SMSF Setup

The decision to start a Self Managed Superannuation Fund is not one that should be taken lightly. The ATO regulate SMSF's heavily to ensure that the fundamental purpose of superannuation is adhered to - that your superannuation monies are for the sole purpose of providing income in retirement.

Commercial superannuation funds provide some benefits that you can't get from a SMSF - investment decision made for you, access to wholesale investment rates, life insurance with little or no medical just to name a few - however commercial superannuation funds tend to live "within the square" and give you little or no room to make your own decisions.

The ATO's regulation means that they are strict on what documentation needs to be completed by the SMSF to remain compliant. Minutes of meetings, investment strategies, annual accounts with notes and members statements, regular asset valuations, and much more.

However the rewards are there. SMSF's with balances over $250,000 typically have lower overheads and fees compared to what they are paying their commercial fund (based on1% fee level). SMSF's can be more reactive to new investment opportunities as they aren't weighed down a large corporate hierarchy. SMSF's can invest in certain assets that will help their related business (commercial property).

If you make the decision to go on your own, the worst thing you can do it go it alone. You need professional  advice to ensure that not only is your SMSF compliant with the Law but your superannuation is working for you.

Resources

If you are considering starting a SMSF, we suggest you check our these resources first:

  • Our brochure on what you need to consider -> to the right of the page
  • Our brochure on some of the investment options an SMSF has -> to the right of the page
  • An explanatory video on the setup process (compliments of MCA Financial Planners Pty Ltd) -> here
  • The ATO's SMSF section of their website -> here

If you do decide to start a SMSF, then have a look at our brochre to see how we can help.

And if you are considering getting financial advice, have a look at this video. We are the "dietitian" (you'll understand after you've seen the video) - free from bias and conflicts. We don't accept commissions like 90% of financial planners, so you know that when we give you advice, it truly is in your best interests. Simply contact us to get started.

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