Reasons why Australians are choosing to establish an SMSF
June 10, 2018
SMSF stands for self-managed super fund. SMSFs are super funds set up by individuals or a group of up to four people. It is a legal tax structure whose sole purpose is to provide for your retirement. SMSFs operate under similar rules and restrictions as ordinary super funds. Below are some requirements/steps you need to know:
- You need to set up/create a trust which meets the requirements of the Superannuation Industry Act 1993 (SIS Act).
- Trustees cannot receive any wages for their services.
- Trustee company’s directors have to members of the fund.
- You need to keep comprehensive records ,organise insurance and get audited by an approved SMSF auditor
- Follow an investment strategy which has less risk and is likely to meet your retirement needs.
- We recommend for budgeting for ongoing expenses like tax, audit and legal/financial advice.
At the end of each financial year your Self Managed Super Fund (SMSF) will need to be audited by an independent third party SMSF Auditor. Book your SMSF Audit now.
Important
You are personally liable for all decisions made by the fund even if you have taken professional advice or from another member as you are carrying the role of trustee or director which imposes all legal obligations on you.*
SMSF’s with one member have different set of rules*
