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Self Managed Super Funds
What is Superannuation?
Superannuation is the principal method by which people provide for their retirement. On commencing employment your employer will pay superannuation into a fund on your behalf. This is called the superannuation guarantee. The fund then invests the money. Low taxation rates apply.
Self Managed Superannuation Funds Benefits
Some people prefer to set up and control their own superannuation fund rather than contributing to one already established. There are benefits in this procedure.
- Assets can be placed in your self managed super funds.
- You decide when and where your superannuation will be invested.
- There is more scope for minimising tax.
- Fees can be reduced by combining family assets.
Self Managed Superannuation Funds Check List
Check list for those contemplating establishing a self managed super funds:
- Do you have the ability, time and background to administer self managed super funds?
- Look carefully at the legalities and risks involved.
- Consult professionals, Financial advisers, Tax Agents and Accountants about self managed super funds.
- Consider your obligations, for reporting, record keeping and auditing of self managed super fund.
- What are the initial and ongoing costs of administering a self managed super funds?
- Do you have a considered investment strategy?
Other Things to Remember About Self Managed Super Funds
There are other things you should remember about self managed super funds:
- Establishing your own self managed super funds will not allow early entrée to your cash.
- Although the check list may seem formidable and daunting many citizens run successful self managed super funds.