Self Managed Super Funds
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.
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.
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.
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?
How Do I Establish A Self Managed Superannuation Fund?
There are a number of steps that you must follow including:-
1. Establishment and purchase of a Trust Deed
2. Appointment of Trustees to the fund
3. Election to become a regulated fund
4. Obtain the necessary taxation registrations
5. Establish a Bank Account for the fund
6. Establish an Investment Strategy for the fund
7. Ensure the ongoing compliance requirements are met each financial year.
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.
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
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.
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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