What do I need to know about a self-managed super fund?

A Self-Managed Super Fund (SMSF) is a type of private retirement fund that you manage yourself under the regulation of the Australian Taxation Office. As both a member and trustee of an SMSF, you have the authority to make investment decisions. This type of fund offers the flexibility to customise your investment strategy according to your individual needs, aiming to enhance your retirement savings. While SMSFs function similarly to traditional institutionally managed funds, they offer more personal control over the investments.

Is it worth setting up a self-managed super fund?

Setting up an SMSF can be beneficial if you seek control over your retirement investments and are willing to take on the responsibilities of managing a super fund. SMSFs offer advantages like investment control, flexibility in investment choices, potential tax savings and cost efficiencies. However, they also require ongoing management and compliance with local regulations. It's important to weigh these factors against your personal financial goals and capabilities.

How many different types of SMSF are there?

There is essentially one type of SMSF, but the structure can vary depending on the number of members and trustees. Each SMSF must have two individual trustees or in the case of single-member funds, the member can be a trustee through a special purpose trustee company. The key distinction in SMSFs lies in the control and flexibility they offer to members in terms of investment decisions and strategies.

What are the responsibilities and risks associated with managing an SMSF?

Managing a Self-Managed Super Fund (SMSF) comes with several responsibilities. These include ensuring compliance with superannuation and tax laws, creating and executing an investment strategy and overseeing the fund's investments. In addition, there are some risks involved, such as the possibility of failing to comply with regulations, facing investment-related risks and handling the complexities of managing a sophisticated financial entity. Trustees of an SMSF are responsible for ensuring the fund's investments are focused solely on providing for retirement , as per the 'sole purpose test' and that they meet legal investment standards.

How many members can an SMSF have?

A Self-Managed Super Fund (SMSF) can have up to six members. Each member is required to be a trustee of the fund or a director if the SMSF has a corporate trustee structure. This arrangement allows for a diverse group of individuals, such as family members or business partners, to collectively manage their retirement savings within one SMSF.

Self Managed Superannuation Funds

Self Managed Super Funds

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Our SMSF Services

Self Managed Superannuation Funds (SMSFs) are becoming more common. If an SMSF is right for you, the team at Ironbark Wealth Advisers can coach you through the entire setup process of your fund as part of our financial planning services.

We offer the flexibility for you to choose the services you require. We offer a total package deal or individual services as required. Fees will be discussed and fully disclosed to you before we start work.

If you’re considering investing your retirement savings via a self-managed superannuation fund (SMSF), our experts can help. At Ironbark Wealth Advisers, we can help you to manage your wealth in a way that suits you, ensuring that you’re on track to meet your future goals and targets at every stage of life.

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What is a Self Managed Superannuation Fund?

A self-managed fund is a superannuation vehicle that is run by you, for you. As a member and trustee of your own self-managed fund, you are in control of the investment decisions.

Legislation now requires all members of self-managed funds to be trustees of the fund. Each fund must have two individual trustees, or in the case of single-member funds, the member can be trustee through the use of a special purpose trustee company.

The structure of a self-managed fund is essentially the same as one managed by an institution. The major difference is that you are in total control of the investment strategy and specific investments within the fund.

A self-managed superannuation fund is a private superannuation that you manage yourself. It’s regulated by the Australian Taxation Office, but as far as superannuation products go, it’s one of the most flexible choices for investors who want to retain control of their own retirement plans. When you set up your own self-managed superannuation fund, acting as a trustee of that fund, you will be in control of all the investment decisions made within the fund.

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What Are the Advantages of a Self Managed Superannuation Fund?

There are four main benefits of managing your own super fund:

Control – You choose how your assets are invested. With our assistance, you can monitor how those investments perform and make appropriate investment decisions.
Flexibility – As you have total control of your fund, you can switch or modify investments as you see fit. And you’ll be able to make prompt ‘corrections’ to your investment plan. You can link your fund with your overall financial plan. For example, your self-managed fund can be used for both accumulating assets during your working life and for income during retirement by converting to an allocated pension.
Tax Savings – Superannuation funds can use credits from franked dividends to reduce the 15% tax rate. In a self-managed fund, you are in a better position to plan your investments to reduce this tax rate. In fact, some strategies can reduce this down to an effective tax rate of 0%.
Cost Savings – To quantify whether a Self Managed fund is right for you, we provide a fee analysis of your current superannuation arrangements and the cost savings from the implementation of a self-managed fund.

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What Can My Self Managed Superannuation Fund Invest In?

The SIS legislation gives you ample latitude to judge for yourself the merits of investment opportunities as they arise.

You can invest in literally anything you choose, provided it fits the fund’s overall investment strategy and passes the “sole purpose test” within the legal guidelines.

The trustees (you) must still ensure that investments are made only after considering a number of questions, including:

Is the investment for the sole purpose of providing for my retirement?
Is the investment consistent with my Investment Strategy?
Does the investment breach any of the Investment standards?

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How Do I Establish a Self Managed Superannuation Fund?

There are a number of steps that you must follow, including:

Establishment & purchase of a trust deed
Appointment of Trustees to the fund
Election to become a regulated fund
Obtain the necessary taxation registrations
Establish a bank account for the fund
Establish an Investment Strategy for the fund
Ensure the ongoing compliance requirements are met each financial year

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Why Choose a Self-Managed Super Fund?

There are lots of advantages to utilising a self-managed superannuation fund. For investors looking for ultimate flexibility, control and tax efficiency, an SMSF may be suitable.

Self-managed superannuation funds allow investors to invest their retirement savings in a large range of investments , including both stocks and property. Provided your investments fit with your investment strategy and meet the ‘sole purpose test’ required within Australian law, any kind of investment is allowed within a self-managed superannuation fund.

Choosing a self-managed super fund rather than a managed superannuation can also save you money in management fees.

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How We Can Help You

Our experts can help you to set up, organise and manage your self-managed superannuation fund in a way that is tailored to your needs and goals. We can help you with:

Structuring your self-managed super fund so that it’s tailored to your retirement goals
Ensuring that your fund is compliant with Australian regulations
Structuring your income streams to manage tax efficiently
Identifying new investment opportunities
Making sure that new contributions to your super-fund are tax optimised
Assisting with the transition from fund to pension

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Take Control of Your Future

At Ironbark Wealth Advisers, it’s our job to empower and support you to take control of your investments. We’re here to help as much or as little as you need, whether you’re looking for professional advice and recommendations on the best investments or whether you just need hands-off help establishing and managing the legal and technical aspects of your SMSF.

If you want the flexibility offered by this superannuation option but you don’t have the time to manage it yourself, we can take care of daily management and maintenance of the fund while you retain ultimate control over your portfolio.

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Get in Touch

If you’re looking for friendly, local experts in investment and wealth management to help you establish and manage a tailored self-managed superannuation fund in Dubbo that’s personalised to your retirement goals, whether you’re retiring in 10 years or 30 years, call us today to discuss your retirement targets. We can help you to develop an investment strategy that matches your goals and risk appetite.

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FAQs

What do I need to know about a self-managed super fund?

A Self-Managed Super Fund (SMSF) is a type of private retirement fund that you manage yourself under the regulation of the Australian Taxation Office. As both a member and trustee of an SMSF, you have the authority to make investment decisions. This type of fund offers the flexibility to customise your investment strategy according to your individual needs, aiming to enhance your retirement savings. While SMSFs function similarly to traditional institutionally managed funds, they offer more personal control over the investments.
Is it worth setting up a self-managed super fund?

Setting up an SMSF can be beneficial if you seek control over your retirement investments and are willing to take on the responsibilities of managing a super fund. SMSFs offer advantages like investment control, flexibility in investment choices, potential tax savings and cost efficiencies. However, they also require ongoing management and compliance with local regulations. It's important to weigh these factors against your personal financial goals and capabilities.
How many different types of SMSF are there?

There is essentially one type of SMSF, but the structure can vary depending on the number of members and trustees. Each SMSF must have two individual trustees or in the case of single-member funds, the member can be a trustee through a special purpose trustee company. The key distinction in SMSFs lies in the control and flexibility they offer to members in terms of investment decisions and strategies.
What are the responsibilities and risks associated with managing an SMSF?

Managing a Self-Managed Super Fund (SMSF) comes with several responsibilities. These include ensuring compliance with superannuation and tax laws, creating and executing an investment strategy and overseeing the fund's investments.

In addition, there are some risks involved, such as the possibility of failing to comply with regulations, facing investment-related risks and handling the complexities of managing a sophisticated financial entity. Trustees of an SMSF are responsible for ensuring the fund's investments are focused solely on providing for retirement, as per the 'sole purpose test' and that they meet legal investment standards.
How many members can an SMSF have?

A Self-Managed Super Fund (SMSF) can have up to six members. Each member is required to be a trustee of the fund or a director if the SMSF has a corporate trustee structure. This arrangement allows for a diverse group of individuals, such as family members or business partners, to collectively manage their retirement savings within one SMSF.