Self-managed superannuation funds (SMSFs) and estate planning offer great benefits
Qualified and Experienced Superannuation Experts in Brisbane
Live that exotic lifestyle in retirement.
- A complete superannuation solution
- A dedicated team of qualified and experienced SMSF experts
- Peace of mind for your future
The popularity of Self Managed Superannuation Funds (SMSF) continues to increase. Is it the right thing for you to do? At UHY Haines Norton, we are in the position that we can both provide advice as to whether a SMSF is appropriate for you. We can also provide the required accounting, administration and audit provisions for you as well.
Getting the best superannuation advice outcomes for the future
You undoubtedly want to get the best possible outcome from your SMSF whether you are just starting off, planning your retirement or have already retired. We are here to guide you.
When it comes to our SMSF services, attaining best possible outcome for you and your loved ones is our priority – that’s why we do not outsource any of your work.
We will work with you and your other advisors, whether that’s your financial advisor, solicitor or banker. We understand that you and those who assist you want a no-fuss approach to getting things done.
There are a lot of positives and potential negatives with running your own SMSF;
What is so good about self-managed superannuation fund (SMSF)?
- More flexibility and control than a traditional APRA regulated superannuation fund. The range of assets you can invest in is broader and have more control.
- You can start up a pension from the same fund as you use for accumulation.
- Your returns can be higher than what you would make if you left it with an APRA regulated superannuation fund. For example, you can choose investments with a higher risk/return that may outperform an APRA regulated superannuation fund.
- Your ongoing compliance costs are determined by the style of your investments and quality of the information provided, rather than simply funds held under management. Generally, with APRA regulated superannuation funds, it is a percentage of your balance so as your balance goes up, so do your fees.
- Shares, managed funds and business real property can be sold or contributed to your own SMSF. In some cases, your SMSF can own business real property that your business pays market value rent to, and if the property is sold when you’ve retired, the capital gains tax is 0.
What can go wrong with SMSF?
- Lack of protection in the case of investment fraud (APRA regulated superannuation funds have this)
- No access to the Australian Financial Complaints Authority (APRA regulated superannuation funds have this)
- Insurance is generally more expensive (APRA regulated superannuation funds have access to group life insurance rates which are generally less expensive than retail insurance)
- Your returns can be less than what you would make if you left it with an APRA regulated superannuation fund eg. You leave all of the money in cash and don’t invest this and this impacts on your retirement benefit
- You can make a mistake and end up being fined or worse – always team up with a professional compliance team to ensure that you don’t make any mistakes
- Time and expertise taken to be a Trustee
Our range of superannuation advisory services include;
SMSF Advice regarding:
- Setting up a SMSF
- Winding up your SMSF
- Starting a pension
- Super contributions
- Accounting and administration
- Audit
- Inspecie-contributions
- Tax minimisation
- Technical support
- Compliance support
- Family succession
- Estate planning
Self-Managed Superannuation Fund FAQ's
A self-managed superannuation fund is an individual superannuation fund that is managed by the fund’s members or trustees. This type of fund allows members to have more control over their retirement income and investments. It is popular with those who want more control over their investments and retirement savings, as it gives them the ability to choose the assets and investments that best suit their needs.
1. Greater control: SMSFs offer investors the ability to make their own investment decisions and manage their own portfolio, giving them greater control over their retirement savings.
2. Tax benefits: SMSFs can access a range of tax concessions that other superannuation funds don’t have access to
3. Investment flexibility: With an SMSF, investors can choose from a range of investments that are not available through other types of superannuation funds
4. Estate planning: SMSFs can help investors with their estate planning by allowing them to pass on their superannuation savings to their beneficiaries in a tax-effective way.
The amount of money you need for a self-managed super fund depends on a number of factors, including the type of investments you plan to make, the number of members in the fund, and the amount of money you can contribute. Generally speaking, you will need at least $300,000 to open a self-managed super fund, although the amount may vary depending on the complexity of the investment strategy and the size of the fund.
If you are uncertain about setting up and managing your Self-Managed Super Fund (SMSF), it is recommended that you seek professional advice. An accountant, financial planner or solicitor can provide assistance with the setup and ongoing management of your SMSF. They can help you understand the legal and tax implications of running a SMSF and ensure you are compliant with all your legal and regulatory obligations.
You should speak to an accountant financial advisor who specialises in self-managed superannuation funds. They will be able to provide advice and assistance with setting up and managing your fund.
The Self-managed super funds provide more control over your retirement savings than retail or industry funds. With a SMSF, you have the option of taking a more active role in managing your retirement savings and investments. This includes the ability to choose and manage your own investments, buy a wider range of assets, and access tax benefits that may not be available with a traditional fund. An accountant specialising in SMSF will be able to assist with the regulatory requirements and ensure you are meeting your obligations.
It is not a requirement to have an accountant for an SMSF, but it is highly recommended. An accountant can help you manage your SMSF more effectively and efficiently and can help you make the most of your investment. Additionally, an accountant can help you understand complex tax regulations and how they relate to your SMSF.
This content has been prepared to provide you with general information only and has not taken into account your personal objectives, financial situation or needs. It does not contain and it is not to be taken to contain Personal Financial Advice. Before making any financial or investment decisions, you should seek advice from an appropriately licensed or authorised financial advisor.
The content was prepared by UHY Haines Norton. AFS Licence No. 483056
