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What is a SMSF
Increasing your net wealth
SMSF's are sometimes referred to as "Do It Yourself" (DIY) super funds. Similar to other Superannuation funds, SMSF's invest contributions made by members, provide benefits to members when they retire and provide death benefits to beneficiaries in the event of a member's death.
The main difference between a SMSF and other types of Superannuation funds is that the members of a SMSF are also the trustees, or directors of a corporate trustee. This means they are required to prepare and implement an investment strategy for their fund, accept contributions and manage the payment of benefits.
SMSF's also offer broader investment choices than what other Superannuation funds do, with options such as direct property, managed investments and direct shares.
The members of a SMSF must appoint approved auditors, and may also choose to involve taxation agents, accountants and financial advisors as well as administrators. However, the ultimate legal responsibility for the fund's ongoing compliance rests with the individual trustees.
Contact us today to discuss your SMSF requirements.