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Successful business owners often desire more control over their entire balance sheet, including their superannuation. That desire often leads to considering the benefits of establishing a self-managed superannuation fund (SMSF).
When you have your own SMSF, you have greater flexibility. You can personalise your investment decisions, which means they can be tailored directly to your financial strategy and life goals.
You might, for example, use your SMSF to invest in equities in specific companies. Or purchase a business site, such as an office or factory, and lease it back to your business.
You have the same reduced tax rates available to you as all super funds. However, you have more flexibility when using specific tax strategies.
An overlooked benefit is the estate planning, and the greater control you have when a member passes away. It can be easier to distribute your retirement savings when you pass.
However, there are downsides to having an SMSF, including the upfront cost of establishing the fund and the ongoing compliance/trustee responsibilities.
When contemplating an SMSF, it’s crucial to conduct a thorough review and analysis considering your circumstances and objectives. You need to understand potential financial benefits and the associated pros and cons. They are not suitable for everyone. A financial advisor can be instrumental in this process.
Want to better understand your options? Let’s discuss it.
This is general advice only. Please speak to a licensed professional for personal advice related to your specific situation. If you want expert advice on achieving your goals, speak to Affinity Private Advisors today by calling 1300 769 304, emailing enquiries@affinityprivate.com.au or filling in this online form.
The information contained in this article is current as at 17/07/2024. Any advice or information contained in this report is limited to General Advice for Wholesale clients only.
The information, opinions, estimates and forecasts contained are current at the time of this document and are subject to change without prior notification. This information is not considered a recommendation to purchase, sell or hold any financial product. The information in this document does not take account of your objectives, financial situation or needs. Before acting on this information recipients should consider whether it is appropriate to their situation. We recommend obtaining personal financial, legal and taxation advice before making any financial investment decision. To the extent permitted by law, Affinity Private Advisors does not accept responsibility for errors or misstatements of any nature, irrespective of how these may arise, nor will it be liable for any loss or damage suffered as a result of any reliance on the information included in this document. Past performance is not a reliable indicator of future performance.
This report is based on information obtained from sources believed to be reliable, we do not make any representation or warranty that it is accurate, complete or up to date. Any opinions contained herein are reasonably held at the time of completion and are subject to change without notice.
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