The basic principal is a SMSF is run for the sole purpose of providing retirement benefits to members.
A SMSF can give an investor a means of having some say as to how they super is going to be allocated into shares, property, term deposits and treasury bonds. The aim of a SMSF is to create wealth for the client’s retirement through the establishment of a SMSF and ongoing advice and support.
This practice can refer you to a financial planner to set up a super fund and register the fund as a company if you wish to borrow money to buy a property.
SMSF are only taxed at a rate of 15 % but the fund must comply with the super legislation to obtain this benefit.
There are many regulations surrounding a SMSF so it is best to get a qualified accountant like Diane to advise on proper record keeping and administration.
The SMSF requires an investment strategy covers the risk of the portfolio on investments, the liquidity of the fund’s investment and the ability of the fund to provide future benefits.
The owner is also a qualified SMSF auditor registered with ASIC so she can sign off on the audit before the tax form it is lodged each year.
