Self Managed Super Fund: Getting started
Posted 16 Apr '15
Posted 16 Apr '15
A Self Managed Super Fund (SMSF) can be used as a great tool to provide for your retirement. A SMSF has the same role as any other industry or retail super fund; the difference is that the members of an SMSF are also the trustees. This means that the members control the investments of the SMSF and the payment of member benefits.
Controlling your own super fund also means that you must comply with several requirements under super law. The requirements differ depending on whether your fund has individual trustees or a corporate trustee (company) structure.
The first question to ask when setting up your fund is; will it be an individual or corporate trustee? It is important to know the difference between the two structures.
Generally, individual structures are cheaper to register and establish yet can become time consuming and expensive when trustees change or leave the fund. Individual trustee structures also mean that each individual trustee can be liable for fines and penalties from the ATO for compliance breaches.
Corporate trustees on the other hand ensure ownership documents do not have to change when members join or leave your fund making it easier to manage changes that result from death, divorce or disability. A corporate structure will also ensure assets held in individual names are not intermingled with fund assets.
If you are thinking about setting up a Self Managed Super Fund or need help with your superannuation contact me today on 3117 3736.
Luke Gozzard (Superman)
In this blog, we’ll walk you through the key criteria for qualifying for the FBT exemption, the costs that can be included, how to handle electricity expenses for charging, what you need to know about charging stations, and some common pitfalls to avoid as a business owner.
Easy Automated Sales is a brisbane based software business providing practical solutions for SME's. We sat down with owner, Colin Feguson, to learn more about this product and how it can best help Brisbane small business.
Applications are now open for the Lord Mayor's Women in Business Grants for 2025. Now in it's fourth year, the Lord Mayor's Women in Business Grant has supported the development of more than 250 women-led Brisbane businesses across a range of industries. One of our valued clients, was one of these worthy recipients for the 2024 round and has kindly shared some words of her experience and the benefits she obtained from being a grant recipient.