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What will your retirement story be?

Do you want more investment control and choice over your retirement savings?

Have you ever considered setting up your own Super Fund?

There are many questions that you should consider when taking a more active role in determining your retirement story. One avenue worth investigating is a Self Managed Superannuation Fund (SMSF).

An SMSF may be the right vehicle to help you achieve your retirement aspirations. Simply, an SMSF is a superannuation fund owned and controlled by you, allowing you to manage your own retirement savings. An SMSF can be owned by a self employed business owner or an employee.

SMSFs can offer flexibility, enabling you to invest in many different assets which may not necessarily be available through other super funds, such as direct shares, specialised managed funds and property.

So why would you consider setting up an SMSF?

  • More investment control

  • More investment choice (including residential investment property)

  • One Super Fund for the family

  • The ability to borrow and make more significant investments

  • Potential taxation savings

  • Potential administration fee savings

  • Greater estate planning certainty and flexibility

SMSFs aren't for everyone

SMSFs aren't for everyone, as administering your own super fund can be complex and as a trustee or director of the trustee company, you must comply with many legal obligations. You should think carefully before deciding to set up your own SMSF; it's a major financial decision and you need to have the time and skills to run a SMSF successfully. You should also seek appropriate professional advice before venturing into establishing a SMSF.

Things to consider

There are a number of things you need to consider before you decide to get an SMSF. The following is a good start:

  • How much super do you have?

  • How many members will be joining the fund and how old are they?

  • How much time do you have to spend on your SMSF?

  • What are your retirement goals?

  • What are your investment preferences?

  • Have you considered your risk profile?

8 Steps to setting up your SMSF

  1. Appoint the relevant professional to support you

  2. Choose a trustee structure and obtain an SMSF trust deed

  3. Approve trustee declarations and appoint members of the Super Fund

  4. Register your SMSF with the relevant government authorities

  5. Open a bank account for the SMSF

  6. Prepare an investment strategy

  7. Accept contributions and rollovers

  8. Continue planning for the future

For more information on setting up an SMSF click on the Australian Taxation Office video above.

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