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Whether you are thinking of setting up a self managed super fund (SMSF) and want to familiarise yourself with what is involved or you’re a long-term trustee that wants to ensure they are adhering to the various rules and regulations of SMSFs, running your own fund is a big responsibility. Ensure you are adhering to the complex requirements and set yourself, and your fund, up for success.
What is the main misconception that SMSF members have?
We often hear the term ‘self-managed’ means you need to do everything yourself. This is not the case, and, in many situations, the full benefits of an SMSF are only realised when others are involved.
Aside from the annual audit of your fund, which must be done by an independent, approved SMSF auditor, you can choose the level of compliance and administration work you outsource to others. As the trustee of your SMSF you remain ultimately responsible for ensuring your fund complies with the superannuation and taxation laws.
The SMSF sector has evolved over the past few decades and there are now many firms who specialise in providing administration and compliance services for SMSF trustees. There are other firms who are well equipped to provide investment advice and assistance with the formulation and execution of SMSF investment strategies.Â
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What should current SMSF members be aware of?
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