A Self-Managed Super Fund l SMSF let’s you take control of your super + gives you flexibility.

A self-managed super fund (SMSF) provides you with more investment choices and estate planning opportunities.  One of the main attractions of an SMSF is that you have the control over where your superannuation is invested.  As well as the additional tax efficiencies and also saving on administration fees.  As a trustee you are also responsible to ensure you fund remains compliant.

SMSF’s 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.

WHAT DO YOU NEED TO CONSIDER?

Getting started + setting up an SMSF

Generally, it is not recommended to establish an 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.  This is one of the key benefits of running an SMSF; greater choice and control over investments when compared with commercial superannuation funds.

While you may feel comfortable making investment decisions, we always insist that you seek advice from a financial planner.  This is to ensure that you are fully aware of your risk profile and the decisions that you are making.  Not feeling the same doesn’t mean an 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.

SELF-MANAGED SUPER FUNDS FOR BUSINESS OWNERS

SMSF for your business…

An SMSF allows trustees to purchase business real property inside their super fund.  This can provide many tax benefits.  If there is not enough money in the fund, a Self-Managed Super Fund can also borrow money from a financial institution to buy a property.  If you already own a commercial property, it may be work considering contributing the property to the fund as a non-concessional contribution.

Canny Group + 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.