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Self Managed Superannuation Funds (SMSF)

Background

Australians can choose to contribute their personal superannuation contributions to an independently managed superannuation fund or to a self managed superannuation fund.

Self managed super funds (also known as DIY funds) perform the same role as other funds, by investing contributions and making them available to members on retirement. The difference is, generally, that the members of self managed super funds are also the trustees – they control the investment of their contributions and the payment of their benefits. With all members being trustees, they are in a position to ensure their interests as members are protected.

 

Thinking about a Self Managed Superannuation Fund?

The following article aims to provide you with a more detailed understanding of how Self Managed Superannuation funds work and what you need to consider before establishing a SMSF.

The article covers the following topics:

o Consider your options and seek professional advice 
o Make sure you have enough assets, time and skills
o Understand the risks and laws
o Make sure your trust deed and investment strategy are tailored to suit the members
o Make sure you can meet your record keeping and reporting obligations
o Make sure you understand the auditing obligations

Please click on the link below to access the article.

 

 

 

 

 

 

 

Trustee Responsibilities

 Trustee's of SMSF's are responsible for:

  • Lodging the SMSF annual return
  • Maintaining records for up to ten years, and
  • Complying with investment restrictions.

Severe penalties may apply if you contravene these and any other requirements set out in the legislation.

 

Investment Strategies

It is also the responsibility of the Trustee to ensure that the SMSF has an investment strategy in place. Below are some examples of an investment strategy which you are welcome to tailor to your specific requirements.

Sample one: Growth / Accumulation Phase: This is a sample investment strategy for a fund in accumulation phase with members retirement still some time away, click HERE to access.

Sample two: Pre-Retirement Phase: This is a sample investment strategy for a fund with members nearing retirement phase, click HERE to access.

Sample three: Retirement Phase: This is a sample investment strategy for a fund with members in retirement phase, click HERE to access.