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Self Managed Super Fund (SMSF)

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When will you be financially ready to launch your retirement? Is SMSF the right solution for your retirement? Here are the advantages and disadvantages of SMSF:

 

ADVANTAGES

 

  • You have a choice over your SMSF investments. An SMSF has a greater degree of flexibility of investments.

  • There are legitimate tax advantages. A complying SMSF is eligible to various tax concessions, for example income tax (including capital gains tax) is exempt when it begins its pension phase.

  • You can use your SMSF to purchase your commercial property and rental residential property.

  • You can transfer your own commercial property, listed shares and other listed investments into your SMSF.

  • You may borrow to purchase your investments.

  • Family members (up to four) can combine their super funds to invest together.

  • The operating fee may be lower than the usual industry/retail funds that normally charge a percentage of the fund balance. This could be the situation, especially when your combined super funds balance is over $200,000.

  • An SMSF offers estate / succession planning benefits. A specific asset can be allocated to a beneficiary.

 

DISADVANTAGES

 

  • You have to meet the SMSF’s administration and compliance requirements.

  • You need to spend time managing your own investments.

  • An SMSF may cost you more when the SMSF has a low balance.

  • You are not normally allowed to be an SMSF member when you live in overseas.

  • An SMSF has no access to the Superannuation Complaints Tribunal. If the family members have conflicts, you cannot bring the dispute to the tribunal.

  • No government financial assistance is available to SMSFs, while members of other super funds may be eligible for government financial assistance in the event of fraud or theft.

 

OUR SERVICES

 

We can assist you to set up an SMSF for you and your family, combine the super fund balances of your family members (up to four members), meet the administration and compliance requirements, prepare and lodge the tax returns.

 

If you have any inquiries in relation to SMSF, please feel free to contact us.

 

 

Vincent Wan

 

CPA, Registered Tax Agent

Authorised Representative of SMSF Advisers Network

June 2019

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