Take greater control of your super money and achieve investment flexibility.
Self Managed Super funds (SMSF’s) is the DIY option for super and they are becoming increasingly popular. The members of the fund are also responsible for running the fund. People may be attracted to establishing a Self Managed Super Fund for the following reasons:
- They have a high super balance and believe that establishing and running an SMSF will be more cost-effective than a standard super fund. This is because fees associated with an SMSF tend to be “fixed” costs, not charged as a percentage of the balance invested (as with many retail super funds)
- They want to achieve greater control over how the fund is run and investment decisions made.
- They want to access a wider-range of investment options than those typically available via retail funds, and they want to own those assets directly.
- Opportunity to combine balances with upto 3 others ie family members – resulting in a much larger (combined) super balance enabling the acquisition of larger assets – such as property.
Whilst there are many good reasons for moving your super into an SMSF, they are not for everyone, With greater freedom to manage your own affairs comes the responsibility to ensure adherence to the compliance and legislative requirements. Stiff penalties may apply if the fund is found to be non-compliant, resulting in significant financial loss for the fund and possible action taken against you as the trustee of the fund.
Purely FP has worked with many clients to help them facilitate the SMSF set-up. And unlike other SMSF providers who may have a “one size fits all” solution, we offer flexibility in the level of service we provide.
We have partnered with other specialists to provide ongoing compliance and investment services, should you require them, and we are ideally placed to access the expertise of the Purely FP Brokers should you decide to use your SMSF to purchase a property. This flexibility allows us to tailor our service offering to your requirements, which often results in a more competitively priced solution than than offered by many Accountants.
Setting up an SMSF is a big decision. But if made for the right reasons and in full consideration of the risks and benefits it can prove advantageous in terms of improving your overall retirement position. Talk to Purely FP about how we can tailor a solution for you that best meets your needs.