Is an SMSF right for me?

Before you decide to set up an SMSF you should think about whether it’s suitable for your personal needs, objectives and financial circumstances. There are a number of things that can help you decide whether an SMSF is right for you.

What are my investment goals?

With an SMSF you can invest in assets that are generally not available in other types of super funds. For example, if you want to borrow to buy a property with your super you can only do this with an SMSF.

Do I have enough super?

There is no specific amount you need to commence an SMSF, however, generally, the lower the balance of an SMSF the less cost effective they tend to be. SMSFs typically have a fixed administration cost meaning the larger the fund’s balance the less the fixed expenses are as a proportion of the fund. Remember the fund balance can be made up of total super savings of up to six members.

How much do I need to know about superannuation?

You need to have enough financial knowledge to understand and undertake your responsibilities as trustee. You don't need to be an expert but you do need to be willing to learn about the rules of your fund or work with someone who can guide you such as Heffron, a financial adviser or a lawyer. Here at Heffron we are experts in SMSFs and can help ensure you follow the rules and meet your responsibilities. 

How much time do I need to manage my SMSF?

You will need to dedicate time to making sure your SMSF is managed in an effective and compliant manner. The amount of time you spend will depend on who you partner with and the complexity of your investments. By partnering with Heffron, you will save time on ensuring your fund is compliant with the rules because we do all this for you.

For more information on whether an SMSF may be suitable for you, refer to the  ATO website

What are the responsibilities of trustees? 

Superannuation law requires trustees to always act honestly, exercise care and act in the best interest of all members. In addition to these guiding principles, trustees have ultimate responsibility for all aspects of running the SMSF, including: 

  • maintaining all records of the SMSF 
  • establishing, implementing and regularly reviewing the SMSF investment strategy 
  • lodging tax and regulatory returns 
  • complying with superannuation law 

This is where Heffron helps. Part of our administration service is helping ensure you meet all these requirements. 

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