You’ve mastered how to do several tasks yourself over the past few years. For instance, you no longer feel the need to hire a professional painter for upgrades around the house. Now, in 2020, you’re interested in taking control of your savings for retirement.
In other words, you’re interested in completing the inexpensive setup process for a self-managed superannuation fund, or SMSF.
If you’re looking for an easy SMSF guide, here’s everything you need to know about self-managed superannuation funds made easy.
Let’s get started!
An SMSF is a super fund that you’ve decided to manage yourself. These funds are not the same as funds that are professionally managed. These include, for example, retail funds or industry funds.
If you decide to oversee your own SMSF, you will essentially contribute to the SMSF the funds you would normally contribute to an employer, industry or retail fund. You will need to manage the selection of insurance needs within the fund as well as the actual investments. (Please see a trusted accountant or financial adviser if you need advice on the selection of the insurance/investments within the fund)
Note; an SMSF can have a maximum four members – usually family members.
The majority of SMSF’s have two members, e.g. Husband & Wife. The members an SMSF must also be the fund’s trustees, e.g. the directors of the trustee company will be also the members of the SMSF.
Note; we suggest that only corporate trustees are trustees of an SMSF rather than two individuals.
The benefit of having your own fund is that you have control over how your money is invested. That’s because SMSFs are flexible, allowing for a combination of pension and accumulation accounts.( Pension accounts must adhere to certain regulations – please talk to your accountant)
These funds are lower your overall tax liability within the fund as the fund is taxed at 15% on earnings and 15% on incoming taxable contributions.
Managing an SMSF can take up a lot of your time, and like all investments it does come with some risk.
It is critical therefore that you set up your SMSF only if you are totally committed to managing it in the long term, and can put in the time to administer the fund and liaise with your accountants and advisors for the long term benefit of the investments and your retirement goals.
Please also note that certain investments are not permitted within the SMSF , e.g. artworks, coin collections etc – please see your accountant for further clarification.
Take Advantage of Easy SMSF Setup
The advantage of SMSF’s is that they are simple and quick to set up. With Start New Company you can apply for and setup an SMSF any time of day or night.
The documents included when completed are member applications, product disclosure statement. Trustee minutes , member acceptance and binding declarations, and of course the SMSF deed.
These documents are be stored on our server for you to easily access as needed as you manage your new fund.
How We Can Help with the Inexpensive Setup Process for SMSFs
We make easy SMSF setup possible, on top of offering an inexpensive setup process. For $99, (limited time offer) you can create your own SMSF and maintain control over your retirement savings.
Once you make your payment, you will be asked to complete a brief questionnaire. After you finish the questionnaire, we’ll make your documents available to you for download right away.
As we recommend using a corporate trustee as your SMSF trustee, we advise that you have your corporate trustee set up prior to ordering our product. (SMSF trustee companies can be ordered from our website also)
Also, note that although the setup is easy , we advise that a minimum of $100,000 is needed in the SMSF to ensure the running costs of the SMSF are cost effective.
Contact us for more information on setting up an SMSF and how this may assist you on the path to retirement independence.