When it comes to retirement savings, many of us don’t know where to start. We hear about all these different superannuation funds but don’t really understand how they work. One of the most common options is a self-managed super fund (SMSF). This post will provide a quick overview of SMSFs and why they might be the right option for you plus some tips on how to get started.
What is a Self-Managed Super Fund?
A SMSF is simply a type of retirement fund that enables you to manage your own investments rather than relying on an external provider. It’s important to note that while you can manage your own investments, there are rules and regulations set out by the ATO that must be followed in order for it to be considered a legitimate SMSF.
Why Choose a Self-Managed Super Fund?
The main benefit of having your own SMSF is that you have much more control over your money. You can decide which investments you want to make, when you want to make them, and how much money you want to invest at any given time. In addition, since SMSFs are taxed at concessional rates, this means that your retirement savings can potentially grow faster than if they were invested in other types of accounts such as investment accounts or term deposits.
How Do I Set Up A Self-Managed Super Fund?
Setting up an SMSF isn’t as hard as it may seem. This is where SMSF Partners comes in. Our online platform is available to help walk you through the process step-by-step. You’ll need to choose trustees for the fund and then register with the ATO so that your fund is compliant with their regulations. Once everything is set up, all that’s left is selecting your desired investments and managing them according to the guidelines laid out by the ATO.
