Is a SMSF right for you?
There are a number of questions to consider when you are thinking about setting up a Self Managed Super Fund…
- Do you have the time, interest and inclination? This should not be undertaken lightly, the benefits can be significant, but the responsibilities are not to be taken lightly, and you do need to know what you are doing.
- Do you understand what your responsibilities actually are? You should definitely read up on this before moving forward.
- Is your fund of a sufficient size to make it worthwhile? The costs of management and auditing the fund need to be offset against the amount invested within that fund. Typically the setting up of an SMSF is not recommended if total capital is below a certain amount.
- Do you want to invest in asset classes not usually covered by “normal” funds? A self managed super fund will allow you to invest (with restrictions) in asset classes such as equities, investment properties and even artwork, if they are of interest.
Bear in mind that Clime Super‘s SMSF administration service can help you with compliance, administration and your investments too.
Having an SMSF can be a hugely beneficial wealth creation vehicle and with Clime, the work and worry can be taken off your hands. However, while you can outsource both the administration and the investing, you cannot outsource your obligations as a trustee or director of your trustee company.