With last year's lack of the performance of most super funds, people are looking to put their money elsewhere, mainly for the self-managed super fund (SMSF). However, before you transfer all your retirement funds to an SMSF because of the poor retirement return statement, there are many things to consider.
1. Is an SMSF benefit your returns? Many people rave about the costs of pension fund charges, but the truth is, if you do not have the time, focus, or knowledge to manage your super fund, an SMSF may not be for you. You can find information regarding the SMSF tax return via https://www.rwkaccountancy.com.au/smsf/.
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2. What is your investment strategy? When you open an SMSF you effectively become your fund manager. For the technical and administrative aspects, it will often be entrusted to accountants.
Part of a great self-managed fund that will take the most time in the sourcing and management of places to invest your money. The development of a sound investment strategy will allow you to enjoy the benefits of an SMSF and ultimately take control of your money.
3. Who are the directors named on your SMSF? Before you set up your account, outside of your name, you will need to understand the other directors of your self managed super fund. You can have up to four names on the account, but they can not be your employees.
