antiques and vintage cars.
You will need to consider finding an SMSF expert/adviser in order to help you with the initial set up. You will then need to create a trust deed, appoint Trustees, register with the ATO, set up a bank account for the fund, roll over any Super you already have, then create an investment strategy.
You must be able to comply with the superannuation and tax laws, including making sure the money is only used for retirement benefits. You will also be obligated to keep records, such as lodging annual statements. You must report contributions, and there are also audit requirements, including having the fund audited by an approved SMSF auditor each year.
The sole purpose test ensures a super fund’s SOLE PURPOSE is to provide benefit to its members upon retirement. SMSF members need to ensure that they do not use or access any the assets of the SMSF. Violating the sole purpose test is a serious matter and can result in civil and criminal penalties.
No. This would violate the sole purpose test and result in heavy civil and criminal penalties (see above)
Yes, this is not unusual. Special rules also allow you to lease the property to your own business as long as strict criteria are met.
In most cases, a SMSF audit is conducted 12 months upon set up and every 3 years after this time. A SMSF approved auditor will conduct a FINANCIAL and COMPLIANCE audit of your super fund . A financial audit enables your auditor to examine your fund's financial statements. A compliance audit involves assessing your SMSF's compliance with the superannuation rules.
There are close to 600,000 SMSFs now in operation, managing $696.7 billion in assets as of 30th June 2017, according to the latest statistics released by the Australian Prudential Regulation Authority (APRA), and the Australian Taxation Office (ATO).
“Life changing advice with fantastic results.”Rebecca Carr Product review 2018