Like other super funds, SMSF helps you save for retirement. The big difference is that an SMSF is run by you, which is where the extra control, effort and responsibility comes into the picture.
An SMSF is a legal tax structure whose sole purpose is to provide for your retirement. SMSFs operate under similar rules and restrictions as ordinary super funds.
By choosing to manage your super through an SMSF, all trustees are responsible for both the selection and management of the fund’s investments. It has to be ensured that the fund complies with relevant laws.
Your self-managed super fund (SMSF) needs to be set up correctly so that it’s eligible for tax concessions, can receive contributions and is as easy as possible to administer.
When you run your own SMSF, you must:
- Carry out the role of trustee or director, which imposes important legal obligations on you.
- Set and follow an investment strategy that is appropriate for your risk tolerance and is likely to meet your retirement needs.
- Have the financial experience and skills to make sound investment decisions.
- Give enough time to research investments and manage the fund.
- A budget for ongoing expenses, such as professional accounting, tax, audit, legal and financial advice.
- Keep comprehensive records and arrange an annual audit by an approved SMSF auditor.
- Organise insurance, including income protection and total permanent disability cover for super fund members.
- Use the money only to provide retirement benefits.
Setting up an SMSF would be the right thing for you if you want to have more control over how your money is invested and accountability for your super fund. It is also the right option for you if you want more options tailored to your circumstances. Potential cost savings are also a result of having or investing your SMSF, plus the biggest advantage is that there is more flexibility in how you pass your wealth.
What UBS offers:
In the past, UBS has assisted clients in setting up their own SMSF’s, in accordance with the law and reporting to the ATO on its operation. The key principle is that you run your fund for the sole purpose of providing retirement benefits to fund members.
It gives you a wider investment choice and greater control over investments and flexibility in the payment of retirement benefits, such as pensions and annuities, directly from the fund.
UBS can help you establish your own Self-Managed Super Fund:
- Preparing the Deed.
- Completing and Lodging your application forms.
- Providing Trustee declarations.
- Preparing and lodging the annual income tax and regulatory returns.
- Preparing the annual financial statements.
- Preparing all necessary minutes of meetings.
- A referral to an Independent Auditor for your fund.