What is a Self-Managed Super Fund?A self managed superannuation fund (SMSF) is a sum of money which is entirely being managed by you. It enables you to take control over the investment strategy and provides you with a greater level of flexibility in how you invest assets, plan your estate and choose a retirement income option.
An SMSF must have its own bank account and a trust deed which is the rules of the fund - who can be a member, what the fund can invest in and who can receive a death benefit. Every SMSF requires an annual audit and they also are required to lodge a tax return with the Australian Taxation Office (ATO).The decision to establish a self managed superannuation fund is important but before you decide to take this option you will need to understand the costs involved and your legal obligations. Whilst a self-managed superannuation fund can offer many benefits they are also subject to considerable compliance and regulation.
Setting upHighland Tax & Accounting’s team is always ready to support you and lift the burden of setting up and running a self-managed super fund. Our team have industry specific skills and knowledge which enables us to provide advice and services about self managed super funds. The initial services we provide include:
- Helping you to set up financial systems to prepare your fund’s accounts and statements;
- Assisting you with administrative tasks that will support you in the day-to-day management of your fund.
- With our expert financial guidance, we help you with your investment preparation strategy that is tailored to your individual needs and life goals.