Use of Self-managed super fund (SMSF)

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Self-Managed Super Fund
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There are a few things that can be performed to
make sure that you are getting the most out of
your SMSF when you have stepped out on your own
and decided to manage your super. It is a big
responsibility to manage your super. On how you
can use a self-managed super fund (SMSF), how you
can invest your money, and when you can get at it
there are certain strict rules made that govern
it? When you have a conversation with a financial
adviser or accountant then they will help you in
deciding whether going it on your own is a good
option or not.
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You must take the following six steps on working
out whether an SMSF is right for you or not

• To suit the members of your fund tailor your
  trust deed and investment strategy.
• To manage your fund make sure you have sufficient
  assets, time, and skills.
• Understand your annual auditing obligations.
• Seek professional advice on the options that you
  choose.
• Ensure you can meet your record-keeping and
  reporting obligations.
• Follow the super and tax laws and learn about the
  risks.

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Responsibility

• Managing a Self-Managed Super Fund is not that
  easy.
• Being a trustee, you need to make sure that the
  fund complies with all relevant regulations
  otherwise for getting it wrong you may encounter
  severe consequences.
• Penalties can include fines and civil or criminal
  proceedings if the fund is deemed to have
  breached its compliance responsibilities.
• Tax penalties could be levied depending on the
  transgression, including fund returns being taxed
  at the top personal marginal tax rate as opposed
  to the concessional super rate of 15.

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Time

• The administration and management of an SMSF is
  time intensive so an SMSF may not be a good
  option if time is something youre short of.
• On the other hand, various SMSF investors enjoy
  the sense of involvement and purpose that running
  their fund brings.

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Professional outsourcing

• You can outsource to investment managers,
  financial advisers, or other experts if you find
  you dont have the time or investment knowledge
  to manage your Self-Managed Super Fund.
• This will be available to you at an additional
  cost.

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Contact Details
TELEPHONE [phone] EMAIL
info_at_cantoraccounting.com.au