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Is self-managed superannuation right for you?

Self-managed superannuation funds (SMSF) are a popular choice for individuals and couples looking for greater investment choice and control.  We’ve put together a few questions you should consider before starting your own SMSF fund.

What are my legal obligations?

Trustees must adhere to strict rules for administration, compliance and investment of their SMSF. Failure to do so, can result in financial penalties or disqualification as a trustee. That said, PPT can provide the necessary support to ensure you meet all your legal and compliance obligations.

How much money do I need to start a SMSF?

The Australian Taxation Office (ATO) has said that to have a viable fund, you may need a minimum of $200,000. However, at PPT we generally recommend starting with a balance a little over that, otherwise the establishment and ongoing costs become too significant as a proportion of the total fund.

Who takes care of the management and administration?

Even though SMSF’s are sometimes referred to as ‘Do it Yourself’ funds, it’s a good idea to seek help from a professional. As a trustee, you need to take an active interest in managing the investments within your SMSF. You will also still require an independent auditor and many trustees use our SMSF support services to help manage the ongoing administration and compliance requirements.

Will I need to take out a separate insurance policy?

Standard super funds traditionally offer discounted life and disability insurance. If you set up an SMSF you will have to purchase your insurance separately. Our team can help you find an appropriate insurance policy based on your personal situation.

Want to know more?

Our team of SMSF specialists can provide you with the right advice based on your personal circumstances and investment goals. If you are interested in learning more about setting up an SMSF, contact PPT on (03) 5331 3711.

To discuss your SMSF reporting requirements call PPT Accounting on (03) 5331 3711.

DISCLAIMER: The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained.