Self Managed Superannuation Funds (SMSF) are a way of saving for your retirement. Instead of placing your superannuation contributions into the hands of fund managers each year, you can be the Trustee of your own fund, and manage it yourself.
There are various annual costs associated with having a SMSF, including but not limited to annual Accounting and Audit fees that are necessary to satisfy ATO requirements. These costs are minimal when you join a large Superannuation Fund, and for this reason, unless you have substantial retirement funds to roll in to your new SMSF, they may not be appropriate.
The Superannuation Industry Services (SIS) Act regulates the industry, and there are many complex rules and regulations governing the Trustees of SMSFs. The penalties that can be given out to a Trustee where funds breach the regulations are serious, and can even include jail terms.
SMSFs are not for everyone, contact McKern for an appointment to see if a SMSF is your best option.
McKern Strategic is a Corporate Authorised Representative of Count Financial and is able to provide advice on the set up and operation of your SMSF.