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Self Managed Super Funds (SMSF)

self managed superannuationSelf-Managed Superannuation Funds (SMSF) like all other superannuation types are a way of saving for your retirement. In this case however, the members of the SMSF are also the trustees, which effectively means the members are running the Fund for their own benefit. SMSF's are the fastest growing sector in the Superannuation industry.

SMSF's are a complex financial instrument and take a lot of time and expertise. The Australian Tax Office (ATO) makes the point that you should receive professional advice before launching into the Self-Managed Super Fund world.

Given the huge amount of uncertainty in global investment markets, is it any wonder that many more people want to take control of what their super fund invests in?  Whilst superannuation is not cheap to administer, it may be much cheaper to have your own super fund than have any other type of super.

Mind you, given the costs to administer superannuation, the more you have in super the more cost effective it is to have an SMSF. If your super balance either, on your own, or as a couple exceeds $400,000 then you may well find that your own SMSF is much cheaper than your existing super fund and YOU decide what investments work best for you.

You may prefer to have all your super invested in Term Deposits, whatever your preference, you owe it to yourself to find out more.

How Balance Financial Solutions Helps You

smsfWe find a lot of people need some help & guidance on the strategy & the underlying investments, as well as the technical issues. The other roles involved in Superannuation are:

 - Member
 - Trustee
 - Accounting
 - Audit
 - Administration
 - Actuarial
 - Taxation
 - Investment (including technical, strategy & investment      planning).




SMSF's and Property

You may like the idea of having an investment property within your super fund. This gives you the ability to eliminate Capital Gains Tax. Purchasing Investment Properties in Superannuation funds is fast becoming an area of interest for many people. 

You need to comply with certain rules in order to invest in a residential property with your SMSF.

- The "sole purpose test" must be passed where the only purpose of the property is to give a retirement benefit to the fund members.

- It can't be purchased or acquired from a relation of a member

- Fund members can't live in the property, neither can their relatives

- Fund members can't rent the property, neither can relatives of the fund members.

Needless to say the process of setting up an SMSF is complicated. Our experts have navigated many people through this maze before.

Contact us at Balance Financial Solutions

If you would like to find out more about Self-Managed Super Funds, & whether they would suit you, to talk to one of our Financial Advisers (Michael or Eric) click here to Request an appointment.

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