Set Up Your SMSF with Help from Wealth Strategists

A self-managed superannuation fund, or SMSF, is one of the nest eggs those with a keen financial sense and strong work ethic aim for. One of the chief advantages of the SMSF is that it helps expand your investment options. It will also shepherd all the money you need for your retirement. However, while SMSFs are a growing industry among Australians, some experts stress that activating one requires a lot of homework.

You can set things going by establishing a trust deed with help of a licenced accountant and wealth specialist. The deed will outline the fund’s trustees, the governing by-laws, and contribution amounts each member should turn in. Trustees should be at least 18 years old and have no prior convictions.

At the same time, you should also apply for a tax filing number and an Australian business number, plus elect for regulation with the Tax Office under the Superannuation Industry (Supervision) Act (SISA). Once the SMSF is regulated, work with your adviser in drafting its investment strategy, which will include factors such as asset risk, cash flow, potential liabilities, and returns.

Some experts claim that SMSFs should have no less than $200,000 in the kitty as there are administrative costs to consider. Running your own SMSF can be tricky especially if you are pressed for time to do so. As such, you can turn to wealth strategists to help maximise your investment potential.

This entry was posted on Tuesday, 11 February 2014 and is filed under ,,. You can follow any responses to this entry through the RSS 2.0. You can leave a response.

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