Self-Managed Super Funds (SMSFs) are funds established to help individuals plan for the future and also used primarily to gain taxation benefits. Generally the Trustees of the fund are the fund member/ s (where there is a Corporate Trustee, the members are the directors of that company). Self-Managed Super Funds are becoming quite common nowadays, with many people taking advantage of the benefits these funds offer.
Why a self-managed super fund?
Some benefits of a SMSF include:
- Trustees can control the investment strategy to determine how and where investments are made
- Trustees can fine tune the investment strategy according to specific financial circumstances and objectives
- SMSF administration fees may give you greater cost certainty and potentially save money over time
- A SMSF can be a tax effective vehicle
Like other superannuation (super) funds, SMSFs are a way of saving for your retirement. The difference between an SMSF and other types of funds is, generally, that members of an SMSF are the trustees. This means the members of the SMSF run it for their own benefit.
We at Hughes Legal work with an Accounting firm (Hughes O’Dea Corredig) to help set up SMSFs for you. We work with you to enable you to set up your retirement in the most beneficial way possible.
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Contact us if you have any queries or would like more information