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For many people, the appeal of self-managed super is the control if offers, particularly when it comes to investing. Knowing what to do and keeping up with the latest legislative changes and strategies mean SMSF investors are best served by staying actively engaged rather adopting a set-and-forget mindset.

A series of free webinars this month titled SMSF Foundations boils down the top 5 elements that need to be considered in detail for starting and having ongoing success in managing your own superannuation.

Anyone considering starting an SMSF or already has one and wants a knowledge refresh should attend this Webinar series because things move rapidly and you need to have the latest information.

A preview of the elements is below and we’ll be deep diving into each one to ensure you’ve got the best opportunity to succeed.

1. Is an SMSF right for you?

An SMSF is not for everyone. It’s an exclusive club for those willing to take personal responsibility for building the retirement income of all members. If you can do that then an SMSF is right for you.

2. Set up a legally compliant SMSF fund

Responsibility for running an SMSF brings with it a need to understand the rules and regulations which includes trust law, superannuation legislation and a knowledge of investments. But you don’t have to do it all.

You can learn about how to run an SMSF or use a lawyer, accountant or SMSF administrator to look after parts of the fund.

3. Roles and responsibilities of SMSF trustees

Your role as trustee of an SMSF is to act in the best interests of members. This requires making sure that contributions to the fund are invested sensibly to build wealth for a member’s retirement, which can include you, or for the dependents on the member’s death.

4. How to invest with your SMSF – the dos and don’ts

SMSFs can invest in a wide range of investments including cash, term deposits, listed and unlisted shares, direct and indirect property and boutique investments. The investments must be in line with the investment strategy of the SMSF and where the investments are made with related parties of the fund restrictions may apply.

5. SMSF – strategies if circumstances change

You may need to think of an exit strategy for your SMSF. This could be due to the death of a member, divorce or incapacity and may require replacement of the fund’s trustee or payment of benefit which may require the fund to ‘shut up shop’.

 

 

Click here to get more information on a successful SMSF strategy with Jerry.

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