SMSF, or Self-Managed Super Funds, are an alternative to the traditional style superannuation funds that are available, and compulsory for employees. A self-managed super fund, is as it implies, managed a trustee that can be anyone. Typically it can be a husband and wife who would rather run their fund themselves. However, there can be up to 4 members. This does mean that you are responsible for the investments and that you comply with the superannuation law.
SMSF are a growing superannuation alternative for you to save for your retirement. It is estimated that more than 1 million Australians have chosen to have their money invested in an SMSF,
making it the fastest growing type of super in Australia, with roughly 3,000 per month being setup.
SMSF’s can certainly be a good way to share costs between a group of people and SMSF can have some unique investments you cannot get elsewhere. It is important to consider whether an SMSF is appropriate for you as it can be costly to start up and shut down. Here are some basics that anyone considering a SMSF should consider:
We strongly recommend speaking to our staff to ascertain if an SMSF is right for you and if so, the best way to implement this.