Want to keep track and be in control of your retirement savings? Well, SMSF (Self Managed Super Fund) is the perfect solution for you. Previously known as DIY super fund, SMSF provides many opportunities and unlike other more traditional superannuation funds which are less flexible, it gives you the possibility to make smart investment choices while reducing income tax.
Another great advantage is that you have more opportunities when it comes to using your pension income – you can carefully mange and plan your investments. SMSF can consist of one to up to four members, where each of the members has the role of a trustee. Before you set up your superannuation fund it is important to do your research and understand all the responsibilities and procedures involved in the whole process.
One of the most important things to consider is how to find the best SMSF providers that will handle the whole set-up process professionally. First, you should establish what services you will require and where you will need assistance the most from the providers to run the SMSF. There are many advisers who promise reliable services at low prices, however, before you make your choice, inform yourself about how long they have been involved in the industry and whether they are experts in their field.
Starting your superannuation fund is not an easy task, so the best way to do this successfully is by hiring a full service firm that will take care of everything for you. Choosing the best SMSF providers that offer a wide range of reliable services makes all the difference. From setting up the fund, to carrying out all the other procedures, they will be there to help you every step of the way.
Since SMSF is a trust fund, obtaining a trust deed is of utmost importance. It is an essential legal document that establishes the rules for managing and operating the fund, so it must be preprepared by a qualified professional. Afterwards, the fund must be registered with the Australian Tax Office (ATO), which will all be arranged by the providers who will help you obtain ABN and TFN for your fund.
Professional advisers who are experts in their field have the required expertise and knowledge to provide tax, accounting as well as auditing services. They will help you with the maintenance of the fund and can prepare the end of year accounts as well the submission of the tax return. Furthermore, financial advisers can help you establish a smart investment strategy that will comply with the super laws and regulations.