Self Managed Superannuation Funds (SMSF)

What most of us understand as Super Funds are set up by a central trustee for the benefits of all the members. The difference for a Self Managed Superannuation Fund (SMSF) is that the Trustee could be you.

The benefits of this approach are as follows:

• You can still choose how contributions are made as

• You need a minimum of $150,000 in order to make the investment worthwhile

• You can nominate specific beneficiaries or leave it to the fund trustee to administer benefits more efficiently to reduce taxes

• All members can make decisions about the fund

• Can have insurance policies for members

• Access to information to assist in running the fund from the ATO, including provision of forms

• You choose how your funds will be invested

• Pooling of assets for increased diversity of investment

• Borrow  and purchase of either Residential Property SMSF or Commercial Property SMSF

• Can make payments to individuals at the same time as collecting contributions from others

• Access to core specialists including an Accountant, Financial Planner, SMSF Specialist, Legal Practitioner

You can choose whether your contributions are employer contributions, personal contributions, salary sacrifice contributions, super co-contributions or eligible spouse contributions.

All members can make decisions about how their funds are managed by choosing their investment assets, as long as they comply to the trust deed which outlines the investment strategies, then the investment may take place. Each member will have their own account of contributions, investments and fees.

The ATO has up-to-date advice about Self Managed Superannuation Funds to keep the trustee informed about changes in legislation. The trustee will rely on this advice in making investment decisions, book-keeping and reporting obligations.

You should always seek advice and support from Accountants, Financial Planners, and /or Legal Practitioners that have specific SMSF training and qualifications.

Finance Me can help applicants apply for a mortgage for SMSF no matter your credit profile.