Menu

  • Home
  • Our services
    • Our Client Journey
    • Personal Insurance
      • Income Protection Insurance
      • Life Insurance
      • Total and Permanent Disability insurance
      • Trauma Insurance
      • Health insurance
      • Home Contents Insurance
      • Motor Insurance
      • Landlord Insurance
    • Business Insurance
      • Business Expenses
      • Business Interruption
      • Business Property
      • Buy Sell Agreements
      • Commercial Vehicle
      • Cyber Protection
      • Group Income Protection
      • Key Person
      • Management Liability
      • Marine Transit
      • Professional Indemnity
      • Public Liability
    • Financial Advice
      • Estate Planning
      • Investments
    • Superannuation
      • Retirement Planning
      • Self Managed Super Funds (SMSF)
      • Wealth Accumulation
  • Resources
    • Videos
    • EOFY
    • E-Books
  • News & views
  • About
    • The IAS approach
    • The IAS Investment Philosophy
    • Case Studies
      • Trauma Insurance Case Study
      • Business Property Insurance Case Study
      • Business Interruption Case Study
      • Superannuation Case Study
      • Workers' Compensation and Income Protection Case Study
      • Contract Review Case Study
    • Testimonials
    • Affiliates
    • Frequently Asked Questions
    • Compliance

Follow Us

Insurance Advisory Service
  • Home
  • Our services
    • Our Client Journey
    • Personal Insurance
      • Income Protection Insurance
      • Life Insurance
      • Total and Permanent Disability insurance
      • Trauma Insurance
      • Health insurance
      • Home Contents Insurance
      • Motor Insurance
      • Landlord Insurance
    • Business Insurance
      • Business Expenses
      • Business Interruption
      • Business Property
      • Buy Sell Agreements
      • Commercial Vehicle
      • Cyber Protection
      • Group Income Protection
      • Key Person
      • Management Liability
      • Marine Transit
      • Professional Indemnity
      • Public Liability
    • Financial Advice
      • Estate Planning
      • Investments
    • Superannuation
      • Retirement Planning
      • Self Managed Super Funds (SMSF)
      • Wealth Accumulation
  • Resources
    • Videos
    • EOFY
    • E-Books
  • News & views
  • About
    • The IAS approach
    • The IAS Investment Philosophy
    • Case Studies
      • Trauma Insurance Case Study
      • Business Property Insurance Case Study
      • Business Interruption Case Study
      • Superannuation Case Study
      • Workers' Compensation and Income Protection Case Study
      • Contract Review Case Study
    • Testimonials
    • Affiliates
    • Frequently Asked Questions
    • Compliance

Self Managed Super Funds

  • Call 02 8268 2900
  • Find out more
  • Schedule time with me
  • Download our E-Book

A Self-Managed Super Fund (SMSF) is your own personal superannuation fund that can give you more control of how your funds are invested for retirement.

To take advantage over the traditional superannuation funds, you should set up a SMSF only when you have accumulated at least $300,000. Running your own SFSF is not for everyone. If you would like to take control it is important to note that with that control comes great responsibility.

Do I need a Self-Managed Super Fund (SMSF)?

There are 10 Golden Rules to keep in mind:

1. Ensure that it is the best option for you
Choosing a SMSF is a very important decision, so we recommend you seek a qualified and licensed professional to help you decide if it’s the right super fund for you.

2. Trustee’s Roles and Responsibilities
A SMSF must have four or less members. Being a member of the fund also means you must be a trustee. The trustees need to comply with the superannuation and taxation laws to ensure the fund retains it complying status and is entitled to the superannuation tax concessions.

3. Ultimate responsibility and accountability
Even though trustees can engage the services of professionals, they are bound to retain control over the funds and will have ultimate responsibility and accountability for the fund.

4. SMSF must be a complying Australian Super Fund
The fund must satisfy three tests to be classified as an Australian superannuation fund. The fund must have:

  • Been established in Australia or the assets of the fund are located in Australia;
  • satisfied the central control and management test;
  • satisfied the active member test.

5. Choose a retirement planning strategy
A SMSF can allow you to use many different retirement planning strategies in order to reach your goals and objectives. It is essential to seek professional advice from a financial adviser to ensure your maximise your SMSF and retirement planning goals and objectives.

6. Set and define your investment strategy
A trustee of a SMSF is required to prepare and implement an investment strategy for the fund. An appropriate strategy will establish investment objectives and detail the investment methods the fund will adopt in order to achieve these objectives.

7. Do not break any rules
The trustee must be aware of relevant restrictions that prevent SMSFs from making certain investments. Examples include borrowing in particular circumstances and lending money or providing financial assistance using fund resources to a member or a relative.

8. Remember the sole purpose test
The sole purpose test for an SMSF aims at ensuring investments are maintained for the purpose of providing benefits to fund members upon their retirement and not for any other purpose.

9. Keep things separate
The trustees of a SMSF must ensure the assets of the fund are kept separate from the personal financial affairs. This means you need separate bank accounts and investments.

10. Follow the rules
A SMSF is a trust and the trust provides the governing and operating rules of the funds. A SMSF must also adhere to other regulatory requirements, such as superannuation and taxation laws, which need to be consulted in conjunction with the trust deed.

Other things to consider

There are costs involved in setting up your SMSF, as well as significant administrative and reporting responsibilities. We can help advise you about these and other pros and cons to work out if this is the right strategy for you and your goals.

Related articles

Finding Stability in Uncertain Times

Creating Financial Stability in Uncertain Times Happy New Year! Do you start the new year eager to set goals and put new habits in place? I know I do. It always feels like a bit of a clean slate to fi …

Read More

Retrospective of 2022

Looking Onwards to 2023It’s been another big year for Australia and the world with the ongoing pandemic, cost of living crisis, war in Ukraine, and supply chain crunch all adding to a general sense of …

Read More

Understanding Your Super

There’s a lot of misunderstanding about superannuation given that it’s one of our most important lifetime financial investments – or it should be. We sort out some fact from fiction and answer some co …

Read More

Think about Superannuation early on in life

You may think your retirement is far off—so no worries, right? Not so fast. To ensure you have enough funds to live well when you retire, you need to learn what you need to do now to make sure you can …

Read More
  1. Home
  2. Superannuation
  3. Self Managed Super Funds (SMSF)

ABOUT US

Incorporated for over 40 years ensures experience, knowledgeability and skill at identifying unforeseen risks and producing effective strategies. Unlike most brokers, we do not rely upon mathematical formulas or statistical models generated by computers to produce solutions– we believe every client is unique and our approach is tailored accordingly.

CONTACT US

Street Address
Level 2, 273 Alfred Street
North Sydney, NSW 2060
Postal address
PO Box 1073
North Sydney, NSW 2059
Call: (02) 8268 2900

  • © Insurance Advisory Service 2023
  • Terms
  • Privacy
  • Sitemap
  • Disclaimer
  • Website by:  CreativeBundy  &  CLOUD9Online