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How to self-manage your superannuation fund

For a long period of their lives, people save up and gradually build their superannuation fund. It’s a good
and effective way to save up for the future. However, there will be a day when people will think to start
managing their own superannuation fund. It is known as Self-managed Superannuation Fund or SMSF.
Taking control of superannuation fund comes with its perks, it needs a lot of time and effort to be invested.
Understanding the legal aspects clearly and completely is a must because the person liable is the person
who is the owner of that particular fund.

The only purpose of superannuation funds is to provide for retirement. It is typically run under the same
set of laws, rules and restrictions of a regular Super fund. In today’s economy, handling one’s own
superannuation has its benefits like, investing in assets of own choice, taking control of investments
alongside taking expert advice, strategizing tax plans that are beneficial, buying property with
superannuation fund which will help in cash flow, settling property and estate plans in case of death etc.

The first part of running an SMSF is to deliver good returns. Super funds are usually operated and handled
by professionals who have good knowledge about the market and manage the fund accordingly to get a
good return. If you’re planning to do it yourself, you need to be as good, knowledgeable and sharp as the
professionals. You are the trustee of your SMSF and as trustee of your SMSF, you have to draft out an
investment strategy. This has to comply with the special investment rules. A basic hint will be to invest in
something which will bring retirement benefit.

There can be a maximum of 4 members for the SMSF. All members must be a trustee of the SMSF. A
trustee is not subject to receive any payment for playing the role. SMSF members cannot be in an
employer-employee relationship, except if they are related. Personal expenses have to be kept separate
from SMSF. As a responsible person who runs SMSF, this clear distinction has to be there.
Selecting trustees and formulating an effective investment strategy that complies with the ATO rules and
regulations are the first, basic and important steps of handling an SMSF successfully. Investment options
also include debt securities, collectables, overseas investments, listed and unlisted trusts, and other
managed investment schemes.

Selecting trustees and formulating an effective investment strategy that complies with the ATO rules and
regulations are the first, basic and important steps of handling an SMSF successfully. Investment options
also include debt securities, collectables, overseas investments, listed and unlisted trusts, and other
managed investment schemes.

It is important to remember that managing SMSF can become difficult and whenever any doubt, confusion
or hesitation arises, professional’s help should be taken before making a move or a major investment.
There are a number of well-renowned accounting and SMSF management services who are professionals
and have major experience in the sector. ‘Plant & Associates’ are one of the most prominent and
experienced Accounting, Tax and Business advisers on the Gold Coast. With many years of experience and
expertise, they can assist with the administration of the SMSF by ensuring the accurate allocation of
contributions and insurances to the members as well as proportioning the income of the fund.

Of course, there will be fees to be paid for these services but it’s better than making a wrong investment
or a wrong move that might potentially cause a lot of financial loss along with risks of non-compliance. A
balance needs to be maintained for SMSF. Take control of your own fund and run it as you like, but for
major decisions or confusions, do not set yourself back from consulting an expert for their advice and
support service. This way, you can manage your SMSF in an effective and balanced way.

Please note that due to Covid 19 restrictions, we can only have one client in a meeting with a staff member at any one time. We will be staggering appointments and staff availability due to this.
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