Self-Managed Super Funds or SMSFs (as we like to call them) are a way of saving for your retirement without retail or industry super fund involvement. You can create a private super fund that you manage yourself. Ensuring money put in, is invested correctly.
Obviously, having control over your own super is appealing, but it can be a lot of work and can come with risks. This is where Jahn Group can manage all of the compliance of the fund and make life easier as you grow your funds for retirement*.
However, we only recommend setting up your super fund if you’re 100% committed. You need to understand your obligations, which we can provide.
So why do you want an SMSF?
Basically, it’s to ensure you have control over your money. You know where it is all going. You can keep a close eye on it, and you’re well set up for when you retire.
Superannuation is compulsory in Australia and some people can have an issue with their retail or industry super fund’s performance. Especially if doesn’t meet your expectations. Then you have the realization that you are stuck with their direction for investing. So you must step in to fix this.
Also, having an SMSF gives you the trustee (or corporate trustee) control to invest money in areas that you have researched that might get a better return on investment than that of a retail or industry super fund. Thus, setting you up for a comfortable retirement.
Jahn Group’s involvement in your SMSF
Jahn Group can help set up and manage your fund’s compliance including the preparation of financial statements and also SMSF taxation returns*.
Our complete service includes:
- Fund establishment on an individual trustee or corporate trustee basis
- A complete accounting, compliance, tax and reporting service for your funds
- Rollovers/Set up of your own Fund
- Binding Death Benefit Nominations
- Account Based, Allocated and Complying Pensions
- Lump Sum Withdrawals
- Limited Recourse Borrowing Arrangements
- 24/7 online reporting of portfolio valuations, performance, realised & unrealised gains
- Live monitoring of contribution caps and pension limits
- Pension administration, including commencement and commutation documents
- Ongoing submission of transfer balance accounting reports (TBAR)
- A full suite of financial statements, member statements and minute
How can I set up my SMFS?
Simply call us for further details on (08) 6477 9964 or arrange to book an appointment and one of our superannuation tax professions will discuss options and get you started.
*If you require additional financial advice beyond our limitations, we will happily refer you to a professional at our preferred financial planning and insurance advisory partners.
Some risks of SMSF & Comments:
- A SMSF can only have up to four members in the fund. As member of the fund, you are a trustee — or you can get a corporate trustee. In either case, you are responsible for the fund.
- All members of an SMSF are responsible for the fund’s decisions and for complying with the law.
- These responsibilities come with risks:
- You are personally liable for all the fund’s decision. Even if you get help from a professional, or if another member made the decision.
- Your investments may not bring the returns you expect.
- You are responsible for managing the fund even if your circumstances change. For example, if you lose your job.
- There may be a negative impact on your SMSF if there is a relationship breakdown between members, or if a member dies or becomes ill.
- If you lose money through theft or fraud, you won’t have access to any special compensation schemes or to the Australian Financial Complaints Authority (AFCA).
- You could lose insurance if you’re moving from an industry or retail super fund to an SMSF. See consolidating super funds.
- These responsibilities come with risks:
Link: https://moneysmart.gov.au/how-super-works/self-managed-super-funds-smsf
