Old age is the golden period of life. It is the phase of life where people love to enjoy from their hard earned money. Saving money for retirement days is really a smart decision. This is where Self Managed Super Funds (SMSFs) come into the picture.
The question that every Australian has is how these funds differ from other saving plans?
The Difference:
The members and trustees of SMSF are one and the same. This means the SMSF is for the benefit of members. They are also responsible for super and tax laws.
Let’s say you decided to go for a Self managed super fund (SMSF). Now, the investment decision is completely yours. Further, it’s now your responsibility to adhere to the tax laws. This requires good skills and sufficient amount of time. This is the reason why managing SMSFs is little bit difficult.
So,
How do you manage them?
Self managed super funds are only for offering retirement benefits for the members or their dependants.
Further, SMSFs cannot be used for buying holiday or artworks for home decoration. This is against the law.
Hence, in order to manage the SMSFs in an appropriate manner; it is necessary to hire qualified SMSF professionals who can give you the right advice.
There are also SMSF auditors. Auditors play an important role in maintaining the integrity of the SMSF through annual audit.
Final Notes:
SMSFs only provide retirement benefits. There are lots of videos and case studies through which you can easily get the details. You can also attend a SMSF Webinar.
If you wish to get help, you can get in touch with experienced SMSF auditors at PND Accountants., well-known accountants in Melbourne. Our accountants will help you with every detail which will quickly clear all your doubts related to SMSFs.
“Plan today for a better tomorrow.”
