Get out and enjoy life, while we make sure you’ll be able to enjoy it later too.
The team at Ashfords Superannuation Services are superannuation experts, and have been providing trusted advice for over 25 years.
We can assist in establishing a superannuation fund that will effectively enable you to reach your financial retirement goals.
Superannuation can be tricky to navigate, so let us help you create a personalised plan that is suited to your needs.
A self managed superannuation fund is a do-it-yourself superannuation fund of 1-4 members where each member acts as a trustee of the fund.
Therefore, all members must be the trustees and all trustees must be the members. It is possible to have a ‘single member fund’ but this requires two individual trustees or a corporate trustee.
An SMSF must have its own bank account and a trust deed. The deed is basically the rules of operation and sets out who can be a member, how they’re admitted as a member, what the fund can invest in and other legal requirements. Every SMSF requires an annual independent audit and must lodge a tax return with the Australian Taxation Office (ATO) every year.
Establishing your own self managed superannuation fund is a very important financial decision but before you decide to go down this pathway you need to know the costs and understand your legal obligations.
One of the primary reasons why self-managed superannuation funds have grown in popularity in recent years is the fact the members have greater control over the range of investments, the ongoing management fees and ultimately their tax payable.
When contemplating the establishment of your own self managed superannuation fund you need to weigh up the advantages and the added responsibilities. For many Australians, SMSFs offer 3 major advantages:
- More control over your investments.
- Greater investment flexibility.
- Generally lower fees than industry and retail funds.
If you have any questions regarding SMSF and how it can help you please contact us for a free, no-obligation discussion.
What is an SMSF?
An SMSF is your own personal Superannuation Fund that gives you total control over how your Super Benefit is invested. An SMSF is perfect for the DIY Investor who prefers to make their own Investment choices for their retirement rather than leave their Superannuation to be invested by others.
What are the benefits of having a SMSF?
For many Australians, SMSFs offer 3 major advantages:
- More control over your investments
- Greater investment flexibility
- Generally lower fees than industry and retail funds.
Who controls an SMSF?
The Trustees control the SMSF and make all the Investment decisions for the SMSF. The Trustees are also responsible for complying with all legal obligations including ensuring that the SMSF prepares and lodges an annual tax return with the ATO. It is important to understand that the SMSF Trustees do not own the SMSF but are simply responsible for the administration, investment and operation of the SMSF.
Who owns the assets in an SMSF?
The Members own the SMSF. Importantly the SMSF Members have a proportional Interest in the SMSF Assets based on contributions and Rollovers made to the SMSF. This means that if one Member contributes 100% of monies to the SMSF and a second Member contributes no monies, then the Member making the total contributions to the SMSF will own 100% of the SMSF. SMSFs can have a maximum of 4 Members who must all be Trustees.
What kind of investments can you make?
Within an SMSF you can invest in the following:
- Cash & Term Deposits
- Australian & International Shares
- Australian & International Residential Property
- Australian & International Commercial Property
- Australian & International Listed Trusts
- Australian Unlisted Trusts
Can I take my Super Benefit in an SMSF when I want?
When you establish an SMSF you are in full control of all the Investment decisions of the SMSF. This means that you have full access to the SMSF Bank Account established. As an SMSF Trustee you must ensure that Super monies are only invested for your retirement and not illegally accessed by you to be used for personal purposes. You can only access your Super Benefit for personal purposes when you meet a condition of release such as “Retiring” or reaching at least preservation age.
How large is the SMSF Sector?
The SMSF Sector has been around for more than 30 years and is Australia’s largest Superannuation Sector by number of Funds and asset size. As at 30 September 2013, there were approximately 516,000 SMSFs, representing 99 per cent of all Superannuation Funds. As at June 2013, SMSFs represent around 31.4 per cent of total Superannuation Assets of $1.62 trillion. The SMSF Sector has over 960,000 Members. The SMSF sector has seen rapid growth in recent years, increasing from $320 billion to $506 billion in the five years to 30 June 2013, an annualised growth rate of 12 per cent. This is not surprising when we consider the total control an SMSF provides as well as the dramatic fee savings!
Who regulates SMSFs?
The Australian Taxation Office (ATO) regulates SMSFs ensuring that all SMSF’s comply with Super Laws.
The establishment and ongoing maintenance of your SMSF can be both complex and time consuming. We offer you a range of tailored accounting, administration and compliance solutions including:
- Administration Services – We will assist you with the administration of your SMSF including all the paperwork. In addition, our technical team can take care of compliance for you, so you don’t have to worry about complicated legislation.
- Ongoing Investment Advice – You have access to a professional advisor who will assist you to grow and monitor the investment portfolio. While you have complete control over your portfolio, your advisor will provide pro-active advice regarding financial strategies, estate planning, wealth protection and property investment
- Access Current Information – We closely monitor changes to SMSF landscape and the regulations so you have access to current information at all times so you can make informed investment and tax planning decisions
- Where necessary, we can “repair” your existing fund and ensure you are up to date and satisfy all compliance requirements
- Wind up your SMSF where required
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