Self-Managed Super Funds

More than a million Australians choose to have their own Self Managed Superfund.  It’s not a course which is right for everyone, however if your Super is at a level where self-managed becomes a viable option, then there are certainly some good advantages to moving down this path.

There are many benefits to having a self-managed superfund.  The main one is control.  You have the ultimate control over how and where your funds are invested, and you have full visibility over your wealth tracking and ultimately your retirement savings.  The next great bonus is tax advantages.  All Superfunds benefit from concessional tax rates so in accumulation phase tax on investment income is capped at 15%.  In pension phase there is no tax payable, not even CGT.  Many of our clients have purchased their commercial property through a SMSF as this provided tax advantages in their circumstances.

Your SMSF must be overseen by a Trustee, and the administration involved can sometimes be daunting.  Trustees must lodge an annual tax return and audit and pay any ATO fees.  The more your SMSF grows the more cost effective this becomes.   As a Trustee you also need to ensure you’re running your SMSF within guidelines as the ATO penalties can be significant for any breaches.

If you’re looking to start your own SMSF, you’re best to seek the right advice from an investment and taxation perspective, and seek assistance in ensuring you comply with the rules surrounding SMSF’s. It’s also wise to ensure the benefits will outweigh the costs associated with having your own SMSF, as you need to ensure you have a minimum amount invested to make it worthwhile.

PJT are experts in looking after your retirement and superannuation needs and can assist you with the establishment and ongoing management of your SMSF. If you need more specific financial planning advice, PJT can assist you through PJT Financial Services to develop a financial plan, and through its network of preferred partners for specialist products and advice.

Want to know more? Request a free meeting with a SMSF Advisor, or call us on 5413 9300.

 

GENERAL ADVICE WARNING: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.

Merit Wealth LogoPJT Accountants & Business Advisors Pty Ltd CAR Number 1243046 ABN 13615402189 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361

Wayne Patten ARN 277883 is an Authorised Representative and Jodie Thompson ARN 277884, is a Limited Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361

Website: www.meritwealth.com.au | Privacy Statement. | Link: PJT FSG

Planning for Your Retirement & Building Superannuation

smsf-superannuation

BOOK A CONSULTATION
Subscribe to Our Newsletter
CONTACT US

What Client's Say

  • "PJT has always provided exceptional accounting service and advice relating to business operation, planning, taxation, investment and more."

    ,
  • "The principals and staff are always approachable and display a sincerity in your business and situation."

    ,
  • "PJT have made our life of running our own business much easier, knowing they are up to date with the latest in tax laws, and happy to help out with any queries we have

    ,
  • "PJT has always provided exceptional accounting service and advice relating to business operation, planning, taxation, investment and more."

    ,
  • "The principals and staff are always approachable and display a sincerity in your business and situation."

    ,
  • "PJT have made our life of running our own business much easier, knowing they are up to date with the latest in tax laws, and happy to help out with any queries we have not matter how small."

    ,

Read Related Articles

SMSF Auditor Requirements

Under the Superannuation Industry (Supervision) Act 1993, trustees of self-managed superannuation funds are required to present their financial statements, income tax returns and supporting workpapers for audit on an annual basis. ...

Changes to the Way We Look at Pensions in SMSFs - Asset Test

The Federal Government passed changes to the assets test for determining entitlement for the age pension. These changes are expected to take effect in 2017. ...

SMSF Auditor Requirements

Auditor Requirements ...

New Report Identifies SMSF Trustees Failing at Estate Planning

A new report released by CBA and the SMSF Association, suggested that more than 50% of SMSFs don't have a current will or a succession plan in place. ...
Sunshine Coast Accountants and Business Advisors