When you say Self-Managed Super Funds or SMSF’S, it means that you are saving for your future retirement.You are the one who is running your super funds for your own benefit and it is your responsibility to complyto the requirements in this fund and for the tax laws. As a member, you are also the trustees.
Self-Managed Super Funds need a major decision and you need skills and time to realize it. You can seek professional advice for this via a Financial Planner. The purpose of Self-Managed Super Funds is to make sure that you can have your deserved retirement benefits for you or for your dependents. Do not think that when you have the access to your funds, you can buy whatever you want because that is illegal. It is a superannuation trust that will provide the trustees retirement benefits.
You can choose if what kind of trustee you belong. If you want the corporate trustee the company will be the trustee and the director will be its member. It is all about recording of their assets and also registering them. The individual trustee requires a minimum of two trustees and each of the members will be appointed as a trustee.
As trustees, you have your individual obligation of your funds. You will be responsible for every decision in terms of investment and ensure that you have wise implementation the strategy used for your investment.
Self-Managed Super Fundsfollows very strict administrative responsibilities that oblige you to maintain your record, present financial statements of your investment, tax return and organize an independent audit of every financial transactions.
There are some support services that can provide SMSF trustees in terms of accounting, insurance, mortgage and some financial advice for their investment that can guide every trustee for the process’s they need to secure their funds.
One of the benefits of Self-Managed Super Funds is that you can decide what investment you will use with your money because you have ultimate control over your super funds. You will be the one who can make the strategies that will be for your investment. Your tax savings will depend on the strategy that you are using and you can enjoy most investment options.
You can set up your Self-Managed Super Fund investments online for you to monitor your funds daily. You will just sign up, complete the information needed and within 15 minutes you have successfully set up your funds.
You can invest in cash, term deposits, direct equities, Managed Funds, Direct Property and other investment options. By managing your funds wisely and in a diversed portfolio, you will reduce the risk and give you a greater opportunity for growth over the long term.
Having Self-Managed Super Funds can really help you to prepare for you and your family’s future. By securing the money you have earned from your hard work, you can invest in the options of your choicegiving you greater flexibility and choice for your future.