Australian Self Managed Superannuation Funds
Like other superannuation funds a self-managed superannuation fund (SMSF) are a way of saving for your retirement. The difference between an SMSF and other types of super funds is, generally, that its members of an SMSF are also the trustees. This means that members of the SMSF can run it for their own retirement benefit.
For trustees of SMSFs, managing your own fund and getting it right is very important. There are many rules and regulations in the various laws that govern super that are designed to protect your retirement income. As a trustee, you need to ensure that you adhere to the rules and know that you are ultimately responsible for the running of the fund, even if you use tax, financial and super professionals to help to manage it.
Self-Managed Superannuation Funds (SMSFs) are now the largest and fastest growing segment of the superannuation industry, as more and more individuals are taking control of their retirement.
Thinking about a Self Managed Super Fund?
SMSFs are not for everyone and you should think carefully before deciding to set one up. It’s a major financial decision and you need to have the time and skills to do it. There may be other, better options for your super savings. Either way you should certainly obtain professional advice prior to the establishment of a SMSF.
- Ability to hold Sterling pension fund balances
- Flexibility & Control
- Greater Investment Options
Setting up a Self Managed Superannuation Fund
If you decide to set up an SMSF you become a trustee of the fund. This means you’ll be responsible for managing your SMSF according to its trust deed, investment strategy and the laws and rules that apply to SMSFs. The key principle is that you run your SMSF for the sole purpose of providing retirement benefits to fund members.
A Self Managed Superannuation Fund would also need to obtain ROPS status by HM Revenue & Customs in order to accept monies from UK Pension Funds, we at TWA can assist you with the established of the SMSF and its QROPS/ROPS registration obligations with HMRC.
Changes – who is authorised to give advice?
An SMSF is a complex undertaking and you can’t do it all yourself.
- You can also engage other SMSF professionals, such as accountants and financial advisers, to help you set up and run your fund.
- An accountant can help prepare your fund’s accounts and its annual financial position and operating statements.
- A tax agent can complete and lodge your SMSF annual return, provide tax advice and represent you in your dealings with us.
- A fund administrator can help you manage the day-to-day running of your fund and meet your reporting and administrative obligations.
- A legal practitioner can prepare and update your fund’s trust deed.
- A financial adviser can help you prepare an investment strategy and advise you about the different types of investment and insurance products.
- If you use an SMSF professional to help you set up your fund, you’re still responsible for making sure it’s done correctly.
You need to ensure whom you appoint is qualified to establish a SMSF and hold the relevant qualification.
Running a Self Managed Superannuation Fund
Please contact TWA to see whether a Self Managed Superannuation Fund is right for you.