Is a Self Managed Super Fund (SMSF) right for you?
There are numerous SMSF in Australia but what does it mean for you.
You already have a SMSF but want to make it work harder for you?
Over 900,000 Australians run their own SMSF. But the news media is in a frenzy at the moment about SMSF’s and property investments.
We understand that SMSF’s don’t suit everyone, so it’s important you get the right information to decide for yourself.
To assist you to make a correctly informed choice, here are the FACTS:
Why do people set up their own SMSF?
- To be able to make their own decisions about where their super is invested.
- To invest in your own chosen property (business premises or residential).
Is it expensive to set up a SMSF?
No, it isn’t. You need a SMSF Trust Deed (the document that contains all of the rules for running your super fund) and we recommend you incorporate a Company to be the Trustee (the decision maker) for the SMSF. Our price for this is $2,200 plus GST, which includes preparation of all required documents.
You’ll also need to consult with a financial planner for them to prepare a Statement of Advice to make sure that you have all the information to make an informed decision on your superannuation. Their fee is normally from $2,500 plus GST.
What are the ongoing running costs of a SMSF?
The ongoing costs normally start from $2,000 plus GST per year for the administration of your SMSF (includes tax returns, annual financial statements, minutes of Trustee’s meetings) plus $500 plus GST for the annual audit of your SMSF.
How much super do I need to set up a SMSF?
Normally at least $200,000 to make it cost effective to have a SMSF.
What investments can I make in a SMSF?
Typical investments include shares, cash, term deposits, and property. There are specific rules about what you can invest in, so it’s important you seek our advice before you make any decisions.
Further help:
Visit us at www.marshpartners.com.au or call us on 07 30234800.
