Self-Managed Super Funds (SMSF)

An SMSF lets you take control of your superannuation + gives you flexibility!

Self-Managed Super Funds – SMSF Advisors

What Is An SMSF?

A self-managed super fund is simply a type of superannuation fund.  It is a superannuation trust structure that provides benefits to its members upon retirement.  The difference between an SMSF and other types of funds is that the members of a self-managed super fund are also the trustees.  An SMSF is established to provide retirement benefits for its members.

Entering into retirement is one of the biggest life choices and changes that will happen to us throughout our lives.  With a self-managed super fund, you have complete control over your biggest asset that you have worked towards your entire life.

A self-managed super fund can have between 1 – 6 members where each member acts as trustee of the fund or if there is a corporate trustee, each member acts as director of the company.  Therefore an SMSF is well suited to individuals, couples and families.  All members must be trustees, and all trustees must be members.

SMSFs are ideal for those who like the control and flexibility that comes with running their own fund and making their own investment choices.

Advantages of a Self-Managed Super Fund

The advantages of a self-managed super fund are as great as you make them.  An SMSF provides you with more investment choices and estate planning opportunities but the main attraction of an SMSF is that you have control over where your superannuation is invested, additional tax efficiencies, as well as savings on administration fees.

Some of the main benefits of a self-managed super fund include:

  • Greater flexibility with tax
  • Greater control over investments
  • Potentially lower fees on higher balances
  • Estate planning
  • Asset protection

Buying Property With an SMSF

Did you know that a self-managed super fund also allows trustees to purchase business real property inside their super fund?

An SMSF allows trustees to purchase business real property inside their super fund and this can provide many tax benefits.  If there is not enough money in the fund, a self-managed super fund can also borrow money from a financial institute to buy a property.

If you already own a commercial property, it may be worth considering contributing the property to the fund as a non-concessional contribution.

Owning a commercial property in a self-managed super fund provides a plethora of benefits.  The commercial premises can be leased to the members for their business.  This strategy allows the business to claim a tax deduction for the rent in their business while growing their superannuation for retirement.

How We Can Help Set Up An SMSF

Whether you are considering establishing a self-managed super fund, already have one or you’re on the hunt for a new SMSF Accountant, our team at Canny Advisory offer individually tailored ongoing service packages to all of our SMSF clients.

With our advisory, accounting and legal teams all under one roof, we can assist you with your administrative, accounting, taxation and financial planning needs that coincide with your self-managed super fund.  We can also assist you with estate planning, and retirement planning preparation when the time comes. 

Want to know how to get started and what to do when setting up a self-managed super fund, as well as your investment options to your responsibilities?  Are you a business owner that is looking at setting up an SMSF and possibly purchasing a business or property purchase?

Download our free guide to give yourself the best opportunity at a better more flexible future with you in control!

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