The idea of managing your own superannuation money seems like common sense. At WRS we have over 20 years of helping our clients establish and manage their self managed super fund’s. The compliance and regulatory requirements placed on trustees is onerous. Ensuring that your fund is compliant, decisions accurately documented, and strategies implemented within the letter of the law is just the beginning.
The main benefits are:
SMSF – Can you manage your own superannuation?
WRS can supply your self managed super fund from start to finish and then discuss the various investment options available to self managed super fund’s to ensure that our clients are getting the most out of their SMSF. A SMSF is a “do-it-yourself” trust to manage your own superannuation assets.
It is important for investors to understand the advantages and disadvantages of running an SMSF before one is established. Only after considering all of the following issues should one be established. A SMSF has the advantage of being able to own direct property. There are restrictions around what type of property it can own and it is best to seek advice around this topic before making any decisions, but in recent times it has become a very popular vehicle for this purpose.
There are useful strategies available for business owners in this regard that are worth discussing with your financial adviser. A SMSF adds some flexibility in the assets you own but you need to be careful that you are not over stepping what is allowable. Hefty penalties exist for trustees who abuse the system either by accident or on purpose.