A Self Managed Super Fund (SMSF) may be right for you. There are many benefits of SMSF. But a wise investor also recognizes with opportunities comes responsibilities.
Benefits of a SMSF
Benefits of a SMSF may vary with individuals but potential benefits include:
- Greater control and flexibility over your investments
- Lower management fees
- Tax concessions
- The ability to pool family resources
- Estate planning benefits
Control over your retirement savings
You control your financial future. You’re a trustee of your SMSF giving you the power to make your own investment and strategic decisions for your retirement savings.
Greater investment flexibility
- SMSF offers multiple investment options for your investments ranging from cash and listed shares to business property or ETFs.
- You’re the SMSF trustee you make the decision on investment options and asset allocation
- Fund Members can pool various assets including listed shares, business real property and managed funds from members
Lower costs of managing SMSFs
If you have pooled assets of more than $200,000, you’ll likely save money compared to industry and retail funds. The average expense for your Self Managed Super can be less than 1.0%pa (or $2000). Accordingly, if you can limit your compliance, accounting and investment fees to $1000 per year, it could make good sense setting up a fund with even a smaller balance.
- SMSF earnings pay lower concessional rates 15%
- long term SMSF capital gains are taxed at 10%
- tax payments are deferred on SMSF contributions until after the annual tax return is lodged. Industry and retail super funds take 15% of each contribution
- your iMoney Wealth Management SMSF account manager has other strategies to help reduce the SMSF Tax liability through investment strategies and pooling resources for greater cost effectiveness
Pooling resources for greater cost effectiveness
The more you have the greater the savings. SMSF members can combine personal assets, something they can’t do with other types of superannuation. This qualifies their SMSF fund for the most cost effective and efficient investment options.
Estate planning options and Legacy
SMSF lets parents and grandparents take care of those they love. SMSF members will utilize the best estate planning strategies to transfer wealth to the younger generation. iMoney Wealth Management strives to minimize the tax liability with maximum asset protection.
so iMoney Wealth Management can help you seize control of your financial future with self managed super funds.