The complexities of running an SMSF alone
When thinking about starting an SMSF, there’s lots to consider and this video from the Australian Taxation Office highlights just how much is involved in the process.
Of course, you may feel completely comfortable about setting up and running your own self-managed super fund and if that’s the case, then go you!
Many Australians prefer to use a reputable super administration service, like Peak Super, as it presents them with the freedom of knowing that their super fund is in good hands.
What is a self-managed super fund?
An SMSF is a legal tax structure with the sole purpose of providing for your retirement.It is designated as a private superannuation fund, regulated by the Australian Taxation Office (ATO), that you manage yourself.
SMSFs can have up to four members. All members must be trustees (or directors if there is a corporate trustee) and are responsible for decisions made about the fund and compliance with relevant laws. SMSFs operate under similar rules and restrictions as ordinary super funds.
Professionals who are licensed to provide SMSF advice – such as Peak Super advisors - can help you weigh up the pros and cons of running an SMSF and help you decide whether it's right for you.
At Peak Super, we also oversee the the administration and investment decisions for your SMSF. You cannot pass on the responsibility of being a trustee or director in your SMSF, so you must understand what your advisor is doing. At Peak Super, open communication with our clients as one of our most respected values.