What are the benefits of setting up a self managed Super Fund?

28 Jul 2016

Self Managed Super Funds – even just saying the words can seem complicated to some. There are good and bad points to Self Managing your Super Fund. At Accounting iCue we can review your individual situation and supply carefully considered advice to you regarding getting the best out of your Super to assist in your retirement.

When we enquire with people why they are looking into the Self Management option invariably these are the three main reasons they give:

To have personal input and control over their superannuation.
Tired of watching their nest egg being eaten up by poor performance and charges.
It was a suggestion from their accountant or financial planner.

Firstly and most importantly – seek advice and direction from a Qualified Accountant with experience in this field and this will greatly assist with avoiding any pitfalls when making the move to a self managed fund.

Self Managed Super Funds are not set up as standard Super Funds because all the members are trustees (or trustee directors depending on how it is set up). The Members are responsible and accountable for running the fund and making the decisions regarding investment of the fund’s assets, paying benefits and meeting the administrative, Government and Taxation Department compliance requirements of the fund. This is where an Accountant, such as Accounting iCue, with knowledge and experience in the Self Managed Super Fund industry is essential.

There are some benefits to a Self Managed Super Fund over Government approved standard super funds, where you are just tagging along till retirement hits. You are in the driver’s seat, so to speak, as a Trustee

you can have your say and have greater control over the investment strategy, asset options and management of the portfolio.
You can have more opportunities and options when it comes to investing your assets, retirement income and estate planning.
In selecting your investments wisely and ensuring transactions are kept to a minimum, you may reduce fees of your fund
It is possible to take advantage of tax concessions for superannuation in the self-managed super environment. Many Fund trustees, for instance, opt to dispose of fund assets when markets are good from a tax and investment perspective. (Income and capital gains from superannuation assets are concessionally taxed in the accumulation phase then tax-exempt when supporting a superannuation pension.)

As with anything that is a good idea, in some cases, it is not a move that should be made.

At Accounting iCue we carefully review and consider your financial situation, you super fund(s) balance and performance to date and your lifestyle to ensure that a Self Managed Super Fund will bring you the best returns to ensure that your retirement is the best it can be.

A Self Managed Super Fund is definitely a good option but this is not a lifestyle choice to be undertaken lightly and as with any monetary undertakings that involve investing your money seeking out wise counsel is never a waste of time or money when you are looking to achieve a long term goal.

Contact us at Accounting iCue for a confidential meeting to discuss your investment options. We want to see your money perform well for you and look forward to giving you the right advice to assist you in retirement.

	PO Box 3243 Helensvale Town Centre Gold Coast QLD 4212
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	0400 630 930	Tap To Call

What are the benefits of setting up a self managed Super Fund?

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