Are you concerned about your retirement time? You must have a plan for your eventual retirement and contribute to retirement savings. This is where the Self-Managed Super Fund (SMSF) plays a major role. This is a great way of saving for retirement that enables people to directly control and manage how their retirement savings are invested. And having control over the investment planning of your retirement savings is one of the most important benefits of SMSF.
However, there are some specific rules and regulations that govern SMSFs. So you must have the required responsibilities and management skills to function properly. And you are responsible for your SMSF’s regulatory compliance. So handing it in is not easy and hiring a professional charted accountant team to handle it on your behalf is a smart decision.
Why do you need professional help for managing a Self-Managed Super Fund?
There are different ways in which a professional team will help you deal with your SMSFs. Some of them are given below-
Consult a financial adviser that could help you decide whether opening an SMSF is a good option.
Professionals will help you in other parts such as savings, insurance, tax, debt while helping you to achieve your objectives.
They can answer all your questions like about the strategies to build your wealth, how it will be transferred to your children, etc.
Moreover, you must consider a financial adviser that can help you to set you on the right track.
Key benefits of Self-Managed Super Fund-
Investment options- SMSF offers you the chance to access many investment options that will not be available in the super fund. It can use to invest in property, typically using a structure called a Limited Recourse Borrowing Arrangement. We would say this can be a great option to enlarge your investment portfolio.
It attracts small business owners or the self-employed as commercial property owners. This covers commercial and residential property, works of art, managed funds, shares, term deposits, and many other investment types.
Tax benefits- If you are the trustee, then you are entitled to the same reduced tax rates as other superannuation funds. You can get your investment return taxed at a maximum of 15% that could be as high as 45% for super funds.
More balance to access openings- It can have up to four members. It provides investment opportunities that may not be accessible in the case of an individual investor. A professional team will use software that enables you to observe the value of your super frequently and you can obtain the latest information whenever you need it. It helps to manage your fund effectively.
Guard against Creditors- Creditors cannot usually right to use an individual’s superannuation.
Cost-effective option- SMSFs are the most cost-effective option owing to the advanced technology and competition between service providers.
Moreover, a professional team of accountants can manage large numbers of SMSF’s (with and without borrowings). You just need to find a reliable and highly experienced company that can deal with your Self-Managed Super Fund as per your needs. For a great service, you can visit www.cantoraccounting.com.au
