Like other superannuation (super) funds, self-managed 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.
If you set up an SMSF you become a trustee of the fund. This means you’ll be responsible for managing your SMSF according to its trust deed and the laws and rules that apply to SMSFs. The key principle is that you run your SMSF for the sole purpose of providing retirement benefits to fund members.
Generally speaking, a SMSF can purchase just about all types of property which includes residential, commercial, factories, medical suites, office space, etc. However, any property held by your SMSF must meet the sole purpose test of providing retirement benefits to fund members, or a benefit to their dependants if a member dies before retirement.
Due to the complicated nature of the SMSF process, a specialist advice is highly recommended in order to take into account individual circumstances of the members and their fund, as well as the specific requirements of any proposed development activity.
To arrange a free consultation, Please call Austvision Financial Planners on 02 9897 2426.
- Self- Managed Superannuation Fund administration
- Estate planning issues
- Appropriate investment advice
- Pension calculations & other statutory requirements
Austvision Financial Planning P/L is an Authorised Representative of MCA Financial Planners P/L AFSL no. 223610.