By Liam Thomas
SMSF is set up by members who act as the trustee as well. The trustees manage the fund solely for the benefit of the fund, managing all aspects of the fund’s operations, from its investment strategy to administrative, tax and legal requirements.
If you need guidance for SMSF setup, specialist advisor in Melbourne, the leading SMSF providers at iCare Super can provide the assistance you need.
Things you need to know before you choose to set one up.
1. Professional advice
First, you must make sure that your super fund is professionally administered. If you search, then you will find many types of professional advisors for SMSFs from iCare Super Melbourne, that may be of use, both for SMSF setup and for the ongoing management of it.
Advisors during SMSF setting up
A financial advisor to prepare investment strategies, also who can advise on various investment products and insurance products. Also, an accountant, a fund administrator and a legal partitioner for other legal tasks.
Advisors after setting up
SMSF auditor to audit the fund and tax agent to file the annual return and provide tax guidance.
2. Anyone Can Start An SMSF
If you want to start SMSF then, you should have a decent amount of super. A lower amount than needed for this super fund will likely not be useful because the costs of setting it up and operating it need some sufficient balance. Also, you can get more control over your super rather than funds invested in an industry or retail fund.
3. It Gives You the Control
Once you’ve done with SMSF setup, it allows you to take care of your money, and you get the broader investment choices.
4. Other super funds don’t allow for this level of control
If you like taking control on your superannuation, then an SMSF might be worth considering.
5. Responsibilities involved with this super fund
SMSF setup is not enough to get advantage from it. When managing your own SMSF, you will need to ensure, tax returns are filed, audits are conducted, and compliance and administration are monitored.
You will be required to conduct trustee meetings, document these meetings, and prepare various forms for the ATO.
If you set up the fund, then you need to be involved full year to make sure that your fund is working for you.
6. It involves costs
There are costs related to SMSF setup. The cost includes legal fees, accounting fees and professional advisory fees, the fund must be prepared to pay those costs.
7. There are also deadlines involved
Every year SMSFs have to lodge an annual return with the ATO. If you have a newly created this super fund, the annual return must be filed on or before February 28.
If you need any assistance then you can opt for iCare Super services, as iCare Super’s aim is to provide a high quality, low cost, proactive and timely service to all their clients in Melbourne, Australia.
