Managing Your Super Fund
June 9th, 2009Self managed super fund, SMSF operates like other super funds. However, managing it is the exclusive duty of the trustee that is you.
The decision to manage your super fund is an important decision. With SMSF, you are both a member and a trustee, which means that you are reliable and you dictate the investment decisions for your fund. In addition, you also have to handle the legal responsibilities of your fund.
There are many advisers and professionals available who can assist you. However, you should first talk about your personal situations to a qualified professional.
You should consult a professional adviser for setting up an SMSF and contact a licensed financial planner for the investment of your fund. For your administrative requirements, talks to a specialist SMSF administrator and to finish your annual audit get in touch with a member of a professional association.
In spite of all the advantages of setting up an SMSF, it is not the right choice for everyone. If the amount in your super fund is less than $200,000, then possibly the administrative charges will make the project too expensive. On top of establishment cost, it can be presumed that you will pay about $1000 to $1500 yearly to supervise your fund.
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