self managed superannuation funds
Like other superannuation (super) funds, self-managed super funds (SMSFs) are a way of saving for your retirement. The difference between an SMSF and other types of funds is that, generally, the members of an SMSF are also the trustees. This means the members of the SMSF run it for their own benefit.
You can set up your own private super fund and manage it yourself, but only under strict rules regulated by the Australian Taxation Office (ATO).
An SMSF can have between one to four members. Each member is a trustee (or director if there is a corporate trustee). Running your own fund is complex. Our expert advisers can make this complex process simple for you.
when you run your own smsf you must:
Carry out the role of trustee or director, which imposes important legal duties on you.
Use the money only to provide retirement benefits.
Set and follow an investment strategy that ensures the fund is likely to meet your retirement needs, but make sure it is updated as rules and regulations change.
Other changes will occur if children are added or a member dies.
Keep comprehensive records and arrange an annual audit by an approved SMSF auditor.
important links as a smsf is controlled by the following entities:
If you want the flexibility of an SMSF, but not the worry then we at Wise Owl Financial have the expert staff to assist you to set up your SMSF to ensure that you meet all of the legal obligations and your SMSF is doing what you want it to do, to ensure you have financial security when you retire.
Contact us today and let us unravel the complexities of setting up your SMSF
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