A Self-Managed Superannuation Fund (SMSF) is a super fund managed by you and allows you to take control over the investment strategy of your fund. It also provides greater flexibility in terms of investing the fund’s assets, retirement income options and estate planning.
However, it’s important to understand the responsibilities that come with being an SMSF trustee as they are subject to considerable compliance and regulation, meaning they aren’t suitable for everybody.
Things to consider
Some important considerations for a Self-Managed Super Fund trustee are:
- Are you eligible to become a trustee?
- What are your reporting obligations as a trustee?
- Do you have enough time to manage an SMSF?
- Will someone help you set up and run your SMSF?
- How will you keep up to date with changes to laws and legislation?
- Are you aware of the sole purpose test?
Self-Managed Super Fund Benefits
Our role is to ease the burden of running an Self-Managed Super Fund and to give you an understanding so that you keep on top of your administrative and reporting obligations as an SMSF trustee.
Not only will we help you understand and satisfy the SMSF’s reporting obligations to the ATO, but we will ensure you are meeting your responsibilities as a trustee of a SMSF.
Frequently Asked Questions
A Self-Managed Super Fund (SMSF) is a superannuation fund that you manage.
By having an SMSF, you would be in the driver’s seat of your superannuation fund’s investment strategy. An SMSF would also give you additional flexibility in how you invest your fund’s assets, the retirement income options you have, and your estate planning.
There are quite a few responsibilities and reporting obligations for SMSF Trustee’s, so it’s important to do your research and discuss your options with your accountant before setting one up. Given that SMSF’s are bound by compliance and regulation, they are not the best option for everyone.
A self-managed super fund can be set up through the creation of a superannuation fund deed and the registration of a corporate trustee. This can be done through various legal document providers, accountants or lawyers.
Setting up a Self-Managed Super Fund can be tricky. Our best advice is to get in touch with Carbon to discuss your situation prior to starting the process. Once we have all of the information, we can give tailored advice and work together.
We believe that our role is to take the stress of running a SMSF off of your hands, as well as provide the ‘why’ behind each action. We will also help ensure you meet all of the administration and reporting obligations you’re required to do as an SMSF Trustee.
Contact us to find out more about Self-Managed Super Funds.
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