Self-managed super funds (SMSF) or Do It Yourself Super is a legal tax structure designed to provide for you a comfortable retirement. This scheme allows you to have more control over your super and retirement planning, which is exactly what some people want. However, this also requires a lot of super and extensive financial and legal skills. Running your own fund also involves significant time and effort. For a successful SMSF a knowledgeable professional can help you gain the most out of you super fund. With the correct planning and strategy, you can retire comfortably. We at Will Alan Accountants can set up your SMSF to help you achieve your financial goals before you retire. We have a team of highly trained and experienced professionals. From Accountants, Financial Planners to Wealth Management professionals that can ensure your path to retirement will be a secure and risk free one.
Here are some things you have to consider before choosing SMSF.
Is your super enough? You will need a lot of money in the fund to cover your set up and yearly costs. According to the Australian Taxation Office (ATO), you need at least $200,000 to make it work. This will cover the costs associated with running the fund which include the cost of investing, accounting and auditing for your SMSF.
Do you have a lot of time to spare? Managing your SMSF involves monitoring your investment strategy, keeping up with your reporting obligations, meeting relevant deadlines and adapting your investment strategy in accordance with the changes to superannuation laws. Before jumping to the SMSF wagon, make sure you are prepared for the time commitment.
Do you have someone who will help you manage your SMSF? Even if you have the financial and legal skills to set up and run your SMSF, you still need the expertise of a financial adviser or accountant to ensure you are making the right decisions. As an SMSF trustee, you have the responsibility of maintaining records, providing financial statements, preparing tax returns and organising independent audits. Hiring an SMSF specialist is necessary to help you with these responsibilities.
Will Alan Accounting provides you with support and administration help so you can make smart investment decisions for your SMSF. We will provide you with comprehensive support services that you need to efficiently manage your super. We can also recommend a wide range of strategies to help you make the most of your opportunities.
From accounting, insurance, mortgage, investment and financial advice, we can provide you with expert support to help you come up with sound financial decisions.
What are the benefits of managing your own funds?
Control. As an SMSF trustee, you will have full control over how you will manage your funds and where you will invest your money. Although it requires more work and eats up much of your time, SMSF provides you with a deeper understanding of your investments. With this information, you have more confidence in making investment and lifestyle decisions.
Choices. One of the common reasons for starting an SMSF is having access to a wider range of investment options. Aside from regular investments like shares, property, term deposits and managed funds, you can also invest in collectibles such as art, jewelry, stamps, coins, antiques and vintage items like cars and wine.
Flexibility. SMSFs allow you to adapt or adjust your investments according to the changes in market conditions, laws on super or personal preferences.
Tax efficient. You can implement various tax strategies to maximise your savings. SMSF offers greater tax planning flexibility than any other super funds. You can consult with your SMSF specialist ot discuss which tax strategies can get you the most savings.
Educating yourself with the pros and cons of SMSF is a crucial in making your SMSF a success. It is not enough to know the benefits of SMSF. You also have to understand the risks and considerations, including trustee responsibilities, cost-effectiveness, insurance cover, etc. It is also important to partner with a reliable SMSF specialist who will guide you from the set up process to the day-to-day managing of your super.
Maximise your opportunity by working with us. We offer professional and reliable SMSF support for our clients at all times. By working closely together with our clients, we are able to provide tailored and exceptional customer service.
Our years of experience guarantee that you will receive the best and most comprehensive help for setting up and managing your super. Our accountants can help you with your accounting, administration and compliance requirements for your super. Best of all, we help you design an effective investment strategy that will make your SMSF a success.
We are always dedicated to helping you, our clients, make the most of your opportunities and help you build wealth by making educated decisions. We are more than just accountants – we are also advisors who will provide you with the information and services that you need to make the right choices. Alan Will Accountants has the right experience and qualifications to give you top level of service.
If you have any questions regarding SMSF or you need more information to help you decide, just contact us and we’ll be more than happy to assist you.BACK TO BLOG
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