A self-managed superannuation fund (SMSF) offers individuals greater control and flexibility over their retirement savings. While SMSFs come with responsibilities, the potential benefits can be significant:
Greater Control:
SMSF trustees have direct control over the investment decisions and the fund’s overall strategy. This allows for more tailored
investment choices that align with personal goals, risk tolerance, and market opportunities.
Investment Flexibility:
SMSFs can invest in a wider range of assets compared to retail or industry super funds, including direct property, term deposits,
Australian and international shares, unlisted assets, and even collectibles (subject to regulations).
Cost-Effectiveness (at scale):
For larger balances, SMSFs can be cost-effective. Fees are generally flat or based on services rather than a percentage of assets,
which can become more economical as the fund balance grows.
Tax Planning Opportunities:
SMSFs
offer flexibility in tax planning, including the ability to manage capital gains and losses, utilise franking credits, and transition
from accumulation to pension phase in a tax-effective way.
Estate Planning Options:
SMSFs can provide more control over death benefit nominations and estate planning strategies, allowing for more tailored outcomes for
beneficiaries.
Pooling Family Wealth:
An SMSF can have up to six members, typically family members, allowing the pooling of superannuation balances.
This can provide scale for investment opportunities and simplify family wealth management.
Whether you are looking to setup a new Self-Managed Super Fund (SMSF), or looking for a new Accounting Firm to
look after an existing SMSF. Oracle
Accounting & Wealth
can help.