SMSFs are private superannuation funds that you manage yourself. Unlike traditional funds managed by larger institutions, SMSFs give you direct control over how you invest your retirement savings. They offer a personalised approach to managing your superannuation, allowing you to tailor your investment strategy to best suit your retirement goals.
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Specialists in Self Managed Super Funds
With expertise in SMSF tax advice, SMSF administration and SMSF accounting for Self Managed Super Funds, we provide a streamlined, secure, and efficient service to over 350 SMSFs. By leveraging the latest cloud technology, we ensure your SMSF operations are timely and efficient.
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Our team is committed to guiding you through every SMSF complexity, ensuring your self managed super fund is compliant and
helping you use the rules to your advantage.
With Rogerson Kenny Business Accountants, you gain access to a personal and friendly service from dedicated SMSF accountants
who understand your unique circumstances. Discover how we can help you optimise your SMSF today.
What are Self Managed
Super Funds?
However, with the flexibility and control of an SMSF comes increased responsibility. As a trustee, you’re in charge of the fund’s compliance with superannuation laws. You’re responsible for making sound investment decisions, maintaining accurate records, and ensuring that the fund is audited annually by an approved SMSF auditor.
Despite the additional responsibilities, many Australians find the potential benefits of a Self-Managed Superannuation Fund appealing. These benefits include the ability to invest in a broader range of assets, the potential for tax planning strategies, and the flexibility to adjust your investments as your circumstances change. With the right advice and support, an SMSF can be an effective tool to help you achieve your retirement goals.
Generally speaking, an SMSF may be more cost efficient than an industry or retail super fund when you have more than $300,000 in super.
How does an SMSF work?
An SMSF operates much like any other super fund, with the key difference being you’re in the driver’s seat.
It starts with setting up the SMSF. This involves choosing your trustees, creating the SMSF trust deed, and registering the fund with the Australian Taxation Office (ATO). Once established, the fund can receive super contributions and rollovers from other super funds.
When it comes to investing, the choice is yours. There are a vast array of SMSF investment options. Whether it’s shares, property, fixed-interest investments, or even collectables, the decisions rest in your hands. However, it’s essential your investments align with your SMSF’s written investment strategy and comply with superannuation laws.
Managing an SMSF requires diligence and time. The fund’s trustees must handle the administrative tasks, ensure the SMSF’s compliance with superannuation laws, and arrange an annual audit. It’s important to remember that while managing an SMSF offers greater control and flexibility, it also carries greater responsibility. However, with the right guidance and advice, it’s a responsibility many find rewarding.
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Self Managed Super Funds: Pros and Cons
Here are some of the key benefits that make SMSFs an attractive choice for many
Control and flexibility
As an SMSF member, you have greater control over your investment decisions. This means you can tailor your strategy based on your financial goals and risk appetite.
Investment choices
SMSFs offer a wide range of investment options that may not be available in other funds. These can include direct property, shares, and even collectibles.
Tax management
SMSFs provide opportunities for tax planning that can potentially lead to significant tax savings.
Consolidation
SMSFs allow up to six members, allowing pooling resources with family members, potentially reducing costs, and increasing investment opportunities.
Estate planning
SMSFs provide more flexibility in estate planning, allowing you to set specific conditions on how your benefits are paid after your death.
Transparency
With an SMSF, you can clearly view your super’s performance and the associated costs.
Cost-effectiveness
If appropriately managed, the costs of running an SMSF can be lower than other super options, especially for larger balances.
Insurance options
SMSFs let you hold different types of insurance policies for the fund’s members, potentially providing broader coverage levels.
Understanding the potential downsides when
considering SMSFs is important
Here are some points to consider (and we can help you mitigate these risks)
Time commitment
Managing an SMSF can be time-consuming. You’ll need to make investment decisions, keep comprehensive records, and ensure compliance with superannuation laws and regulations.
Investment risk
While having control over investments can be a positive, it also means you’re at risk if your investments perform poorly. Unlike with APRA-regulated funds, there’s no government compensation if things go wrong.
Regulatory risk
Non-compliance with regulations can lead to significant penalties. It’s crucial to understand and abide by all superannuation laws.
Insurance
Acquiring adequate insurance coverage can be more expensive for SMSFs when compared to conventional funds.
Lack of diversification
Often SMSFs, due to their size, may lack the investment diversification that larger funds can offer, potentially increasing the risk.
Responsibility
As a trustee, you’re personally liable for all the fund’s decisions – even if you get help from a professional or another member made the decision.
Why Gamble on Your Retirement?
Arm yourself with our SMSF advice and make decisions that count
Navigate your SMSF strategy like a pro with Rogerson Kenny, your go-to SMSF experts. Our professional advice is your secret weapon to a successful and compliant SMSF, whilst giving you the best opportunity of putting your SMSF wealth creation in the fast lane.
