A self-managed superannuation fund (SMSF) is a superannuation structure that offers control and flexibility for your retirement benefits. Self-managed superannuation funds are regulated by the Australian Taxation Office and is a legal tax structure used for the sole purpose of providing for your retirement.
Establishing a SMSF can provide you with total control of your superannuation assets, potential cost and taxation efficiencies and estate planning advantages. While there are many advantages of SMSFs, they are not suitable for everyone as there are additional Trustee responsibilities involved compared to industry and retail superannuation funds.
Getting the right expert advice is crucial when you’re thinking of establishing a SMSF. Silver Private Wealth can provide you with a total solution to your SMSF needs from establishment through to ongoing management of investments and portfolio management, assistance with administration and compliance requirements and offering a personalised service.
SOME OF THE MAIN BENEFITS OF SMSFS ARE:
Have complete control of the investment of your retirement assets. You can choose to invest directly with any chosen combinations of assets with limited restrictions. This can typically range from investing in cash, fixed interest, shares, unlisted and listed assets as well as direct property. The SMSF can provide you with certainty and visibility of where your superannuation benefits are invested.
Have complete flexibility of the Fund including, ownership, key management decisions and investment choice. Within an SMSF you can adjust your investment strategy and ownership structure as it suits you, allowing for a faster response to changes in market conditions, legislative changes or personal circumstances.
Pooling of Assets:
With an SMSF, you can combine your superannuation benefits with other members to increase the potential for compounding interest and capital growth.
Long-term investment vehicle:
SMSFs allow members to run a combination of accumulation and pension accounts within the same structure. This can allow you to build wealth while transitioning into retirement over the long term.
Estate Planning flexibility:
Members of an SMSF can implement a range of binding death benefit nominations which allow them to specify how their superannuation benefits are to be distributed upon their passing. SMSFs also allow members to run multiple pension accounts where there can be the potential for tax savings where reversionary nominations are made.