How Self Managed Super Funds work
We can help you to 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) and running your own fund is complex.
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
- Keep comprehensive records and arrange an annual audit by an approved SMSF auditor
If you’re running an SMSF you will typically need:
- A large amount of money in the fund to make set up and yearly running costs worthwhile
- To budget for ongoing expenses such as professional accounting, tax, audit, legal and financial advice
- Plenty of time to manage the fund
- Financial experience and skills so you are more likely to make sound investment decisions
- Separate life insurance, including income protection and total and permanent disability cover
You can pay an adviser a fee to do the administration or help with the investment decisions for your SMSF. However, be sure you understand what your adviser is doing because you cannot pass on the responsibility of being a trustee or director.
If you decide to set up an SMSF you are personally liable for all the decisions made by the fund even if you get help from a professional or another member makes the decision.
For more information regarding a SMSF, please give the office a call.
Interested in joining our team? Why not apply today?
About Our Traineeships:-
Join the Market Leader in 2016 – Accounting Traineeships
Looking to study a B.Com at University of Newcastle in 2016?
Bottrell Business Consultants are a Multi Award Winning Firm
We have 2016 Traineeships available – work 3 days Study part-time 2 days
Apply now to Tara Skippen on tara@bottrellaccounting.com.au – send resume & cover letter
www.bottrellaccounting.com.au or check us out on Facebook, Twitter, Instagram or LinkedIn
Offices – East Maitland | Newcastle | Sydney | Melbourne | Brisbane | Gold Coast
Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.
The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.
Our group of businesses & links include the following companies (& our websites);-
- Bottrell Accounting & Taxation – Visit out website
- Bottrel Business Consultants Pty Ltd – Visit our website
- Maitland Accounting & Taxation – Visit our website
- East Maitland Accounting Services – Visit our website
- Mobile Bookkeeping & Recruitment – Visit our website
Comments are closed.