Self-managed super funds (SMSFs) allow people to control their own super investments for their retirement. If you set one up, you’re responsible for running it in accordance with the law and reporting to the ATO on its operation.
Benefits of a SMSF include:
- Control over your investments.
- More investment flexibility.
- Lower fees on average than industry and retail funds.
- Generally better performance than industry and retail funds.
- Tax concessions and efficiencies.
- Opportunities for insurance cover within your SMSF.
- Estate planning opportunities within your SMSF.
You generally need to have a significant amount of superannuation to benefit from a SMSF. On average we would suggest a minimum of $200,000 is needed, with a view to building your super with ongoing contributions. However, it would depend on your particular situation and stage in life as to whether a SMSF would benefit you.
Email Juanita Sharp or Adam Passwell or call them on (02) 4455 5333, for more information
