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The SMSF Club | Establishing an SMSF? “Get Professional Help” Advises the ATO
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Establishing an SMSF? “Get Professional Help” Advises the ATO

13 Mar Establishing an SMSF? “Get Professional Help” Advises the ATO

Posted at 10:32h in Articles by sean

Risk_Vs_RewardIndividuals who are thinking about opening their own SMSF are urged by the ATO to examine both the responsibilities and the risks associated with establishing a self-managed superannuation fund. All financial decisions carry risk, so it’s important to think carefully about your investment options to balance the level of risk against the level of financial return.

You also need to be sure your super investments are legal. Super funds, including SMSFs, receive significant tax concessions as an incentive for members to save for their retirement. However, you need to follow the tax and super laws to receive these concessions. If you decide to set up an SMSF, you’re legally responsible for all the decisions made, even if you get professional advice.

Given that proper management of an SMSF could make the difference between a comfortable retirement and one fraught with stress over money problems, the ATO encourages trustees to seek professional advice before setting up their own SMSF.

Deciding which way to go is an important decision and the best approach for you depends on your personal situation. You should see a qualified, licensed professional to help you decide whether a SMSF is suitable.

Licensed financial advisers, tax agents and accountants can help you understand what’s involved and advise on your investment options, but before you speak to a professional you need to have a general understanding of the rules and regulation. Even if that education helps you differentiate between a good professional and a bad one. Selecting the right professional team will make a huge difference to your lifestyle in retirement.

The first step to deciding whether a SMSF is for you is to improve your knowledge about what options you have. Then go see a independent professional.

Learn more at our next SMSF Information Night held all over the country:

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References:

Thinking about self-managed super | Australian Taxation Office, http://www.ato.gov.au/Super/Self-managed-super-funds/Thinking-about-self-managed-super/ (accessed March 13, 2014)

Understand the risks and laws | Australian Taxation Office, http://www.ato.gov.au/Super/Self-managed-super-funds/Thinking-about-self-managed-super/Understand-the-risks-and-laws/ (accessed March 13, 2014).

What’s so super about self managed super?, http://www.accomnews.com.au/management/151-by-all-accounts/3607-what-s-so-super-about-self-managed-super (accessed March 13, 2014).