Self Managed Super Fund

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A SMSF is a private superannuation fund which can be managed by yourself with the purpose of saving at the retirement Age. and regulated by ATO.

Well, it is important to known that everybody not able to save money that way. This things is depends on risk taking, bundle of money available for only investments and individuals skills.

There are some advantages and disadvantages of SMSF funds.

Advantages of SMSF

  • You hold have power over and manage yourself
  • You’re can invest in a different assets such as a bank account, shares or real estate as you like
  • Fees are not much high compare to other. so, you can save almost 1 percents or more
  • You could get good market value and can compare
  • It suits especially to investors
  • Art and Bitcoin are allowed in certain circumstances and market

Disadvantages are:

  • need caution and discipline for the trustee to manage fund
  • need an investment plan and strategy
  • Doesn’t suite to normal investor who don’t have match cash flow
  • Generally, more risky than normal investment
  • No access to superannuation complaints tribunal

Important

If you decide to set up a SMSF, You and only you liable for your investment, even if you get professional help for investments. so be careful whenever make any investment related decision

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au

SMSF (Self Management Super Fund)

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If you would like to make investment decision for your fund and you’re held responsible for complying with the super and tax laws so you can set up a self-managed super fund (SMSF).

You can make a super savings by your employer and it’s major decision  and you need to have the time and skills to do it.

An SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependants.

Be careful, Please don’t try to get early access of your refund unnecessarily such as to go on holiday, do your artworks to decorate your house. This is because this things are illegal.

It is important to have the time and skills to manage your SMSF. As a trustee of an SMSF you and only you are responsible to manage your SMSF within the law. in case of if you don’t , You may be penalize and you may have to face severe tax consequences.

You can find that the fees you pay for an SMSF is more than normal type of super fund.

For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au