Your 2021 new financial year SMSF health check

July 2021

With a new financial year beginning, it is a perfect time to review your SMSF and give it a clean bill of health for the upcoming 12 months. The following list provides a series of considerations that you and your SMSF Specialist Advisor should review.

 

1. Take stock of your SMSF investment return and fees

After the financial year, it’s always a good time to review your SMSF investment returns and fees. Assess how your assets performed and determine if your returns were in line with your expectations. This is particularly important, given the economic disruption from COVID-19 on the Australian and overseas financial markets.

When assessing your SMSF’s performance it must be remembered that analysis must look further than merely comparing returns with other funds and look towards your retirement goals and income needs. It is entirely appropriate for an SMSF member to aim for a level of retirement income that allows them to meet all their financial goals and lead a comfortable lifestyle achieved through lower investment returns than what other superannuation funds achieve.

It is also important to review the expenses in your SMSF each year. This includes administration, investment, advice, insurance premiums and any other superannuation fees and charges. Take stock of your superannuation balance and determine if your current fees are appropriate for your SMSF and ensure you are getting the most value for money.

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