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SMSF FUNDAMENTALS

SMSF Learning Starts Here

WHAT IS A SMSF?

A Self Managed Super fund (or SMSF) is a superannuation fund where a member (along with up to 3 others) are also the trustees of the fund. Trustees are the one’s that have control over a super fund, and everything that goes on within it. And whilst "control" is the key driver as to why most people set up their own SMSF, it’s also important to note that this control also comes with responsibility.

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KEY BENEFITS OF SMSFs

With over a million Australian’s taking control of their superannuation via a Self Managed Super Fund, SMSFs have become the single largest pool of money in the superannuation system. As at May 2019, there are now around 600,000 active SMSFs, over 1 million members, with close to $750 billion of assets in them.

 

So why have they become so popular, and grown so much ?

 

Let’s look at the key benefits of a SMSF.

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IS AN SMSF A GOOD FIT FOR ME?

Whilst the benefits of a SMSF may seem appealing, the reality is that SMSFs are not for everyone. Before going ahead and establishing a new SMSF, new prospective trustees need to take a moment to understand the requirements of being a trustee, and what it means to maintain a SMSF before they commit.

Here are the key issues to consider before committing to starting a SMSF.

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THE LIFECYCLE OF A SMSF

Superannuation can be a difficult subject for many people to wrap their heads around as there are so many moving parts to it.

However, when you lay it out and think of the lifecycle of a SMSF and focus on each segment individually you start to see how it all works together, and why SMSFs have become known as not just another super fund, but a family wealth building and succession vehicle.

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