The self managed superannuation fund is one of the fastest growing superannuation funds in Australia. What this fund offers over any other fund is flexibility, which enables you to invest into many different assets that might not be available through any other super fund, like direct shares, for examples, or property. The sole purpose of the self managed superannuation fund is to accumulate funds for your retirement days. These funds are different from others, and are monitored by the trustees of the fund (we’ll discuss trustees later).
However, this type of retirement fund isn’t for everyone, as it can be truly complex to run, since you will have to comply with some legal obligations. Hence, you should consider hiring professional advisers to help you understand the essentials of the self managed superannuation fund, and to give you advice on how to get on the right track. Any decision you make will be a huge financial decision for everyone that is involved within the fund – both the director and trustees.
Here are some of the ground rules and things you should know before considering starting your own self managed superannuation fund.
The self managed superannuation fund is highly recommended by the Australian government and is supported with tax benefits. Setting your own super fund can be an intimidating process and you might be hesitant of whether you should start one or not. However, as I mentioned previously, there are many ways to make this process understandable – by hiring a good financial adviser that specializes in SMSF.