Self Managed Superannuation Funds (SMSF) - What you need to know

A Self Managed Superannuation Fund, better known as SMSF, has become a very popular method of managing your own superannuation funds. SMSFs have been the fastest growing segment of the superannuation industry and have the highest average member balances.

A SMSF is essentially an administrative trust structure that must comply with a set of rules for it to maintain the significant tax advantages afforded to superannuation.

Why commence a SMSF?

There are many reasons, however, for the most part it comes down to three key points:

  1. Control – You and up to three other members can take full control of your superannuation
  2. Flexibility – Choose from a very broad range of investments and take advantage of tax effective strategies
  3. Cost effective – SMSFs particularly for larger funds (greater than $500,000) are very cost effective to administer compared to traditional retail superannuation funds.

SMSF Services from Boston Private Wealth

At Boston Private Wealth the majority of our clients have taken advantage of owning and operating a SMSF. We can work with you in many different ways including:

Commencing a new SMSF:

  • Advise you if a SMSF is suitable for your personal situation
  • When appropriate, set up a brand new SMSF whereby all of the administration is managed by specialists
  • Work with you to establish the necessary Investment Strategy
  • Provide regular updates with the latest developments for SMSFs and more broadly, superannuation.

You already have a SMSF:

  • Work with your SMSF administrator, usually your accountant
  • Provide the necessary investment records
  • Advise you (trustees) to build the Investment Strategy

We have developed a great depth of technical knowledge as a result of working with SMSFs for many years. We have also developed good relationships with specialist SMSF administrators who take away the complexity of operating a SMSF.

We will also respect your existing SMSF advisers and work closely with them to gain the best possible results from holding an SMSF.