The four main [url=http://www.futureassist.com.au/benefits-of-having-an-smsf//]benefits of having an SMSF[/url] that we usually talk about are control of the fund itself and the administration, secondly investment flexibility, it’s the ability to pick and choose your investment and access to strategies with investments that are available otherwise, taxation benefits can be quite significant in self managed superannuation and that is driven by some of that control that you have and finally some estate planning advantages which are quite unique to these kinds of funds.

Control

Having control of these superannuation means that you can have a trust deed that you have determined that is appropriate for you and your fund members in the self funded superfund, it is a very small fund so you can make sure that that trust deed and the fund rules provide the sort of strategies or allow for the sort of strategies that want to be able to implement in your lifetime of superannuation savings and that means you can determine whether your fund is able to pay pensions or not, whether your fund can access certain typed of investment opportunities, whether your fund is allowed to borrow or invest in those kinds of things, so that control is very important. You are at the mercy of fund rules of retail industry funds you have no control over.

Investment flexibility
Also we are looking at investment flexibility, so this is the ability to determine your own [url=http://www.futureassist.com.au/smsf-investment-strategy/]SMSF investment strategy[/url] and using that investment strategy to access a passive investing for your lifetime. So once you’re in accumulation phase and you are still working, you might like to access more aggressive top sitting investments that are really offering some growth and then later on you are able to focus on different kinds of investments that might be offering high levels of income and things like that when you are moving to retirement. What is also possible of course is the ability to pool your money and access larger investments like [url=http://www.futureassist.com.au/buying-property-with-your-smsf/]residential and commercial property investment[/url] even potentially your own business premises that you just can’t do in another type of superannuation fund and the fact that you could also borrow to make that investment is just kind of cream on the cake so it’s a unique investment flexibility. With taxation what we are looking at is the ability to derive particular kinds of rebates and credits in those kinds of things so we could structure the funding in such a way that we’ll ensure that we are always getting the best tax advantage. Now superannuation moves through change of course and the ability of having control of your own fund is that you can make changes very quickly to take advantage of certain decisions from the government in relation to taxation and those kinds of things, so that can really make a difference through the performance of the fund over a lifetime.
And then finally we have estate planning and when you have control over your own superannuation fund it mean that if something happens to one of the fund members who are often family members, it is the remaining trustees of the fund, the remaining members of the fund that make the decision about what happens to that ill persons benefit or that person who has passed away where their money is passed onto, which dependent gets it. Now when you’re in a public offer or industry type of superannuation fund it’s an unrelated trustees that make that decision and the only way you can exercise any kind of control is by having what we call a binding nomination beneficiary but there is lots and lots of rules around making that binding nomination form and it must be updated every three years. With a self managed superfund there is no requirement, you don’t have to update it all the time, you can build it into the trust deed, you can do all sorts of things through really looking at estate plan for your particular family.
Costs:
Now in terms of cost what we are looking at is the larger the fund gets the bigger the cost are, of course because a lot of the costs are fixed so we are looking at scale, so in terms of downside I guess cost can be prohibitive if we only have a very small amount of assets. The downsides are the flip side of what we just talked about in the advantages, with increased control comes increased responsibility particularly the trusteeship side and there is a lot regulatory requirements, reporting requirements and again this is where really good advice comes in handy and a good administration service so once again we are looking at someone like Future Assist that can take care of those reporting requirements first and also when it comes to investment flexibility help us to make sure that we are not breaching the rules because the consequences of breaking the rules are really very severe, so by having someone there in the background that is taking care of business that can alert us for any potential breach that what we might be coming across and that can save a lot of money both in fines and in criminal way or civil actions. So a few disadvantages but certainly if you put the right support in place lots and lots of advantages.
There are numerous advantages to taking control of your superannuation and establishing your own family self-managed superannuation (SMSF) fund. It is important to undertand that with these great advantages, there comes greater responsibility and time management when compared to industry and retail funds. However, this is typically what trustees want. Their Super has been under performing and under-utillised and they want control. It is also important to remember, no mater how much you pay in administration that there is no 'magic wand' for your super to be 'managed for you' and any firm promising this is probably not operating correct. The key word is 'self-managed' and you will need to spend some time keeping your fund administered correctly and within your compliance obligations and meeting your trust deed.
Future Assist are a full-service SMSF administration and investment firm based around solid investment advice working concurrently with expert accounting, to ensure your fund is operating to reach your retirement goals.

Contact Future Assist today: [url=http://www.futureassist.com.au/smsf]www.futureassist.com.au/smsf[/url] or call us and speak to an SMSF adviser today | 1300 118 618


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