After the family home, superannuation is the second largest asset of many Australians. Through superannuation, you save and invest money during your working life to fund your retirement. More and more people are realising that they can take control of this very important investment through the use of Self Managed Superannuation Fund [“SMSF”]

Benefits of SMSF

• Freedom of investment choice - you decide how and where to invest your superannuation funds for the best returns. This can unlock the door to investment options not currently available, such as property, fixed interest, direct shares, wholesale managed funds, derivatives & alternative investments. 
• Taxation - maximum tax payable on contributions & earnings in a SMSF is 15% (providing the fund complies with regulations).
• Protection – the assets of your SMSF are protected from bankruptcy and other legal claims.

Types of Trustees

You need to decide on the type of trustee you'll use. You can choose either one of the following:

• A corporate trustee
• Up to four individual trustees

A corporate trustee is a company incorporated under the law that acts as a trustee for the fund. Generally, to be an SMSF, all directors of the company need to be members and all members need to be directors of the company.

Your choice of trustee will make a difference to the way you administer your fund, so you need to make sure it suits your circumstances.

When making a decision, the Australian Taxation Office recommends you:

• Discuss your trustee options with a Self Managed Super Fund professional
• Consider the benefits and costs of each type of trustee (for your situation).

Let Pinnacle Tax & Accounting take care of your Self Managed Superannuation Fund Establishment and Administration needs...

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