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In life, there are many things we simply can’t control. So, it’s not surprising that you may want to take control of the things you can. Like your superannuation fund for instance.
Many Australians are now taking more control of their superannuation and it’s serving them well. How are they doing this? With a Self-Managed Superannuation Fund (SMSF).
What exactly is an SMSF and what are the reasons you should be considering an SMSF?
At Crest Accountants, we are the Gold Coast SMSF experts, making us the perfect accounting professionals to share three of the reasons you should be considering an SMSF.
Read on to discover what these are.
1. Choose your own SMSF Investments
The majority of the benefits of having an SMSF come down to one word: choice. One of the things you can choose within your SMSF is your investments.
Investment choices such as:
- Term Deposits
- National shares
- International shares
- Cash
- Commercial property
- Collectibles
- Personal assets
- Listed shares
- And much more
Along with more choice, comes more control, enabling you to alter your investment portfolio when market condition changes arise.
2. Minimise and effectively manage tax
With greater control and choice of investments in your self managed superannuation fund, comes the ability to manage your tax position more effectively.
How? Well, the current tax rate on earnings within a superannuation fund is 15%. However, where income is produced by assets that solely support an income stream such as a pension, there is no tax payable within your SMSF on that particular income.
This in turn can help you effectively manage and potentially minimise your tax liability – and who doesn’t want to do that?
3. Assist with your Estate Planning needs
Looking for greater flexibility in your Estate Plan? An SMSF can help.
Not only can SMSF members have greater flexibility in specifying payments of death benefits, but binding death benefit nominations can also be set as non-lapsing, to ensure no regular updates are required.
Have assets within your SMSF? Death benefits can be paid in-specie, meaning non-cash assets can be transferred directly to a beneficiary.
Find out more about how we can help with Estate Planning here.
The SMSF environment is a complex and technical one, and being in control of your own superannuation fund, isn’t without its responsibilities. An experienced Gold Coast accountant can help you make sense of it all though, and ensure you’re aware of your responsibilities and obligations.
There are many more reasons to consider an SMSF. If you’re a high net worth individual with multiple assets, then you may have even more.
At Crest Accountants, we provide the advice, guidance and support you need to help you take control of your self managed superannuation fund with ease.
How do you know whether a Self Managed Superannuation Fund (SMSF) is right for you? Contact us to find out today.
