Self Managed Super Fund (SMSF)
Frequently Asked Questions
- What is a SMSF?
- Who can be a member of a SMSF?
- How are SMSFs taxed?
- What type of investments can a SMSF make?
- What Super rules must a trustee follow?
- When can members access their Super?
A Self Managed Super Fund (SMSF) is a private superannuation fund that’s a legal tax structure which is regulated by the Australian Taxation Office (ATO). The sole purpose of a SMSF is to provide retirement benefits to fund members.
An SMSF gives members of the fund control over investment choices to invest in a broad range of asset classes including real estate, listed securities, managed investments, international equities, instalment warrants, cash and term deposits.
“If you aren’t thinking about owning a stock for 10 years, don’t even think about owning it for 10 minutes.”
Warren Buffet
CASE STUDY
Peter is a successful small business owner that we’ve helped with both accounting and financial planning advice.
For many years, Peter owned his business premises in his trading company’s name.
When our financial consultants explored his situation, we advised Peter he would be better off if he transferred ownership of the commercial premises into a SMSF.
We assisted Peter in setting up the SMSF along with transferring the property into the Fund. Peter was grateful for our help. “I couldn’t have done it all myself,” he says.
In our role as Peter’s financial advisers, we checked his personal insurances to ensure they best suited his needs and would cover his liabilities. To Peter’s relief, he had enough cover and nothing more was needed.
We also gave him further financial advice which included rolling over money from an industry super fund into his SMSF. He used these funds to purchase another commercial property and invested the balance in other areas to grow his personal wealth.
“The investment advice I’ve received from WPA has helped put me and my business in the best possible position,” Peter says.
