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Things You Need to Know About Self Managed Superannuation Funds
1. This is the best choice for you
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An SMSF is a significant financial decision.
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It is the responsibility of the trustees to manage the fund and comply with all laws.
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The right advice is essential. Also, consider whether you have the knowledge, time, and skills to manage super.
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It is important to consider the financial resources and smsf tax return assets required to make it financially viable.
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2. The roles and responsibilities of trustees
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A Self Managed Superannuation Fund may have up to four members.
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You must also be a trustee to become a member.
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Although you can be a trustee for a company, all members must be directors.
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All trustees have a responsibility for running the fund. They should ensure that all members are happy with any decisions made.
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To ensure that the fund maintains its compliance status, the trustees must comply with taxation and superannuation laws. They are entitled to superannuation tax concessions.
3. Responsibility and accountability
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SMSF professionals can be hired by trustees to fulfill mandatory duties and tasks. This includes auditing, reporting, and tax administration.
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A professional can be a lawyer, administrator, or accountant.
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Although trustees can engage the services professionals, they still have to maintain control over the funds.
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The ultimate responsibility for the fund will be with the trustees.
4. Retirement planning strategies
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You have many options for retirement planning strategies to help you achieve your goals.
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To maximize your SMSF returns, seek professional advice from a financial advisor or lawyer to help you plan your retirement.