A fast growing sector of Superannuation in Australia, that has
risen in popularity in recent years, is Self-Managed Super Fund (SMSF).
control over your super?
A fast growing sector of Superannuation in Australia, that has risen in popularity in recent years, is Self-Managed Super Fund (SMSF).
Some investors choose this option for the control it brings over their investments, others for the ability to invest in direct property; or simply because it can prove to be cost-effective.
At Rocket Wealth Management, we take on the greater responsibilities and ongoing compliance liabilities related to maintaining a SMSF, and help you to acquire high levels of control over your super investments. We’ve compiled some FAQ to help you better understand SMSF and how we can help.
What type of
investments can I have?
Common types of investments in SMSFs are:
- Shares and other listed securities including exchange traded funds (ETFs).
- Separately managed accounts – where a share portfolio is constructed and managed by a professional investment manager based on your needs.
- Managed funds – covering most asset classes including Australian and international shares, property, alternative assets, fixed interest and cash.
- Term deposits.
- Direct property – including business, residential, commercial and retail property.
- Other assets such as derivatives, unlisted shares and collectables (for example artworks).
Responsibilities as a trustee
SMSFs give you full involvement in your fund’s operation and the opportunity to make decisions around how your super is managed. However, as an SMSF trustee, you’re also responsible for running the fund in accordance with your fund’s trust deed, as well as super, taxation and corporations law and other general rules such as trust law.
At Rocket Wealth Management, we are able to assist you in staying on top of your fund’s ongoing compliance requirements including tasks such as fund reporting, record maintenance and monitoring, meeting minutes, statutory obligations, tax, audit and actuarial reporting.
How can we help?
There’s a lot to consider before you decide to set up an SMSF. This includes, among other things, your super balance, the number of members joining the fund and their ages, how much time you have to spend on your SMSF, your retirement goals, investment preferences and your risk profile.
We are here to help with all of that… You generally need to have a reasonable amount of super, or be looking to build up your super quite quickly, to justify the costs of an SMSF.
Everyone has a different view of ‘how much’ money is enough to start a SMSF, but as a guide the ATO’s suggests a minimum of $200,000 (that is, if the total balance of all members in the fund equates to $200,000 or more).
At Rocket Wealth Management we make you aware of, and help you to understand, the responsibilities and obligations of being a trustee and we support you in the management of your investment decisions and duties.
To get to the bottom of SMSF and what it means in relation to your financial goals, please contact us to decide if an SMSF is right for you
Ready to talk? Book an appointment today.
With our experience in finance and mortgage broking, our aim is to deliver the right strategy for your circumstances, and make the process as simple as possible.
Our Past Clients
“We are super impressed with the results we’ve had after working with Ben at Rocket Wealth Management. They added a level of personalisation & have simplified the process of wealth management for us. The work ethic, great communication & keen attention to what the customer needs individually set them aside from the others. The whole system has actually been a breeze to use. We’ll definitely be suggesting Rocket Wealth Management to our family & friends in the future.”
“We were unsure what we should do in our situation, we had a heap of questions and were unsure about what we should do. Rocket Wealth Management helped us, gave us great ideas that he hadn’t thought of and now feel so much better and more relaxed and happier about our situation and where we are heading.”
“I very much appreciated the personalised advice and ongoing support given by Rocket Wealth Management”