Self-managed super funds (SMSFs) are a way of saving for retirement. SMSFs are one of the fastest growing sectors of the Australian super industry.
SMSFs give people greater control of their own super fund, including all the legal and tax responsibilities associated with doing this.
According to the Association of Superannuation Funds Australia (ASFA), SMSFs may be the right choice for you if you:
SMSFs are a legal tax structure with the sole purpose of providing for your retirement. SMSFs are regulated by the Australian Taxation Office (ATO).
Despite some people calling SMSFs ‘do it yourself super’ or ‘DIY funds’ you will have to work with some other people to meet your obligations.
You may also work with:
The team at Go For Wealth can assist you with the investment and estate planning strategies for your SMSF.
We will recommend an investment strategy that is in line with your risk profile and incorporates your ideas about investing within your SMSF. We make the recommendations. You make the decisions.
SMSFs and Estate Planning is a complex area, but with our experience, we will help to make sure your money goes to the right people at the right time.
The costs of setting up and running an SMSF vary depending on, among other things, your circumstances, super balance, investment strategy and how you choose to manage your fund. The more complex you make it, the more it is likely to cost.
For information about SMSF’s you can contact us Go For Wealth.