|
Posted: 2 Jun 2009
Managing your own super is a big responsibility. Super is meant for your retirement, so there are special rules about how it’s managed and when you can get it.
The Australian Taxation Office (ATO) regulates self-managed super funds (SMSFs). The Australian Securities & Investments Commission (ASIC) regulates financial services and company laws to protect you.
The ATO and ASIC want to ensure anyone considering setting up or joining an SMSF has the information they need to make the right decisions.
If you want to manage your own super, there are many factors you need to consider. To work out whether an SMSF is right for you, it’s important you take the following six steps:
• Consider your options and seek professional advice.
• Ensure you have sufficient assets, time and skills to manage your own fund.
• Follow the super and tax laws and understand the risks.
• Tailor your trust deed and investment strategy to suit the members of your fund.
• Be sure you can meet your record keeping and reporting obligations.
• Make sure you understand your annual auditing obligations.
There are strict rules that govern how you can use an SMSF and how you can invest your money. It can be difficult, so at times you might need to consult with professionals and advisers, which can add to the cost of managing your fund. You should consider if such costs and other regular fees and charges will affect the benefits you may get from having an SMSF.
Starting an SMSF is a very important decision, so we recommend you speak to our qualified and licensed professionals to help you decide if it’s the right super fund for you.
For further information speak with Tas Demos.
|
