Why establish a SMSF
by Wealth Know How in Retirement
"Why Establish a SMSF?". James Dunn looks at the motivations and the more important implications in moving along this path to funding your retirement. It's about taking control of your investment decisions and a lot more flexibility but is a SMSF the investment vehicle for you?
- sponsor - Wealth Know How
Wealth Know How is the online network helping people manage their wealth through financial education. Whether you are looking for simple ways to better manage your cash, or you are after a complete strategy on how to save for retirement, we can help you understand your options. It is important to have a vision for your future, but its knowledge not dreams that will ultimately deliver financial success.
Published on 17 Jan 14
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"Why Establish a SMSF?". James Dunn looks at the motivations and the more important implications in moving along this path to funding your retirement. It's about taking control of your investment decisions and a lot more flexibility but is a SMSF the investment vehicle for you?
Sponsor - Wealth Know How
Wealth Know How is the online network helping people manage their wealth through financial education. Whether you are looking for simple ways to better manage your cash, or you are after a complete strategy on how to save for retirement, we can help you understand your options. It is important to have a vision for your future, but its knowledge not dreams that will ultimately deliver financial success.
-
Venezuela tension heats up
Duration 03:16
-
Aussie dollar surprises market
Duration 03:10
-
Markets climb as investors watch US healthcare bill
Duration 02:31
In a SMSF you're not limited to owning a small part of what a retail or industry or corporate super fund manager chooses to invest in. For example, approved residential and corporate property and even art can be assets of your SMSF. The point is that within the accepted limits, you decide the asset allocation and you choose the individual assets of your retirement fund. Following the ATO rules you may be able to transfer personally owned listed shares, business real property and managed funds directly into your superannuation fund.
You get more control over the fees you pay. There are set-up costs for an SMSF, and annual costs, some of which are not optional, but the costs of administering an SMSF are falling.
You have complete transparency – you can see where every dollar goes.
As well, you get much more flexible pension planning ability, including account based, transition to retirement and term allocated pensions, and greater flexibility for accessing Centrelink benefits such as the age pension.
Lastly, an SMSF allows you to tailor the significant tax advantages of superannuation to your individual circumstances, particularly as your fund moves into the pension phase.