It is in view of education to present this book to readers to contemplate whether setting up and maintaining a Self-Managed Superannuation Fun (SMSF) is the best course of action to take. This is not a substitution for financial advice, so please seek your professional accountant, tax agent or financial adviser if you are thinking of starting your own SMSF. This book only seeks to discuss the advantages and disadvantages of various aspects of a SMSF and is not tailored to suit your individual circumstances or requirements. The author works in a professional accounting background and deals with a number of client base who have their own SMSFs for various reasons and purposes. There is no intention to copy what other great authors have produced in their books on this interesting subject. The author here is only using his own knowledge and professional experience to impart this to readers, so any similarity to previous books and authors is purely unintentional. Cover page image is taken from Henry Financial Group – www.henryfinancialgroup.com.au
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Phil Tadros. Setting up, operating and maintaining Self-Managed Superannuation Funds
Chapter 1 - Introduction
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Chapter 2 - Setting up your SMSF
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Chapter 3 - Adding Funds to your SMSF
Chapter 4 - The SMSF Investment Strategy
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Chapter 5 - Different phases in your SMSF
Transfer balance cap
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Chapter 6 - Investing and taxation issues in your SMSF
Chapter 7 - Borrowing in your SMSF
Chapter 8 - Taxation on Super Pensions & Death Benefits
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Chapter 9 - Annual financial accounts and the audit report
Chapter 10 - The SMSF Annual Tax Return
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Chapter 11 - Winding up your SMSF
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Concluding Remarks
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Superannuation is like a savings account used to put money aside for taxpayers (individual people) until they reach retirement or preservation age. The superannuation money is usually paid by an employer towards a nominated superannuation fund of the employee, and this amount is set at 9.5% of the total gross earnings of the employee. The ever growing Self-Managed Superannuation Fund (SMSF) industry in Australia is a way for individuals to have more control over their retirement money in terms of investing in different assets, or different classes of assets, which other industry superannuation funds are less likely to invest in, or have a direct investment in.
There are two different authorities that govern superannuation in Australia. The body that oversees the large industry superannuation funds, such as HESTA, Host Plus, CBUS, is the Australian Prudential Regulation Authority (APRA). The body that governs, or oversees the SMSFs is the Australian Taxation Office (ATO).
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Later on, you can also create a share trading account in the name of your SMSF, preferably with the same bank that your SMSF account is in. Otherwise, you can use a broker if you have a good relationship with one, but usually the brokerage fees will be a little higher and there will be advisory and administration costs.
Previously in this section, you read about a corporate, or company trustee and an individual trustee/s. What is the difference, and what are the pros and cons of having either as trustee for your SMSF?
