Self Managed Super Funds [SMSF]

Self Managed Super Funds [SMSF]

Self Managed Super Funds [SMSF]

Today, more than ever before, navigating the markets and trying to find the right investments for the money you set aside for your pension is one of the most difficult tasks you can set yourself. The turbulent financial world is like trying to ride out a storm at sea.You need to be prepared to seriously educate yourself on the ins and outs of the financial world, and keep yourself there by following closely current events. Unless you are really clued up, you would be wise to seek the advice of an expert whose business is to know all these things.If it is your plan to set up a Self Managed Super Fund, a professional SMSF expert is what you need to set up your fund for you, or to give you advice and guidance about how to do it. SMSF is generally considered to be suitable for amounts exceeding $200,000 and you can expect it to cost you between one and two thousand dollars a year to administer.If you look around, you will find that kits and software packages are available to assist you with the knowledge and guidance you need to set up your fund. Look carefully and educate yourself well.If you do decide to set up a Self Managed Super Fund yourself, there are certain basic steps that you need to take.When you set your fund up, you become a trustee of the fund, as well as anyone in good legal standing over the age of 18 who is a member of the fund. It is important that you know and understand your responsibility to follow the laws and rules, as set out by the Australian Taxation Office, the Australian Securities & Investments Commission, and the Australian Prudential Regulation Authority. You can co-operate with these bodies so that they can help, advise, check and correct your progress as you set up and administer your Self Managed Super Fund.You are also going to need the expertise ofa taxation agent to set up your fund accounts and statements and give you advicelegal advice to set up your trust correctly and keep it up to datefinancial advice for investmentssomeone to administer the day to day running of the fundIt remains your responsibility to make sure that the steps are correctly followed and to check that the experts you approach for advice are appropriately licensed and / or registered. Remember that any conflict between your Trust Deed and the laws that govern trust deeds means that your Deed stands to be overridden by the law. If you are found to be administering your fund carelessly or fraudulently, you can be removed as an administrator and / or your funds can be frozen. This is scary stuff and not for the faint hearted. However the right help and advice is out there and you can find it. It also helps if you keep detailed records in case you are ever audited by your government.As markets are increasingly fickle these days, self managed super funds are becoming more popular. There are many different tools you can use such as smsf software to make your own trading decisions.

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