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 Self Managed Super Funds also known as DIY Super funds have many advantages and are currently very popular due to the public's desire to take a more active role in the management of their accumulated superannuation benefits. Please browse through information provided on this web site and once you decide to manage your own self managed super fund, we can assist you in the establishment and administration of your self managed super fund.
We assist you in preparation of annual financial statements, audit of your SMSF, lodgement of Income Tax returns and other regulatory requirements. You as a trustee of your self-managed super fund make all investments decisions, we will assist you with all compliance matters. We do not provide any investment advice
Choice
Australians can choose to contribute their personal superannuation contributions to a self-managed superannuation fund also known as DIY Super Fund.
Since 1st July 2005 you may be able to choose where your employer contributes your Superannuation i.e. the fund of your choice including your DIY Super Fund.
Growth
There has been substantial increase in the number of self managed super fund since the Australian Taxation office became the regulator in Nov 1999, from 190,000 to around 500,000 to 30 June 2007. The number of funds is currently growing at approximately 2500 funds a month. (Source: Tax Office databases, July 2007)
Australians are obviously embracing the concept of managing their own superannuation investments.
Why choose to establish a self managed superannuation fund?
A self managed superannuation fund gives you control over the management of your superannuation.
It allows you to:
- Choose investments you want to invest money into;
- Sell investments you want to move out of;
- Make immediate changes to your superannuation management;
- Streamline retirement planning.
- If you are in business you can also use a SMSF to purchase commercial property providing asset protection.
- Take advantage of income tax incentives such as investment in fully franked dividends.
My superannuation is being managed by a commercial provider. Is there a problem with that?
Most Australians are members of commercial funds at some stage of their lives.
A member of a commercial fund has limited control over the investment of their superannuation. Investment advisers manage the superannuation funds and they choose where your money goes. They are also paid via commissions and incentives, which may impede objectivity when making investment decisions. Recent collapses of organisations such as Westpoint, Australian Capital Reserve, Fincorp and Bridgecorp have resulted in a detrimental impact of people’s superannuation benefits.
Making changes to your superannuation is also limited and subject to internal processes and commercial organisation rules. Implementing changes can be delayed and in many cases disallowed. Your personal needs and requests are overshadowed by the objectives of the commercial organisation. These organisations do offer services for a more personal service, however, there is a significant fee increase and the adviser is still bound by the overall objectives of the organisation.
In short, use of your money is at the discretion of investment advisers who may not necessarily have your best interests in mind.
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