Super Fund will now be the biggest part of our retirement as we do not know how much longer there will be an aged pension. Many people are disillusioned with their current superfund. They feel that their superfund is not being managed properly as the returns are low and the fees are high.
Monument Financial can provide Financial Advice on your current funds and let you know if it is beneficial for you to set up your own Self Managed Superfund that you can control. We can guide you through the whole process and help you to purchase property or other investments such as shares and fixed interest if you feel you need some guidance. Please do not just forget and leave your super to accumulate. Get on board and find out what you are investing in and the return it is providing. There may be better options out there to increase your retirement income.
Setting up your own Self-Managed Superfund is not as cool as it sounds. But! It can be very lucrative for your retirement if you are dedicated to looking after your own retirement funds.
We are able to service clients for in both QLD and NSW and other areas if required. If you are time poor we can do the business online.
Take control of your future NOW !
The following is some general information on Self-Managed Superfunds. It is wise to speak to your accountant or financial planner or Call Monument Financial to speak with one of their specialists before you take any action.
Self-Managed Super Funds can be costly to set up. You will need to have a Set of Self-Managed Trust Deeds and a Property Trust Set Up by a licensed financial planner
If you are purchasing a residential or commercial rental property within the superfund then you are able to obtain a loan of usually 70% of the purchase price.
Many industry funds can be rolled over into your Self managed superfund and your Superannuation Guarantee Contributions can be deposited into your superfund account. There are some employer super funds that will not allow this to happen.
Take back total control of your Super
An SMSF gives you total control of your Super by allowing you to choose where you invest your Super Benefit. Many of our clients who are disappointed with their Superfund's performance or simply think that they can do a better job investing their Super Benefit themselves are choosing to establish and manage their own SMSF.
Having total control means the members of the SMSF can invest in a wide range of investments. For example, with an SMSF, you can invest in Term Deposits, Australian and International Shares, Residential and Commercial Property.
Manage up to 4 members' Super in one SMSF
You can set up an SMSF for yourself and add up to three other people to consolidate the super balance from each member into one SMSF. This enables you to reduce the average fee per member to run an SMSF, given our annual fee is the same for up to 4 members.
Accumulation and Pension Funds
With Retail and Industry Funds your benefit is typically invested separately in a Pension or an Accumulation Account. This means that when you wish to drawdown your Super Benefit as a Pension your Super Benefit will need to be transferred to a separate Pension Account and any additional contributions you make will be added to a completely separate Accumulation Account. An SMSF is a Pension and Accumulation Funds in one. You can commence a Pension and continue contributing to the same SMSF. There is no need to split your Super Benefit into multiple Funds.
Transfer assets from your personal name to an SMSF
It is possible for Members to make contributions of assets instead of cash such as Shares, Managed Funds, and Commercial Property from the Members' personal names into an SMSF (called in specie contributions). In specie transfers allow you to consolidate your Family Assets under the one SMSF tax advantaged umbrella. We note that taxation and capital gains tax issues should be considered.