As the baby boomer group reaches retirement period, growth in the superannuation area continues at an incredible pace.
Self-Managed Superannuation Funds (SMSF) embodies one of the biggest areas of investment for retirement in Australia. It is also a multifaceted and technical matter with regular legislative changes. This makes it a lot more difficult to keep up-to-date with all the latest approaches in making the most of retirement income benefits.
Power Tynan Superannuation Solutions has an experienced team of specialists dedicated to superannuation and taxation. We can guide you through the complexity of this area and interpret the legislative requirements for fund compliance. We can provide the support to ensure your retirement income benefits are secured and protected.
What is a SMSF?
Instead of having a retail, corporate or industry fund, individuals can establish their own fund, a SMSF.
An SMSF gives members of the fund control over specific investment choices involving their superannuation. They can tailor their own investment strategies and select specific assets such as listed securities, managed investments, cash and term deposits, international equities, instalment warrants and so on.
Generally a SMSF has the following features:
- a personal or family super fund with no more than 4 members
- each member of the fund is a trustee
- no member of the fund is an employee of another member of the fund, unless those members are related
- no trustee of the fund receives remuneration for his or her services as a trustee
- the SMSF must have a written Trust Deed and Investment Strategy that meets all members’ objectives
Advantages of SMSFs
- greater investment choice – direct and indirect investing
- greater control over investment strategies
- access to investment gearing opportunities not available in retail super funds
- cost effective over long term
- offers preferable tax arrangements
- allows you to look after your family
Is a SMSF right for you?
There is no doubt there are advantages to SMSFs, however you need to consider if an SMSF is appropriate for you. In trying to answer this question, consider these four questions:
- Is the fund strictly for retirement benefits?
- Do you have the time to manage your own fund?
- Will the benefit be worth the cost?
- How will switching to an SMSF affect your current superannuation benefits?
When setting up and running your Self Managed Super Fund (SMSF), one of your most important decisions is choosing your SMSF administration provider to help guide you through the process. The compliance element of super is complex, and administration services vary widely in what they offer.
At Power Tynan Superannuation Solutions, we want our clients to have access to the best superannuation service available. Power Tynan Superannuation Solutions is a complete SMSF administration service designed to ease the burden of compliance and paperwork and provide you with peace of mind.