You often hear of businesspeople, those self-employed or even farmers using self-managed super funds (SMSF). This allows them to have greater control over where assets are invested and also take advantage of tax minimisation. There are a number of ways to take control of your financial future. If you have an interest in property or like the idea of a hands on approach to your investments, then a SMSF may work for you.
According to Kelly Howard from Accountable Business Solutions, you are never too young or old to start thinking about your financial future. “A SMSF allows you to be in total control of the chosen investment mix,” she says. “It is important to always sit down with a trusted advisor to ensure your options are assessed and to find if a self-managed super fund is the most appropriate fit for you. We will look after all of the legal setup and continue to help with annual compliance and investment strategy.”
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Clients often report that having greater visibility over their retirement savings has led to a deeper understanding of how their overall wealth is tracking, and given them more confidence in their investment and lifestyle decisions. Kelly says a SMSF can provide significant benefits in retirement:
- Investment choice – you’ve more investment options such as property, direct shares and unlisted assets.
- Tax strategies – like all super funds there are benefits from concessional tax rates. Accumulation phase is taxed at 15 per cent, while pension phase has not tax to pay.
- Flexibility – allows for multiple members to run a mixture of investments to suit them and their personal circumstances.
- Transparency – it allows you to better understand where your money is invested, with complete visibility over performance and tax treatment.
- Consolidate super assets – with more than one member you can combine your super assets, which increases the fund’s assets and investment opportunities with only one set of fees.
- Insurance – you can include insurance in your SMSF to protect your income and assets, for example life insurance, total and permanent disability and income protection.
- Estate planning – it provides an effective estate planning tool, by specifying who you want to leave your money too.