Self Managed Superannuation Funds
Your Future is in your hands…
Under Australian superannuation law, you can choose to contribute your personal superannuation contributions (and in some cases direct your employer to pay employer contributions) to a superannuation fund of your choice.
A SMSF is a small superannuation trust that has the primary purpose of providing retirement benefits, where the members act as trustees. This means you control & run your own superfund by investing in what you want, when you want!
SMSF’s can invest in a wide selection of direct investments or professional managed assets. You decide the level of risk you are willing to take & invest accordingly.
SMSF’s have:
– Up to 4 members
– All the members are also trustees (except in a single member fund)
– No trustee receives any remuneration for their trustee services.
– Different rules apply to single member funds & in some circumstances, certain other people can act as a trustee (or a director of a corporate trustee). Prosperity Accounting Group can provide you with financial advice to assist you in determining how to structure your superannuation fund.
A SMSF can accept contributions from all sources including:
– Your employer (employer compulsory contributions on your behalf)
– Your voluntary contributions that are in addition to the compulsory contributions.
– The Government (Government co-contributions)
– Roll-over from other superannuation funds
How it Works As a member of your very own self managed superfund, you will be the trustee.
You will therefore be actively involved in all investment decisions related to your fund.
As a trustee, you also operate the superfund’s bank account. All contributions, roll-overs & investment incomes are deposited into this bank account. The money in the account can be used to invest accordingly with your investment strategy & also for payment of fund expenses (such as taxes & accounting fees).
Tax deductible insurance policies can also be purchased to protect members.
When you reach retirement age, the fund can commence paying you a pension.
Who can set up a SMSF?
There is no restriction on who can establish SMSFs. They are set up by people of all ages from all walks of life. The list of people setting up SMSFs typically includes:
– Self-employed professionals, tradesmen & others in small/medium- sized business; employees, particularly those on higher salaries & who have flexible remuneration options or who work for smaller firms.
– People who have managed superannuation & who are able to transfer these to SMSFs. This includes retirees & people temporarily out of the workforce
– People who run businesses through companies or trusts
How can we Help?
At Prosperity Accounting Group we will make the job of setting up and managing your Super fund easier at affordable rates. Our packages have been designed to align your superannuation strategies with your financial goals and also ensure you comply with your legal obligations, tax and regulatory requirements.
Contact us today to book a free initial consultation. Our friendly team can arrange a customized package to suit your needs.
Whatever your financial goals or superannuation needs, we have a solution for you!