Self-managed superannuation fund advantages

When Australian Treasurer Scott Morrison handed down his third Federal Budget a few months ago, he announced a series of changes to the superannuation system.

And one of those changes lifts the number of members allowed in a self-managed super fund from four to six, with the budget papers stating this would give more flexibility for joint management of retirement savings, particularly for big families.

But did you know that just because you have multiple people in the one SMSF, doesn’t mean that their investment choices have to directly affect your super balance?

Having multiple people in the one SMSF also means you pay lower fees and could potentially benefit from the investment outcome of other people in the fund.

If you are trying to get your head around these topics, just remember that Geelong-based CD&G Accountants are the team to talk to when it comes to understanding your superannuation options.

Our experienced team provides expert advice on SMSFs and helps individuals, trusts, partnerships and companies maximise their superannuation. From help setting up and structuring a fund, to strategic advice, we are here to assist.

Australians have embraced SMSFs. An Australian Taxation Office report recently put the number of these funds at about 596,500 as of June last year, recording their total assets at more than $696 billion. These funds represent a 30 per cent slice of Australia’s superannuation sector.

So what makes these funds so attractive? For many trustees, the fact that they can control their fund’s direction when it comes to investment choice is a major bonus. This hands-on DIY approach is a big draw card.

Then there’s the fact that many funds can actually cost less to run than other superannuation counterparts including industry and commercial funds. Throw estate planning and taxation benefits into the mix, coupled with the ability for members to transfer assets from their own name into the SMSF and it’s no wonder people are enthusiastic about these funds.

The world of SMSFs can be complex. That’s why it’s important to have support from experts to help guide and advise you along your superannuation journey.

Please don’t hesitate to contact CD&G Accountants today to book an appointment to discuss your superannuation options.