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Things to Know Before Going for SMSF

Self-managed super funds (SMSFs) are a way of saving for your retirement. Once you've decided an SMSF is right for you, it's important to understand a few things before going for SMSF at https://www.smsfpro.com.au/ or call on 1800 883 007.

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Things to Know Before Going for SMSF

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  1. Things To Know Before Going For SMSF Self-managed super funds (SMSFs) are a way of saving for your retirement.

  2. Self managed super funds (SMSFs) is the fastest growing area within the superannuation industry • Many people are still curious to enter this area of the superannuation market

  3. How Does SMSF Work? • An SMSF is a legal tax structure whose only purpose is to secure your retirement. SMSFs operate under similar rules and restrictions as ordinary super funds When you run your own SMSF you must: • Carry out the role of trustee or director, which entails important legal responsibilities on you

  4. Set and follow an investment scheme that is suitable for your risk tolerance and is likely to meet your retirement requirements • Have the financial skills and experience to make sound investment choices • Have enough time to research investments and manage the fund • Budget for fragmentary expenses, such as professional superannuation accounting service, tax, audit, legal and financial advice

  5. Keep comprehensive documentations and arrange an annual audit by an approved SMSF auditor • Organise insurance, including income protection and total and permanent disability cover for super fund members • Use the money only to offer retirement profits

  6. SMSF Advisors A professional who is licensed to provide SMSF advice can help you weigh up the pros & cons of running an SMSF & to decide whether it's correct for you. They can help with the administration & investment decisions for your SMSF. But remember, you cannot pass on the responsibility of being a trustee or director, so you must understand what your adviser is doing

  7. Ongoing SMSF Advice • The type of ongoing advice you choose will depend on the requirements of yours • For example, you might use a financial adviser or broker for financial advice and an accountant for the management of the fund • SMSF advisers must be licensed to provide this type of advice • You can contact us to find out the details about SMSF licensing accountants.

  8. Contact Us SMSF Professionals Suite 7/104 Wigram Street, Harris Park, NSW 2150 1800 883 007info@smsfprofessionals.com.au https://www.smsfpro.com.au/

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