Self-Managed Superannuation Funds (SMSFs)
Self-Managed Superannuation Funds (SMSFs) are a legal tax structure, regulated by the Australian Taxation Office, with the sole purpose of providing for your retirement.
If you set up a self-managed super fund (SMSF), you're in charge – you make the investment decisions for the fund and you're held responsible for complying with the super and tax laws.
5 key questions you should ask yourself before setting up a self-managed superannuation fund.
1. Why are you looking to establish a SMSF?
2. How much money do you need to start your SMSF?
3. What Trustee structure will you utilise?
4. What is your investment strategy?
5. Do you understand your obligations and responsibilities as a SMSF trustee?
Running your own SMSF is complex. Carrying out the role of Trustee or Director imposes important legal duties on you, and you need to ensure the money is used only to provide retirement benefits. You also have to keep comprehensive records and arrange an annual audit by an approved SMSF auditor.
At Wrights, we understand the complexities of SMSF set up and ongoing management. Our partners, Doug, Anthony and Chris are all approved SMSF Auditors and are here to help you navigate the SMSF landscape.
Contact us to help decide if a SMSF is right for you or help with your existing fund.