What we understand as Super Funds are set up by a central trustee to provide advantages to all the members. On the other side, in Self Managed Superannuation Fund (SMSF) the Trustee could be you.
Following are the advantages of this approach:
- You can choose how contributions are made as
- You can select certain beneficiaries or can leave it to the fund trustee to management more professionally to reduce taxes
- You only need a minimum of $150,000 in order to make your investment worthwhile
- All of the members can make decisions about their funds
- Members can have insurance policies
- You choose the way your funds will be invested
- Approach to information to help in running the fund from the ATO, including form provision
- Combination of assets for vast diversity of investment
- At the same time provide payments to individuals as gathering contributions from others
- Access to the specialists, including:
- Financial Planner
- Legal Practitioner
- SMSF Specialist
Whether your contributions are, personal, employer, salary sacrifice, super or eligible spouse contributions, you can choose the one you need. Every member can make individual decisions about how their funds will be managed by choosing their investment resources. The investment will take place, by complying to the trust deed that outlines the investment strategies. Every member will have his/her own account of contributions, fees and investments.
If trusted deed allows insurance policies like, Income Protection and Total and Permanent Disablement may be facilitated via the superannuation fund. It will be reflected directly in the member’s account.
Furthermore, the ATO follow up-to-date advice for Self Managed Superannuation Funds to keep trustee informed about the changes in legislation. After that, the trustee will rely on such advice in making the investment decisions, reporting obligations and book-keeping.
In addition, you can also seek support and advice from Accountants, Financial Planners as well as from Legal Practitioners that are well informed about (SMSF) strategies.