There’s a reason why retirement years are called “golden years” – it’s the time of your life when you’re completely allowed to relax and enjoy, knowing that you’ve made everything to provide enough for your comfort and the eventual issues that might arise. Setting up a self managed super fund (SMSF) is a good starting point; it can be tailored to meet your exact needs and provide you with adequate control and flexibility in investing.
You don’t need to be familiarized with all the legal terms, like super fund audit, investment strategy, and similar, to start your own self managed super fund. Actually, you don’t need to know anything about SMSF to enjoy the benefits of it; all you need to do is decide to go for it, and look for a good SMSF expert who will do all things for you. Here’s why it’s better to hire an expert to do all SMSF related things including the super fund audit, than to waste time on educating yourself on how to do them alone:
A SMSF expert can tailor your fund for your exact needs.
An expert will take into consideration your personal and financial circumstances and create your investment portfolio to meet your needs. An expert will pay attention to several factors:
Your age – the number of years you have until you retire. This will indicate the risk factor you should engage with.
Your income – your annual income affects the amount of money you’re going to put in your fund and also, it makes a difference to the investments that are available to you.
Your lifestyle – the lifestyle you lead now, and the one you desire for your retirement years will also have a huge impact on the amount of money you’ll need to accumulate.
Whether you own your home – this issue will affect your property investments through your SMSF.
Insurance – the amount and the conditions of life insurance you take through your SMSF can be tailored to suit your needs.
A SMSF expert will make your fund 100% compliant will ATO regulations.
SMSF experts are proficient in superannuation regulation which is very strict. They will make sure everything is according to both federal and state legislation, and all future modifications to your fund are made according to regulation. Moreover, they will make sure you get all your returns from the SMSF on time. Also, all mandatory reports like the super fund audit, accountancy reports and similar, will be completed and delivered correctly and on time.
You’ll get all you need for your fund from one office.
Setting up an SMSF is not an easy task. A lot of things need to be done before it’s ready to start generating money for you. If you’re doing all by yourself, this usually means you’ll be going from company to company to get everything done. But, if you decide to hire an expert, all you need will be done in one office. The services you’ll get by an expert usually include help with the setup and administration of the fund, investment strategy creation and advice, group insurance advice and SMSF loans. Also, there are companies that besides the basic services around the creation and running the fund, offer additional services like super fund audit. Your fund must be audited by an independent auditor and that’s where specialized companies offer to help you with the organization of the documents and the completion of the entire process.
You can invest in property through your SMSF.
Your SMSF can provide you with the best option of investing in
property and other direct assets; your fund offers you tax breaks you
can’t access through ordinary property investments.
Investing in property requires experienced expertise that will arrange
your loans and investments in a way that will be in your best interest.
Benefits of investing in property include: regular income in the form of
rent, profit once you decide to sell the property, and eventually, a
property to live in once you retire.