How can I
It is never too early to understand how your superannuation works. There are many things to consider, so we’ve listed a few below.
- How your super is invested
- The investment options available
- The fees you are paying
- How your super’s performance is tracking compared to alternative funds
- The various contribution limits and strategies you can take advantage of
- The potential tax benefits available
- Do you have unclaimed super?
- What happens to your super when you pass away?
With a team of financial planning experts, the Inovayt Wealth team can provide personalised superannuation advice and services to help you create your dream financial future.
Self-Managed Super Fund (SMSF)
A Self-Managed Super Fund (SMSF) is a super fund where you, as the trustee and member, are in control of the management, investment strategy and administration. Like regular industry and retail super funds, SMSFs are established to build retirement savings.
Is an SMSF right for me? Ask yourself these questions to help decide if an SMSF suits you.
Do I have enough super?
You generally need to have a reasonable amount of super to justify the costs of an SMSF. The ATO suggests a minimum balance of $200,000 for an SMSF to be competitive.
What is the sole purpose test?
This means that your SMSF and its assets are used solely to provide you and other members benefits for retirement. A common misconception is having an SMSF to get early access to your super, or to buy a holiday home or artworks to decorate your house. These things are illegal.
How much will an SMSF cost?
There are costs to set up an SMSF as well as ongoing running costs. The running costs of an SMSF vary depending on how you choose to manage your SMSF and the investment strategy you implement. The more complex the investment strategy, the more it is likely to cost.
Do I have a firm grasp of investment knowledge?
A firm grasp of investment knowledge is highly recommended as you’ll need to monitor your investment strategy, research investment options, keep on top of how your investments are performing and keep up to date with regulatory superannuation changes that may affect you.
Whether you are thinking about setting up an SMSF or would like guidance on how to better manage your established fund, please get in touch with our team to guide you in the right direction.