In today’s economic climate, planning for the future is more important than ever. Australia has a growing ageing population and we are living longer than ever before which requires practical investment choices and forward-thinking. Superannuation becomes a consideration as soon as many people start working, which has bought attention to the increasing popularity of Self-Managed Superannuation as an alternative to retail or industry funds.

GMD Chartered Accounting & Advisers would like to share their insights into why Self-Managed Superannuation is so popular. There are an array of reasons why Self-Managed Superannuation is gaining such momentum, however a few which stand out include:

• The sense of empowerment Self-Managed Superannuation Funds offer. Being in control of your own retirement fund includes a multitude of positive benefits. It offers flexibility on investment purchase- particularly with property and the ability to borrow (gear) for asset purchases.
• Are you a small business owner? With Self-Managed Super, if you own commercial property in super, your business can occupy that property and you can pay yourself rent. This provides the added benefit of always having a great tenant!
• Self-Managed Superannuation has the potential to be cost-effective, depending on the balance of the fund. The Management costs, such as accounting fees of Self-Managed Super Funds (SMSF’s) don’t necessarily increase with the size of the fund, whereas management cost of most retail and industry funds do scale based on a percentage of fund balance.

SMSF’s provide a way for saving for your retirement. It is incredibly important they are set up properly and are compliant. It is suggested by the Australian Taxation Office to consider professional advice when setting up or running a SMSF.

Factors such as working out the structure of your fund, and ensuring ease of administering the fund are just two examples of why getting expert assistance is beneficial to maximise the interests of the fund members and compliance with the laws which govern SMSF’s.

At GMD Chartered Accounting & Advisors, we work with clients to provide expert SMSF advice. If you are thinking about SMSF’s, our team works with you to set-up your fund, and provide advice on contributions and rollovers, investing, pay benefits, winding up and subsequent administering and reporting to ensure compliance. Read more on our SMSF/Self Managed Super Fund services.

Contact our Brisbane or Gold Coast offices today to request a complimentary, obligation-free meeting to discuss improving your taxation and accounting affairs.