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Submitted by: SMSF Super
Self Managed Super Funds are nothing but retirement funds available in Australia. They generally provide a wide choice of investment options like SMSF property investment, managing investments and investing in shares. Well, there are certain rules that you need to follow if you are a member of SMSF. The first and the foremost thing you need to do is appoint SMSF auditors. It is important that an ATO approved SMSF auditor audits your super funds.
The reason for this is that on behalf of the Australian Government, the ATO (Australian Taxation Office) sets the rules and regulations of self managed super funds. These rules of the government oversee every minute detail from setting up your own self managed super funds to ongoing maintenance. The first most things that you will need to assure while becoming a member or setting up your own SMSF is that the SMSF auditors will have to maintain comprehensive records in order to ensure complete compliance. The records would include everything about the investment decisions like SMSF property investment, traction records, annual statements, declarations of trustees and tax-related documents.
While starting your own self managed super funds, you will also have to ensure that each SMSF is audited by an independent ATO auditor. SMSF auditors scrutinise the financial statements and review fund s compliance with all the rules that are applicable to that particular fund. Another important thing you need to consider is that members will be able to access their funds only when they meet one of the conditions of release. Like for example, a member will be able to access his funds only when he reaches a certain age or retires.
SMSF property investing is yet another good investment option. It is a better way to invest, especially with uncertainties rising in share market and other investment options. Well, there are different ways you can opt for SMSF investment Strategy. One is direct property purchase without involvement of any intermediary structures or entities. Second is investing in land with involvement of a simple or ‘bare’ trust, either by obtaining a SMSF or a limited recourse loan. Third way is through joint ventures. Here, a SMSF and a family trust could combine funds and purchase a block of land and build a house. However, there are certain terms and conditions involved in this.
Whatever your choice of investment is, there are a lot of advantages of starting a Free SMSF Setup. You get wider investment options than those offered by public funds. Moreover these are self managed super funds. Therefore, you get the opportunity to make a decision as to where and how to invest your funds appropriately. 15% tax is charged on earnings, contribution and final payment of the fund. Most of them make additional payments on self because of low tax. SMSF is a great opportunity for you to build wealth, protect your assets and save tax. If you have no clue where to start from for your self managed super funds, there are several administrators who provide great services at affordable prices.
About the Author: self managed super funds are a great way to make investment options, secure your future, protect your assets and look after your family when you are no more.
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