1. Take charge of your Super with a SMSF Superfund
Get total control of your Super with a SMSF Superfund. Choose where you invest your Super savings. Are you happy with the performance of your existing super fund? Could you achieve a better result managing your own investments, or are you looking for the safety of bank term deposits.
You become the master when you choose to establish and manage your own SMSF superfund. You can then choose to invest in a wide range of investments. For example, with an SMSF superfund, you can invest in Term Deposits, Australian & International Shares, Residential & Commercial Property.
2. Managing your Fees
Many super funds and managers charge a flat fee of 1% or 2% which doesn’t sound much. 1% of $300,000 of a super balance is $3,000 per year which is quite substantial. Concord Tax – Kirwan provides a quality service for a reasonable fee in taking care of the compliance of your own fund.
3. How many members can join your fund?
You can choose to be the only member of the fund or you can choose to include up to three other members. Four members can reduce further the cost of the fund per person.
4. The advantages in Retirement
The Retail and Industry Funds will have you choose either a Pension or an Accumulation Account. When you wish to start taking your Super Benefit as a Pension your Super Benefit will need to be transferred to a separate Pension Account and any additional contributions you make will be added to a completely separate Accumulation Account.
An SMSF is a Pension and Accumulation Funds in one. You can commence a Pension and continue contributing to the same SMSF. There is no need to split your Super Benefit into multiple Funds.
5. Contribute Assets to the SMSF
You can make contributions such as Investment Properties, Shares, and Managed Funds, into your SMSF superfund . These specie transfers allow you to consolidate your Family Assets in a tax advantaged way. There are some taxation and capital gains tax issues which you need to consider prior to entering this type of strategy.