Self-Managed Super Fund (SMSF) is a fund which gives you control over investing your retirement savings. It is established for providing retirement benefits to its members or their dependants in case of death. For setting up an SMSF you need to create a trust of either individual trustee type or corporate trustee type.
As a trustee you are responsible for setting up the trust deed, making investment decisions, ensuring timely auditing and taxation. Up to four of your family members can join the fund.
SMSF can be used for asset loans but there are strict guidelines to follow. Another beneficial thing is that SMFS’s have a low tax rate; hence they definitely have some unique advantages.
Managing an SMSF is a time -consuming process as you need to research investments, keep records, SMSF audit and more. You need legal and financial knowledge to meet your retirement needs. You will be competing with experienced investors. So, it is beneficial to get professional help for establishing a new account or managing a current one.
Expert services for setting up or managing your SMSF have a lot of advantages. An expert with in-depth knowledge of legalities can meet all the legal formalities easily, including all the required paperwork in compliance with the government. You just need to pay them their fixed charges and they don’t levy any hidden charges.
As they keep themselves updated with legal knowledge and technical expertise, they provide the services of setting up your SMFS efficiently. Hiring an expert will ensure that you don’t have to worry about lodging your SMSF’s annual returns.
They make sound investments decisions because of their financial research, knowledge and experience. You can save a lot of your time for your other important work.
Things to Contemplate Before Outsourcing our SMSF
The expert team must have qualified experts to set up and manage your fund. They should have complete tax knowledge and should be aware of the ever- changing government laws. Ensure that they have the technical expertise required. The specialists should manage your taxes and get you tax benefits.
As your financial data is highly confidential, be sure to find reliable services that don’t outsource your data. Check how they transact data online and do they follow all security measures. Be careful to consider important factors like experience and knowledge. Check their credentials online. If you need to buy property through your SMSF, consult a SMSF specialist who can explain the process to you. The experts should be able to answer your queries promptly. They must be professional in their service and always ready to help.
You don’t have to waste your time in setting up and managing your SMSF. You can contact iCare Super. They don’t charge and set up fee and have low administration fees. They have years of experience in SMSF administration. The experts at iCare Super have extensive knowledge to look after your SMSF and they specialise in SMSF audit. Their in-house team of auditors are passionate about providing the best service possible.