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How much money do I need to start my own Self Managed Superannuation Fund (SMSF)?
Both ASIC and other commentators suggest you need a Super balance of around $200,000 to make the administration costs of an SMSF worthwhile. We tend to err on the side of caution and suggest the figure should be a little closer to $300,000. Read more...
Can I invest in property with my SMSF?
Yes, SMSFs can now both invest in and borrow to purchase real estate. However you must use a structure established for this purpose and certain conditions must be met. Read more...
What are the restrictions around SMSFs?
The fund is strictly for retirement funds. Any assets or cash in your fund must be strictly for retirement benefits only. You can't finance your business, buy holiday homes you use, use purchased art assets to decorate your own home and golf club memberships definitely don't comply. Read more...
Why is it sometimes called a family super fund (FSF)?
Up to four members of your family can participate in the fund and obtain the same level of benefits. It also means that assets can be passed on through the fund providing a legacy for the next generation.
Does managing my own SMSF require much time?
If you're looking to really manage the fund on your own, you'll probably need a goodly amount of time – especially in the early stages of setting up your fund. Read more...
Do I really need outside help with my SMSF - can't I do this myself?
If you're so inclined, certainly it's possible for you to do it all by yourself. However, before you make that decision, you need to ensure you've got the time, the ability and the knowledge to manage your own super. Many people find it hard enough keeping up with their current managed super funds. Read more...
OK– so how can ThePrimeAdvisoryGroup help me?
Whilst many people start off thinking they can do it, when they really investigate, they find it's just too complex to add into an already jam-packed personal schedule. After all, you're busy doing what it is that you do that's go you where you are today. Read more...
What do I need to watch out for when managing my own SMSF?
Don't accept advice about which super fund best suits you or which investments should be in your fund unless it comes from a licensed financial advisory business, which ThePrimeAdvisoryGroup is. Our expert financial advisors and accountants can also help you structure your SMSF properly and do your tax reporting and SMSF Audit for you.
We recommend you come to one of our SMSF workshops to find out more. If you would like to discuss details about setting up or managing your SMSF call us.
DISCLAIMER: PrimeWealth is an authorised representative of Securitor Financial Group Ltd and provides financial planning services for superannuation, managed investments, personal risk insurance, shares and self managed superannuation fund investment advice. Your Adviser may offer you services through PrimeWealth and ThePrimeAdvisoryGroup which are each separate businesses.
Although the same Adviser may offer you services under the above businesses, each business is solely and separately responsible for the advice they each provide. In particular, Securitor is only responsible for the financial planning services for superannuation, managed investments, personal risk insurance, shares and self managed superannuation fund investment advice provided by Guy Wall, Christian Borkowski, Kevin Bettman and Jason Lund.
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