what is the SMSF association in Australia?
The SMSF Association in Australia is the independent body representing Australia’s self-managed super fund sector.
With over 1.1 million Australians now self-managing their super, the SMSF Association’s vision is to enable Australians to take greater control of their own destiny through a sustainable SMSF community.
We can give you the right tax advice on your Super Fund in conjunction with your preferred Financial Advisor. Are you aware that there are great tax savings when you reach 60 as your pension stream is 100% tax free for most circumstances.
What is SMSF?
The SMSFs is Self-managed super funds that these are a way of saving for your retirement. The difference between an SMSF and other types of funds is that the members of an SMSF are usually also the trustees.
This means the members of the SMSF run it for their benefit and are responsible for complying with the super and tax laws
Do you pay tax on SMSF?
The income of your SMSF is generally taxed at a concessional rate of 15%. For a non-complying fund the rate is the highest marginal tax rate.
The most common types of assessable income for complying SMSFs are assessable contributions, net capital gains, interest, dividends and rent.
Why do a SMSF?
In an SMSF you have greater control of your assets and investment decisions, which may allow you to better manage the tax position of the SMSF.
This difference in tax rates means that by having control over the disposal of assets,
you may be able to reduce, or potentially eliminate a capital gains tax liability.
Also An SMSF could offer significant benefits in retirement
SMSFs provide a range of investment options.
Trustees can potentially access direct shares, term deposits, income investments,
direct property, high-yielding cash accounts, unlisted assets, international markets, collectables and more.
Having control over how your retirement savings are invested is one of the many benefits of self-managed super funds (SMSF).
On the flip side, the responsibilities and management skills required to run an SMSF are significant.