The SMSF sector is growing at a rapid rate. The SMSF sector has become the largest segment in the superannuation industry currently accounting for 34% and more than 2,500 new SMSFs are being established each month in Australia.Superannuation total assets are predicted to reach $3 trillion by 2018 and approach $7 trillion by 2028. The SMSF sector is expected to hold almost half of all superannuation total assets by that time. SMSF is a great way to save towards your retirement. Not only is the income earned in a superannuation fund taxed at a flat 15%, but also enjoys potentially claiming a tax deduction of up to $25,000/year and having the ability to drawdown a tax-free pension once you have reached a certain age. There are even greater benefits when you invest in a Self-Managed Super Fund (SMSF), which is why SMSF’s have been increasing in popularity the past few years. The additional benefits you could also be enjoying:
- Ability to take advantage of limited recourse borrowing arrangements and directly invest in property
- Ability to make non-cash concessional contributions to invest in real property and listed sharesup to the bring-forward cap of $450,000
- Ability to control the choice of investments in your superannuation
- Ability to rollover your current retail super balances into your SMSF without it affecting your yearly contribution caps
- Ability to pool all 4 members’ funds to invest in assets
- Greater flexibility in changing investment strategies to suit legislative changes
- No longer having to pay for the management and administrative fees charged by retail fund managers
How we can help:
- SMSF set up
- Registration of ABN and TFN for your SMSF
- Preparation and lodgment of end of year accounts and annual returns
- Preparation of annual audit
- Business Activity Statements
- Technical advice on SMSF