Live that exotic lifestyle in retirement.
- A complete superannuation solution
- A dedicated team of qualified and experienced SMSF experts
- Peace of mind for your future
The popularity of Self Managed Superannuation Funds (SMSF) continues to increase. Is it the right thing for you to do? At UHY Haines Norton, we are in the position that we can both provide advice as to whether a SMSF is appropriate for you. We can also provide the required accounting, administration and audit provisions for you as well.
Getting the best outcome
You undoubtedly want to get the best possible outcome from your SMSF whether you are just starting off, planning your retirement or have already retired. We are here to guide you.
When it comes to our SMSF services, attaining best possible outcome for you and your loved ones is our priority – that’s why we do not outsource any of your work.
We will work with you and your other advisors, whether that’s your financial advisor, solicitor or banker. We understand that you and those who assist you want a no-fuss approach to getting things done.
There are a lot of positives and potential negatives with running your own SMSF;
What is so good about SMSF?
- More flexibility and control than a traditional APRA regulated superannuation fund. The range of assets you can invest in is broader and have more control.
- You can start up a pension from the same fund as you use for accumulation.
- Your returns can be higher than what you would make if you left it with an APRA regulated superannuation fund. For example, you can choose investments with a higher risk/return that may outperform an APRA regulated superannuation fund.
- Your ongoing compliance costs are determined by the style of your investments and quality of the information provided, rather than simply funds held under management. Generally, with APRA regulated superannuation funds, it is a percentage of your balance so as your balance goes up, so do your fees.
- Shares, managed funds and business real property can be sold or contributed to your own SMSF. In some cases, your SMSF can own business real property that your business pays market value rent to, and if the property is sold when you’ve retired, the capital gains tax is 0.
What can go wrong with SMSF?
- Lack of protection in the case of investment fraud (APRA regulated superannuation funds have this)
- No access to the Australian Financial Complaints Authority (APRA regulated superannuation funds have this)
- Insurance is generally more expensive (APRA regulated superannuation funds have access to group life insurance rates which are generally less expensive than retail insurance)
- Your returns can be less than what you would make if you left it with an APRA regulated superannuation fund eg. You leave all of the money in cash and don’t invest this and this impacts on your retirement benefit
- You can make a mistake and end up being fined or worse – always team up with a professional compliance team to ensure that you don’t make any mistakes
- Time and expertise taken to be a Trustee
Our range of services include;
- Advice regarding:
- Setting up a SMSF
- Winding up your SMSF
- Starting a pension
- Accounting and administration
- Tax minimisation
- Technical support
- Compliance support
- Family succession
- Estate planning
Malcolm Barkle is our representative on our AFSL and qualified to give advice on your superannuation matters.
This content has been prepared to provide you with general information only and has not taken into account your personal objectives, financial situation or needs. It does not contain and it is not to be taken to contain Personal Financial Advice. Before making any financial or investment decisions, you should seek advice from an appropriately licensed or authorised financial advisor.
The content was prepared by UHY Haines Norton. AFS Licence No. 483056