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Who Should Have a Self-Managed Super Fund?

An SMSF is not appropriate for everyone. Below we let you know the five most important things you need to know to determine if a Self Managed Super Fund may be right for you. Of course, before you open or decide to have an SMSF, Get Matched Now as this will help you make the right financial decisions; Is an SMSF appropriate, relevant and necessary for you?

Between You & Your Immediate Family, It Should Be At Least $500,000

For SMSFs to be cost-effective, the balance should be around $500,000 and be growing. Also, if you have things like property within the fund, there are compliance requirements as well to consider.

Which family members Are Going To Be In The Fund With You?

There are different structures of a Self- Managed Super Fund like a personal or corporate trustee. You should talk to your accountant and financial planner to see what is appropriate for you.
Also, who is going to be in the SMSF with you? You can have immediate family in the fund with you. Please check with a planner what family would be best for you.

What Will Happen If There Are Disputes, Fraud, or Something Else?

Unlike normal super funds, Self- Managed Super Funds are not looked after by the Australian Prudential Regulation Authority (APRA). This helps for fraud or theft within your fund and is something to be aware of for family members. A
Also, you do not have access to the superannuation complaints Tribunal if you own a self-managed super fund. You do potentially have access to an ombudsman service who could provide a mediator if disputes arise. Ask your financial planner if he or she is a member of the ombudsman service (currently called AFCA) to see if this is applicable.

Make Sure You Have An Exit Strategy From Your SMSF

At some point you may want to get rid of your Self-Managed Super Fund because it is not cost-effective, don’t want to take an active role in managing your super fund or something else.

Make sure you’re aware of the running cost and the costs to exit the fund if you don’t want the fund anymore. If you already have one and want to see if it is still relevant, you may want to complete the Matching Form which takes 2 minutes and meet up with a financial planner and accountant to assist you.

Should You Have Personal Insurances Within Your SMSF?

The insurance types include

  • Life,
  • Trauma,
  • Total and Permanent Disability
  • Income Protection insurance

You should consider if this is right for you by matching yourself to a financial planner.
Further, what if you have insurances already but by cancelling them and then you lose important benefits? Before cancelling any cover, check with one of our planners.
Finally, is the new insurance cost-effective, appropriate, relevant for you? Check this with your planner or the insurer directly.

In summary, there are many areas to consider when choosing if an SMSF is right for you. These include balance, insurance, structure and an exit strategy. Click below to get matched if you think an SMSF is right for you NOW!