Is an SMSF right for you?
It’s always a good idea to think about your retirement. Many people in Australia use a Super Fund to manage their retirement savings. But some people opt to do something a little different, and set up a self-managed super fund (SMSF). But is it right for you?
What is a Self Managed Super Fund and how do you go about setting one up? The general consensus is that there are less fees and you have greater control on how your money is invested and so by taking control of your Superannuation YOU can make more money and retire on a larger amount. It’s also a tempting prospect for small business owners who are keen to utilise their own bookkeeping skills and save on those dreaded admin fees.
However what a lot of small business owners don’t realise is that the compliance side is very different to running a business. There is a different set of fees and regulations involved which are very different to running a business. And as with everything which is regulated for the benefit of society as a whole, you need to make sure you’ve got your ducks all lined up in a row and do your homework BEFORE you dive down that rabbit hole.
Here is an interview on Small Biz Matters with Dana Fleming, the ATO’s Assistant Commissioner to teach Small Business owners what’s involved with setting up and running a Self Managed Super Fund.
- What do you need to consider if you are a small business owner thinking about setting up an SMSF?
- What are some reason people set up an SMSF?
- What is the best way to set up and manage an SMSF?
- what must you do to be compliant
- what is best practice
- What is your one tip you would give a small business owner who is thinking about a SMSF or already has one?
- What resources are available to learn more about SMSF? (eg newsletter, website, atocommunity).
We recommend you AskUsFirst to help you determine whether a self managed super fund might be right for you.