Is a Self Managed Super Fund right for me?

Our Financial Planner in Gymea, Adam Niewidok, explains how a self-managed super fund (SMSF) works, who can start a SMSF and what are the benefits.

In many respects, SMSFs work in much the same way as regular super funds. During your working life, you and your employer make contributions to the fund. The money is invested so that over time you build a decent pool of savings for retirement. But what are the benefits of a self-managed super fund compared to a normal super account?

Our team of financial experts explain below.

Who can start a self-managed fund?

Just about anyone can establish a SMSF, however there is a limit of up to four members per fund. It's also important to know there are various costs associated with setting up and running a SMSF. For more information why not reach out to our amazing financial planner, Adam Niewidok.

What are the valuable tax savings from a SMSF?

Like all superannuation funds, SMSFs benefit from generous tax concessions. Contributions to the fund plus the returns on the fund’s investments are all lightly taxed so more of your money goes to work for your retirement. If you're planning your retirement, a SMSF may be an option you're interested in, however before you make a decision, contact a trusted financial planner in the Shire.

Can I buy a property with my superannuation?

Yes, it's possible to buy an investment property with your superannuation. You will need a Self Managed Super Fund (SMSF) to do so, and that comes with all sorts of long term benefits for the right client.  It's not for everyone however and our financial planner, Adam, would be happy to have a look at your position.

An SMSF lets you take control of your own money and control your own financial destiny.

A Self Managed Super Fund for retirement

One of the key rules of SMSFs is that the fund can only be used to invest for retirement, you can’t normally access the money before reaching retirement age.

Strict rules apply

Although there are many benefits with a SMSF, they must also be run within strict guidelines. As each member of a SMSF is also a trustee, you are responsible for meeting those rules, and if you’re considering a SMSF it’s essential to be aware of what’s involved. If you would like more information on these strict guidelines, contact our trusted financial planner in the Shire, Adam Niewidok.

Want to learn more about self-managed super funds? Watch our short video below!

To take control of your super today, contact Mortgage Choice Gymea on 02 9525 4544.

Contact us today.

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