A SMSF let’s you take control of your super

A self-managed super fund [SMSF] provides you with more investment choices and estate planning opportunities.  As a trustee you are also responsible to ensure you fund remains compliant.

A self-managed super funds can have between 1 and 4 members and are therefore suited to individuals, couples and families.  They are also ideal for those who like the control and flexibility that comes with running their own fund and with making their own investment choices.

Setting up a SMSF

Generally, it is not recommended to establish a SMSF with less than $250k as it may not be financially viable with the initial setup and ongoing costs.  However, this depends on expected future contributions and investment options.

As a self-managed super fund is an investment the investment strategy will take into account the risk profile of the members.  The investment strategy sets out your fund’s investment objectives and specifies the types of investments your fund can make.

Investment options

An SMSF can invest in range of investments such as shares or managed funds, residential or commercial property, fixed interest and cash.

Some people are quite comfortable with making investment decisions and do not need the assistance of a financial planner.  Not feeling the same doesn’t mean a SMSF isn’t for you.  Some members prefer a regular review of the investment strategy in consultation with us.  As your financial advisor we can organise the purchase and sale of shares and/or managed funds, advise on strategies and update you on any changes to legislation.

SMSF responsibilities

An SMSF will have its own Tax File Number (TFN) and Australian Business Number (ABN).  Each year, you will need to ensure the financial statements are prepared, audited and the tax return is lodged.

As trustee, you are also responsible for ensuring the fund remains compliant.

Canny Group and your Self-Managed Super Fund

Whether you are considering establishing an SMSF or already have one, our team at Canny Advisory offer on-going service packages to all SMSF clients.  With Advisory and Accounting in one place, we can assist you with your administrative, accounting, tax and financial planning requirements.  We also assist with estate planning and retirement planning.