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SMSF Support Retirement

A self-managed super fund (SMSF) can give you greater choice and flexibility in the way you save for your retirement– but just because you’re not aligned to a standard fund anymore doesn’t mean you have to face it alone.

In fact, if you’ve decided to explore this option, we always recommend that you discuss your plans with an experienced finance professional to ensure you’re making the right decision for your future.

As an SMSF trustee, you are ultimately responsible for the decisions and actions of the fund. In addition to this, you are also required to understand and adhere to the rules within the Superannuation Industry (Supervision) Act. It’s an important role and the integrity of the fund can be compromised due to a lack of knowledge or experience.

This is why SMSF support is imperative. There’s always been considerable discussion around the benefits of obtaining expert help with the set-up stage, but what happens once that’s done? Once you’ve got your SMSF up and running – how much help do you really need?

From set-up through to ongoing advice, there are a number of ways you can obtain help and find the SMSF support that is right for you.

Full Support – Outsourcing all aspects of your SMSF

A fully supported SMSF will mean that the administration, compliance, financial and taxation requirements will be taken care of by various specialists in the superannuation space. This type of arrangement, although costly, may be suitable for those who are under time constraints or any SMSF beginners who may find it challenging to meet the requirements.

Support could include:

  • Administrative services
  • Compliance services
  • Financial advice and planning
  • Legislation and ruling advice
  • Key decision making around pensions, contributions and withdrawals from the fund.

Mid-Level Support – Retaining some ownership of SMSF processes

With clear outlines from the ATO of a trustee’s obligations, you may consider managing this aspect of your SMSF and only obtaining specialist support for the more complex responsibilities.  

If you’re seeking this level of support, it’s common to engage the following professionals:

  • Accounting/Taxation expert for compliance and tax advice
  • Financial Planner for investment strategy and financial decision making.

In this scenario you would be responsible for meeting trustee obligations and completing any required reporting.

Low Support – Going it alone with your SMSF

Although not recommended, it’s possible to manage your ongoing SMSF responsibilities with a low level of external support. In this situation, you would have significant experience in administration, investment strategy and compliance, as well as have considerable time available to manage the necessary requirements.

 We don’t recommend this option unless you have a specialist financial background or similar relevant experience.

Advantages of SMSF support

Self-Managed Super funds are highly legislated and there are financial and taxation implications if you don’t get it right. As a trustee, you’re in charge of investment decisions as well as complying with the law.

The greatest advantage of appropriate SMSF support is that you can feel secure in the knowledge that the likelihood of errors, non-compliance or incorrect decision making is low. By obtaining SMSF support from specialists, you also have access to expert advice and correct interpretation of any legal obligations if needed.

No matter your decision regarding the level of support you’d like to engage, it’s your responsibility to maintain awareness of the actions being undertaken on behalf of the SMSF and also understand the investment strategy being used. There is no substitute for an engaged, informed trustee.

An RJS Wealth Management Strategic Planner can assist with strategy direction and advice to make sure your SMSF helps you along to a comfortable retirement. Contact us for an obligation-free appointment here or call us on 1300 27 28 29.
Book an appointment! Email:info@rjswm.com.au

This blog has been prepared by RJS Wealth Management Pty. Ltd. ABN 24 156 207 126. RJS Wealth Management Pty. Ltd. is a Corporate Authorised Representative (No. 438158) of Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licensee (Number 233209). The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individual’s personal circumstances have been taken into consideration for the preparation of this material. Any individual making a decision to buy, sell or hold any particular financial product should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Pty Ltd recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.