An increasing number of Australians are investing their superannuation info a self-managed super fund (SMSF), choosing control and greater flexibility with their money over of belonging to a third-party fund that manages this for them.
When set up correctly, a self-managed super fund (SMSF) can significantly transform your retirement. SMSFs offer a wide range of investment choices including property, high-yielding cash accounts, term deposits, income investments, unlisted assets like property, and even international markets. Plus, at 15%, SMSFs have one of the lowest tax rates out of any entity in Australia.
But a SMSF may not be a suitable vehicle for everyone, as managing it correctly requires considerable time and effort from the individual. There are also disadvantages to be aware of, as explained by www.moneysmart.gov.au, including:
- Being personally liable for your fund’s decisions, even if you have engaged the help of a SMSF accountant.
- Needing to have a solid grasp of tax, superannuation and investment regulations and laws.
- Making poor investment decisions that fail to deliver returns.
But like any decision that can influence your financial future, it’s crucial to engage the right professional support when considering if a SMSF is right for you. The team at Nav Accountants are expert advisors in helping individuals determine if a SMSF is the best choice for them and their retirement goals – and can also assist with a wide range of SMSF advisory services, including:
- SMSF set up.
- Tax management and accounting.
- Compliance and administration.
- Tax returns.
- End of year audits.
- Retirement planning.
If you’re considering a SMSF, make sure you talk to Nav Accountants before taking the leap. Book your free consultation today to find out more about our SMSF services.
