Self-managed super funds (SMSF) are getting very popular, over 1 million popular! Great, but what exactly are these things?
Basically, a SMSF is a vehicle for retirement saving. It allows you flexibility and control over what your super invests in. That's important as it's the reason many people choose to have one instead of using a large superannuation fund. This type of super fund is run by you personally for your own benefit.
But (and here's a BIG BUT), you have more than a few obligations to run a SMSF. SMSFs are often called 'DIY super funds'. It sure is when it comes to managing what you invest in (subject to certain rules). However, running one of these things can be anything but. With plenty of admin, reporting, compliance and tax tasks to stay on top of, you'll need to keep your wits about you. The number one rule anyone considering a SMSF should know is the buck stops with you – you're responsible for the fund and liable if it's not complying with its obligations. Never fear though, that's where we come in.
If you're considering taking control of your super retirement savings, or even just curious about what it's all about, we can help. We're available to discuss the ins-and-outs of SMSF's, from initial advice to detailed nuts and bolts of setting up a fund and complying with all of the red tape.