Thinking About A Self Managed Super Fund
The following article aims to give you a more detailed introduction and understanding of how a self managed superannuation fund works and the considerations before establishing and setting up a SMSF.
The Australian Taxation Office (ATO) regulates self-managed super funds (SMSF's). The Australian Securities and Investments Commission (ASIC) regulate financial services and company laws to protect you.
Thinking About A Self Managed Super Fund
The article was produced by the ATO and ASIC to ensure you gain a good insight into self managed super funds and covers the following:
Six steps to work out if managing your own super is right for you.
- Consider your options and seel professional advice
- Ensure you have sufficient assets, time and skills to manage your own fund
- Follow the super and tax laws and understand the risks
- Tailor your trust deed and investment strategy to suit the members of your fund
- Be sure you can meet your record keeping and reporting obligation
- Make sure you understand your annual auditing obligations
There are strict rules surrounding how you can use a self managed super fund and how you can invest your money, it is important that you consult with SMSF professionals and financial advisors.