If taking full control over your super is important to you, then an SMSF gives you the flexibility to manage your retirement savings the way you want.
Important things like your SMSF can get as complicated, but you don’t have to do it all yourself. The Pekada team are well versed in the strategic, legislative, technical and compliance sides of SMSF, so we can take it all off your hands or simply focus in certain areas. It is up to you.
SMSFs can offer many features and benefits generally not available with other super arrangements such as industry and retail funds. The key benefits are:
- More investment control and choice
- One fund for your family
- Borrowing to purchase more significant investments
- Tax planning
- Increased estate planning certainty and control
Is an SMSF right for you?
While running an SMSF can be an excellent strategy for the right person, they are not for everyone. To help in assessing this decision, below are some questions you should be asking yourself.
- Do you have enough money in super to ensure an SMSF is cost-effective?
- Do you have the time, energy, expertise and desire to manage your own super fund?
- Have you fully explored the other types of super funds to see if they are a better fit?
How do you set up an SMSF?
If you have reached the decision that an SMSF is best for you, then there are several key steps.
- Choose the type of Trustee you want for the fund.
- Obtain a trust deed
- Sign the trustee declarations
- Record the TFN’s of all members of the fund
- Register your fund with the ATO
- Open a bank account for the fund
- Draft an investment strategy
- Accept monies into the fund via contributions and rollovers
- Engage trusted experts
- Complete superannuation death nominations.
Find out how we can help you achieve your retirement goals, book a meeting with us today.