A self managed superannuation fund (SMSF) is a superannuation fund that is managed by you. An SMSF allows you to take control over the investment strategy of the fund. It also provides greater flexibility in terms of investing the funds' assets, retirement income options and estate planning', but it is important to understand the responsibilities that come with being an SMSF trustee.
Some Important Considerations For An SMSF trustee are:
- Do you have enough time to manage an SMSF?
- What are your reporting obligations as a trustee?
- Will someone help you set up and run your SMSF?
- How do you keep up to date with changes to superannuation laws and legislation?
- What is the sole purpose test?
- What is an investment strategy?
- Are you eligible to become a trustee?
Our role is to ease the burden of running an SMSF and to give you an understanding so that you keep on top of your administrative and reporting obligations as an SMSF trustee.
Our team at Carbon Business Group is here to help you understand and satisfy the SMSF’s reporting obligations to the ATO as well as to ensure that you are meeting your responsibilities as a trustee of an SMSF. At Carbon, we have a ton of experience and knowledge acquired over many years of administering these types of funds and we are only happy to help you with your responsibilities.
Like all things, an SMSF when used properly can be a very effective tool but it is not suitable for everybody. So if you are wanting more information about SMSFs, contact our office and come in for a meeting to discuss. We are here to help you make informed decisions.