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Setting up a self-managed super fund is no small decision - Future Assist



It is important to speak with a licensed superannuation adviser before deciding to set up an SMSF to ensure it will be suitable for meeting your retirement goals.

Here at Future Assist we are seeing more and more clients calling us and asking the question, 'should I have a Self Managed Superannuation Fund?' There's no conclusively right or wrong answer to that question but it is one that requires a lot of consideration and definitely merits speaking with a professional adviser. There are decisions to be made around SMSF running costs, choice of trustees, investment choices, your investment strategy within the fund and compliance, accounting, auditing and all of the regulations that a trustee of a self managed super fund needs to adhere to.  Do you have the knowledge, time, and expertise to manage your own Self Managed Superannuation Fund? For some people the answer is going to be yes, for others it's going to be no. For those the answer to the question is yes it will only be after very careful consideration. Now just consider the stats for a minute. In the 2013 financial year 150 Self Managed Superannuation Funds were made non-compliant, 440 individuals were disqualified from being a trustee, 70 self managed super funds were way under and 513 self managed super funds had enforceable undertakings against them. This doesn't mean that they will necessarily deliberately doing the wrong thing. But there are very strict pieces of legislation around the management a Self Managed Superannuation Fund that potentially you know, these guys weren’t adhering to.  These stats really highlight the importance of anyone contemplating a self managed super fund seeking and following sound advice strategies on prior to embarking.

One thing that is important to note when thinking about self-managed superfunds is that it is vital that you seek advice from a licensed financial adviser before proceeding. There are big differences in the level of obligation and compliance when moving from a traditional superannuation fund to a self-managed superfund. Running a SMSF requires more of your attention and time, which can be taken up in managing an effective investment strategy and the ongoing administration of the fund. The Australian Tax Office (ATO) suggests that when considering setting up an self-managed super fund that you first consult a licensed SMSF specialists.

Working with an advisory and administration firm like Future Assist allows you to focus more of your time on the investments in your fund and its performance, rather than the administration and compliance obligations.

 

It is also important to identify your motivations for setting up a self-managed super fund, and do these line up with actually reaching your retirement goals and desired lifestyle in retirement?

 

Speak to an SMSF Adviser at Future Assist today on: 1300 118 618

Important Notice: Any advice included in this website has been prepared as ‘general’ in nature and without taking into account your objectives, financial situation or needs. Before acting on the advice, you should consider whether it is appropriate to you in light of your objectives, financial situation or needs. It is important that you discuss your situation with a licensed financial adviser before proceeding with any advice.