Self Managed Super Funds

Keen to access your super savings before your retirement?

What is an SMSF?

A Self Managed Super Fund (SMSF) is one where you, have responsibility over the management, investment and administration of your super fund. SMSF’s are quite different from other super funds because they’re run by you, for you and any other members of your SMSF. They are established for the purpose of building retirement savings.

SMSF’s have become all-the-rage in recent times. Especially since SMSF’s are not only able to purchase investment properties, but also borrow funds to do so. In Australia, property is the feel good asset. It is, to many, an Aussie dream.

However, while SMSF’s are good long term investment tools, they are not appropriate for everyone. A Bedrock specialist adviser can determine if an SMSF is appropriate to you.

What are the benefits of having an SMSF?

The benefits of SMSF’s include:

  • Greater control over your super, as you make the key decisions and you’re in charge of where you invest your money.
  • Flexibility and choice. You construct your fund’s investment strategy and enjoy more investment choice. The choice of investments in SMSF’s is far greater than what other super arrangements can offer. You can invest in property, direct shares, cash, term deposits and more.
  • You are in control of what services you require and how much you pay for them.
  • The potential to borrow to buy a property within your super fund.
  • Insurance can be included in your SMSF to protect your income and assets, for example life insurance, total and permanent disability (TPD) and income protection.
  • Planning for when you’re not around, by specifying who you want to leave your money to.

What do you need to consider before starting?

There’s a lot to consider before you decide to set up an SMSF. This includes, among other things, your super balance, the number of members joining the fund and their ages, how much time you have to spend on your SMSF, your retirement goals, investment preferences and your risk profile.

You generally need to have a reasonable amount of super, or be looking to build up your super quite quickly, to justify the costs of an SMSF.  Everyone has a different view of ‘how much’ money is enough to start a SMSF. It all depends on your needs and circumstances.

How do you set up an SMSF?

The general process of setting up an SMSF involves creating a trust deed, appointing trustees, completing ATO forms, setting up a bank account, rolling over your super, an investment strategy and so on.  Bedrock will assist you throughout the entire process.

What happens after you set up an SMSF?

This is when you begin to take control of your super by setting up and implementing your investment strategy.

However, on an ongoing basis there’s a lot that needs to be done to maintain your SMSF and keep on top of the administration and compliance. The laws governing SMSF’s are complex and can change – you need to ensure you stay on top of regulation changes and compliance.

This is where a quality support network is really important. Bedrock and our strategic business partners can help you with your compliance responsibilities, as well as the day-to-day running of your fund, by keeping track of contributions, assets you purchase, income, expenses to be paid, taxation and other kinds of reporting requirements.

James has been a great in helping me build a foundation for the future. He gave me new insight into the importance of insurances and the value it provides to me as a safeguard for my future. He has been very helpful in answering my questions in every single area where I needed his help. I have recommended my closest family and friends to James.
As a young person it was refreshing to speak to James at Bedrock Financial Services. Young adults often believe that financial advice is only for our parents but the fact is we have to plan now whilst we are young. James understands the needs and wants of young adults and was able to provide advice in a way that was understandable to me. His level of customer service is second to none and was with me every step of the way.
My wife and I are both young professionals on good salaries but our investments were ad-hoc, James helped us with a financial plan to move toward owning our own home.
James took the time to understand my personal situation and needs. Being independent, I was confident that the advice provided by Bedrock was tailored to my needs and not structured to fulfil a sales quota.