If you set up a self-managed super fund (SMSF), you're in charge – you make the investment decisions for the fund and you're responsible for complying with the super and tax laws. 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. Either way you should consider professional advice.
Our videos, What's involved in an SMSF and You can't do it all yourself give a quick overview of what's involved in setting up and running an SMSF, and the various professionals you may have to engage to help you.
Duration 2:24 mins. A transcript of SMSF--What's involved with an SMSF is also available.
Duration 3:06 mins. A transcript of SMSF -- You can't do it all yourself is also available.What is an SMSF?
A self-managed super fund (SMSF) is a super fund controlled by its trustees and regulated by the ATO. SMSFs can have no more than four members and must be run for the sole purpose of providing death or retirement benefits for the members or the members' dependents.
Consider your options
To establish a SMSF you need to have the time and skills to manage the fund. There are ongoing running costs (such as the annual audit) and you may need to engage advisers. If you're not positive you can do better yourself than in another fund, you may be better off using another type of fund to provide for your retirement.
What it means to be a trustee
A trustee is responsible for running the fund and acting in the best interests of the members. As a trustee, you need to manage the fund and all its assets separately from your own assets. You may be personally liable to pay an administrative penalty if you don't follow the laws that apply to SMSFs.
Understand the risks and laws
As a trustee of an SMSF you're responsible for all investment decisions and the associated risks, as well as ensuring compliance with super and tax laws. You don't have access to some of the legal protection that applies to members of other types of super funds. SMSFs receive significant tax concessions but you need to follow the tax and super laws to be eligible for these concessions.
This News is reprinted from site https://www.ato.gov.au/Super/Self-managed-super-funds/Thinking-about-self-managed-super/
Our videos, What's involved in an SMSF and You can't do it all yourself give a quick overview of what's involved in setting up and running an SMSF, and the various professionals you may have to engage to help you.
Duration 2:24 mins. A transcript of SMSF--What's involved with an SMSF is also available.
Duration 3:06 mins. A transcript of SMSF -- You can't do it all yourself is also available.What is an SMSF?
A self-managed super fund (SMSF) is a super fund controlled by its trustees and regulated by the ATO. SMSFs can have no more than four members and must be run for the sole purpose of providing death or retirement benefits for the members or the members' dependents.
Consider your options
To establish a SMSF you need to have the time and skills to manage the fund. There are ongoing running costs (such as the annual audit) and you may need to engage advisers. If you're not positive you can do better yourself than in another fund, you may be better off using another type of fund to provide for your retirement.
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What it means to be a trustee
A trustee is responsible for running the fund and acting in the best interests of the members. As a trustee, you need to manage the fund and all its assets separately from your own assets. You may be personally liable to pay an administrative penalty if you don't follow the laws that apply to SMSFs.
Understand the risks and laws
As a trustee of an SMSF you're responsible for all investment decisions and the associated risks, as well as ensuring compliance with super and tax laws. You don't have access to some of the legal protection that applies to members of other types of super funds. SMSFs receive significant tax concessions but you need to follow the tax and super laws to be eligible for these concessions.
This News is reprinted from site https://www.ato.gov.au/Super/Self-managed-super-funds/Thinking-about-self-managed-super/
