Self-Managed Super Funds: 5 Most Common SMSF Questions Answered

If you are starting to plan for your retirement, self-managed super funds can be a great way to maximise your savings and manage your money yourself, however, they can be a lot of work and require specialist knowledge. At Charter Partners, we provide a wealth of self-managed super fund services, and we’ve put together some answers to common questions you may have about superannuation and self-managed super funds.

1. What is a self-managed super fund?

A self-managed super fund is also known as a DIY super, so as you might expect, it’s a private super fund which you are in control of. They are set up to provide benefits in retirement to the members of the fund, who are also trustees. The trustees of the fund are responsible for managing the assets of the SMSF as well as making sure it is compliant with the latest legislation and tax regulations. Because you are managing your own super, you need to make sure all of the correct documentation and tax information is completed before any deadlines and that you are up to date with the current policy.

2. Who can be a trustee of an SMSF?

In order to become a trustee of an SMSF, you need to consent to and sign a trustee declaration. All of the members of an SMSF need to be trustees too and there can be up to four per fund. You can’t become a trustee if you have ever been registered bankrupt, have previously been disqualified as an SMSF trustee or have an employer/employee relationship with another trustee of the fund.

3. How much do you need for a self-managed super fund?

If you are going to put the time and effort required into an SMSF, it is generally agreed that you need at least $500,000 to make it worthwhile. SMSF fees are charged based on a flat fee rather than as a percentage of the balance which is why they are often chosen for larger funds with substantial assets.

4. Do I need to hire someone to manage my SMSF?

Yes, every SMSF needs to have an independent advisor who specialises in the area and can help you to add value to the fund. At Charter Partners, we have an experienced team of accountants and business advisors in our locations in Brisbane, Bundaberg and Gympie, who can help you to setup or manage an SMSF. We can also help you to prepare for any audits or add or change members.

5. When can I get access to my SMSF?

In order to access the benefits of your SMSF, you need to be at least 65 years old. In certain cases, you may be able to withdraw funds from your SMSF, for example, if you are in severe financial hardship, you can withdraw $1000 to $10,000, but you can only do this once every year and you’ll need proof of your circumstances.

Call us today

If you think you’ll benefit from having a self-managed super fund, call our experienced accountants in Brisbane, Bundaberg or Gympie today on 1800 810 247 to discuss how we can maximise your savings and help you prepare for a comfortable retirement.

Author

Anthony McPhee

Anthony McPhee, Principal

B.Bus (Accy) QUT | FCPA, SSA (SMSF Specialist Advisor with the SMSF Association) & Registered Tax Agent

Anthony has over 25 years accountancy, taxation and superannuation (SMSF) experience. He eagerly welcomes a challenge and his passion is in small business accounting, superannuation, consulting and taxation advice. He provides real business benefits for each of his clients and is well regarded for his succinct and accurate accounting skills. Anthony is also a self-managed superannuation fund (SMSF) specialist with Australia’s leading SMSF body, The SMSF Association.

Learn more about Anthony.

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