How a Self Managed Super Fund Can Help You

writersgeekinc By writersgeekinc, 26th Nov 2012 | Follow this author | RSS Feed | Short URL http://nut.bz/31sypuss/
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Article about How a Self Managed Super Fund Can Help You

How a Self Managed Super Fund Can Help You



What Is a Self Managed Super Fund?
A self managed super fund is very similar to a trust deed or superannuation fund. You will have less than 5 trustees with a self managed fund however. A trustee must also be a member, each member is a trustee and no trustee will receive payment for being a trustee. A corporation or company can also be a trustee of a Self Managed Super fund.
How It Works
You will need a trust deed and trustees. Members will then apply and get accepted. You will set up everything that is to happen with the super fund. Death benefit forms will be filled out and investment strategies are set up. After all the paper work is finished the super fund will open a bank account.
The bank account is where everything happens. Such things as rollovers and contributions will go into the account and pensions and expenses will be paid out of the account.
You will need to have an audit on a yearly basis. This is done by the ATO who is the regulator of self managed super funds. You will also do a tax return every year.
Why Use a Self Managed Super Fund?
There are many reasons to use Self Managed Super Funds.

More flexibility with investing
Can reduce income tax
You can have total control of investment portfolio
Allows pooling of resources of the members
Can own your business’s real assets

There are several other reasons to use a self managed super fund. You are sure to find many reasons that will benefit your business and you. You can hire companies to get you started with your super fund. There are many companies online that can get your fund set up and running. They will see to it that all the proper paperwork is filled out and you have everything in place to have a successful super fund.

Tags

Self Managed Super Funds, Super Funds

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