Should you have a Self Managed Super Fund (SMSF)?
As you may be aware, Self Managed Superannuation Funds (SMSFs) are the fastest growing segment in the Australian superannuation industry. SMSFs are often featured in the media due to their growing popularity, high profile and changes to legislation which affect them.
SMSFs, whilst growing in popularity and adoption, are complex and have specific legislation, administration and auditing processes which must be followed. In addition, the trustees of a SMSF have certain legal obligations and responsibilities. We find that many clients are not aware of this when considering a SMSF.
Other criteria to consider includes:
- The initial amount to be invested, which should be a 1minimum of $200,000 to make it meaningful with $500,000 considered most cost effective
- Being prepared to play a more active role as a trustee/director and member of a SMSF in developing and managing the investments and investment strategy of the fund which requires more time and a degree of skill and expertise.
What you may not be aware of, is that Central West Financial Solutions specialise in providing SMSF advice and services associated with establishing and managing a SMSF. Tony Seymour is an accredited SMSF Specialist Advisor ™ of the Self Managed Super Fund Professionals’ Association of Australia (SPAA) and accordingly can give the latest information and advice relevant to you about running a SMSF. Through our alliances we are also able to provide the necessary administration, auditing and reporting for your fund, or would be happy to work with your existing accountant and/or solicitor.
If you are interested in finding out more about SMSFs or have been considering implementing a SMSF then please contact the office to make an appointment with Tony. He would be happy to discuss the suitability of an SMSF for your circumstances and future needs to assess whether it is the best option for you.
Please click here for more information on our SMSF page on our website
