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Self Managed Super Funds
Take control of your financial future with a Self-Managed Super Fund (SMSF). At Trew North Accounting, we specialise in helping small business owners in Melbourne establish and manage their SMSFs efficiently. Whether you’re looking for greater flexibility, investment control, or tax benefits, our expert team ensures your fund operates smoothly and in compliance with Australian regulations.
Why Choose a Self Managed Super Fund?
An SMSF gives you the power to control how your superannuation is invested and managed. Unlike traditional super funds, an SMSF allows you to make strategic investment decisions tailored to your financial goals.
Here’s why an SMSF might be right for you:
Investment Control – Decide where and how your retirement savings are invested, including shares, property, and term deposits.
Tax Advantages – Enjoy tax benefits, including lower tax rates and strategic tax planning opportunities.
Greater Flexibility – Structure your super fund to suit your retirement and estate planning goals.
Cost-Effective (for Larger Balances) – SMSFs can be more cost-effective than retail or industry funds for balances over $200,000.
Asset Protection – Safeguard your retirement savings with greater control over investments.
5 Benefits of a Self Managed Super Fund
1. Full Investment Control
With Self Managed Super Funds, you’re not limited to the standard investment options provided by retail super funds. You can invest in a wide range of assets, including:
- Direct property
- Shares and managed funds
- Fixed income products
- Cash and term deposits
- Cryptocurrencies (subject to regulations)
2. Potential Cost Savings
For larger superannuation balances, an Self Managed Super Fund can be more cost-effective than traditional super funds because administration and investment fees can be lower on a per-member basis.
3. Tax Efficiency
SMSFs benefit from a concessional tax rate of 15%, with strategic tax planning options such as franking credits, capital gains tax concessions, and tax-free income in retirement.
4. Retirement Planning & Estate Benefits
You can structure your SMSF to suit your long-term financial goals, including passing on wealth to family members in a tax-efficient manner.
5. Combine Super with Family Members
An SMSF can have up to six members, allowing families to pool their superannuation funds and build wealth together.
Frequently Asked Questions (FAQs)
Who can set up an Self Managed Super Fund?
Anyone who meets the eligibility requirements under Australian superannuation law. SMSFs can have up to six members, all of whom must be trustees or directors of the corporate trustee.
How much money do I need to start an SMSF?
While there is no strict minimum, it’s generally recommended to have at least $200,000 in superannuation savings to make an SMSF cost-effective.
What are my responsibilities as an SMSF trustee?
SMSF trustees must ensure compliance with superannuation laws, lodge annual tax returns, maintain proper records, and act in the best interest of fund members.
Can I use my Self Managed Super Fund to buy property?
Yes, an SMSF can purchase residential and commercial property under specific conditions, including limited recourse borrowing arrangements (LRBAs).
Do SMSFs have ongoing costs?
Yes, there are setup and ongoing costs such as administration fees, accounting fees, audit costs, and investment-related expenses.
What happens to my Self Managed Super Fund when I retire?
You can transition your SMSF into pension mode, where investment earnings become tax-free, providing you with a retirement income stream.
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