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Cracking the facts

Setting up a SMSF

  • April 15 2020
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Cracking the facts

Setting up a SMSF

By Digital
April 15 2020

So, you’ve decided to set up your own self-managed superannuation fund (SMSF). You are excited with this new financial venture to boost your retirement funds, but you’re not quite sure where to start.

Setting up a SMSF

Setting up a SMSF

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  • April 15 2020
  • Share

So, you’ve decided to set up your own self-managed superannuation fund (SMSF). You are excited with this new financial venture to boost your retirement funds, but you’re not quite sure where to start.

Setting up a SMSF

How do you set up an SMSF?

An SMSF is a special type of trust set up and maintained for the main purpose of providing retirement benefits to its members. As an SMSF trustee, you decide how your fund is managed and you have control over where your money is invested. 

There are a number of important steps you need to complete when setting up an SMSF. 

Having your own SMSF can be a personally and financially rewarding experience, provided your SMSF is set up correctly from the start.

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An SMSF must be set up properly to be eligible for the tax reliefs that superannuation legislation provides. SMSFs benefit from strategic investments with tax advantages, but the Australian Taxation Office also has strict penalties for those who don’t comply with regulations. Paying attention to detail into setting an SMSF now will help you avoid penalties and save you time in the long run.

There are also other important factors you need to take into account before creating an SMSF. The Australian Securities and Investments Commission had stated that while consumers are all too well aware of the potential benefits that might stem from using an SMSF, not all are equally informed about considerable risks and responsibilities that come with the deal.

Explore nestegg to learn more about SMSF and how it can help you upon your retirement. With nestegg’s ever-updated news and features, you can discover all the latest news about the investment structure and discover how it can help boost your retirement savings.

 

Setting up a SMSF
Setting up a SMSF
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