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| What is a Self Managed Super Fund (SMSF)? |
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The members of the fund are also the trustees of the fund (either directly or through a corporate trustee company). The trustees of an SMSF are required to prepare and implement an investment strategy for the superannuation fund. Why have a SMSF? There are a number of key benefits associated with establishing and operating a SMSF: Control A SMSF provides you with an opportunity to make the decisions as to how your funds are invested and how the fund is to operate. You have the flexibility to alter the fund's investment strategy as and when requried to meet the changing needs of the members or any changes in the economic climate. Investment choice Your fund can invest in a large range of investments including shares, bonds, property, cash or any other asset you feel suits the investment objectives of the fund. Low taxation Tax concessions are available for SMSF. For example, where assets include shares with franked dividends, the imputation credits can be used to offset or remove the contribution tax you pay on contributions to the fund. Retirement flexibility It is possible to operate different types of pensions in the same SMSF, which provides you with the flexibility to meet your needs in retirement. Protection The assets of the SMSF are protected from bankruptcy and other legal claims up to a certain threshold. This can be a relief when unfortunate events occur. Succession planning One of the main benefits of a SMSF is the estate planning benefits, allowing family members to combine their assets to grow for retirement. How can Addwealth help? Addwealth provides an ongoing management service for SMSF's. We utilise the services of an in-house specialist superannuation accountancy team. We are not directly invovled in the SMSF auditing process - this service is outsourced to a specialist accounting firm. The SMSF ongoing management service includes the following:
How do you know if an SMSF is right for you? Call Addwealth today 08 9284 3144 for a free SMSF Health Checkup. Addwealth will undertake a review of your current arrangements to assist you in determining whether an SMSF is right for you.
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