Once you’ve established your SMSF, you can open your SMSF trading account with Selfwealth.
The sole purpose of an SMSF is to provide financial benefits to its members in retirement. The SMSF itself is a trust which has its own ABN, TFN, and bank account, allowing the fund to receive contributions.
The Trustees and Members of the fund are responsible for the compliance, accounting, tax* and audit of the SMSF each year, with the regulator being the Australian Taxation Office (ATO). The Trustees and Members are also responsible for any investment decisions, with all investments being in the name of the SMSF.
Managing an SMSF is the responsibility of the Trustees or Members. But an SMSF administrator or adviser can save you time and money on legal, accounting, and compliance tasks, freeing you up to focus on investing.
* The information contained on this page is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser and/or accountant. Taxation, legal and other matters referred to here are of a general nature only and should not be relied upon in place of appropriate professional advice. You should obtain the relevant Product Disclosure Statement for any product mentioned and consider its contents before making any decision. SelfWealth Ltd ABN 52 154 324 428 (“Selfwealth”) (AFSL 421789).
While there are many benefits to running your own SMSF, it isn’t for everyone. Managing an SMSF can be time consuming and does require a certain level of investment, super and compliance knowledge. Depending on the balance of your superannuation, you may find the costs associated with managing an SMSF isn’t advantageous. We encourage you to do your own research and seek financial advice from a licensed professional.
In March 2023, The Association of Superannuation Funds of Australia recommended a single Australian needs $595,000 to live a comfortable retirement. How are you tracking?