Is a SMSF right for you?
Every individual has different motivations in respect to their choice of retirement vehicles. This choice provides Australians with enormous power when selecting where to hold their superannuation assets.
While there are many benefits to using a SMSF as your preferred retirement vehicle (refer to our attached flyer "Why SMSF"), the final decision as to whether a SMSF is right for you will ultimately be a personal decision.
We have noted below some of the key issues for someone considering whether a SMSF is right for them:
- Control - Do you want the ability to control the choice of investments for your superannuation?
- Flexibility - Do you want the flexibility and freedom of choice of maintaining your own personal superannuation fund?
- Cost savings - Do you have sufficient money in superannuation to take advantage of the cost savings associated with running a SMSF?
- Family super fund - Are you attracted to having a family retirement fund for you and your spouse and potentially the next generation?
- Trustee responsibilities - Are you prepared to take on the responsibility for maintaining the SMSF for the sole purpose of providing for the retirement of the members?
- Ongoing involvement - Are you prepared to invest the time to regularly review the operations of your SMSF, including the investment performance?
If you answered yes to the above questions then you should seriously consider a SMSF.
The choice of a SMSF is not a decision to be taken lightly given that you will ultimately be responsible as the trustee for a number of the regulatory requirements as noted above. To help you further in your decision process, we have attached in the Reference Documents section a recent article from Smart Investor magazine, a guide produced by the ATO "Thinking about self-managed super" which discusses some these key trustee requirements, our useful Flow Chart and also a podcast of our Webinar "Is a SMSF right for you?".
The good news, however, is that when you partner with Heffron, you can rely on us to assist you in meeting these regulatory requirements and also importantly help you unlock the benefits when using a SMSF.
Please call Ben Smythe on 1300 172 247 to find out how we can help you take advantage of the benefits of a SMSF.
This information on this page is intended to provide background information only and does not purport to make any recommendation upon which you may reasonably rely without taking specific advice. In particular it should not be considered financial product advice for the purposes of the Corporations Act 2001.
