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Self Managed Superannuation Funds or "SMSFs" continue to grow in popularity as the preferred retirement savings vehicle for many Australians. Before you enter into a SMSF it's important you seek financial advice and ensure that you have a good idea of what is required to run your own superannuation fund. To help understand what's involved and whether a SMSF is right for you this article highlights some key points and provides a link to an excellent video to assist with your SMSF decision.

 

Self Managed Superannuation Funds or "SMSFs" continue to grow in popularity as the preferred retirement savings vehicle for many Australians.

Self managed super fund numbers have increased to 528,701 funds according to APRA's March 2014 statistics.

APRA reports that the Australian superannuation sector which comprises industry superannuation funds, large public offer funds, corporate plans and SMSFs held investments in excess of $1.837 trillion dollars.

SMSFs represent almost one third of all superannuation investments, with 30.4% or $558.6 billion dollars invested.

Control of one's own financial and retirement destiny seems to be a significant driver in the growth in the number of Australians establishing their own SMSF. SMSF popularity can no doubt be attributed to the flexibility that SMSFs provide, including:

  • Empowering members to be self directed in their investment choices
  • Flexibility to own a broader range of assets including direct shares, and residential or commercial real estate
  • Ultimate control over your retirement  planning

Before you decide if a SMSF is right for you, you should seek financial advice and ensure that you have a good idea of what is required to run your own superannuation fund.

Click here to view a helpful video from the ATO, which regulates SMSFs, entitled "What's involved with an SMSF" and is an excellent place to start the SMSF decision process.

At Hanrick Curran our dedicated superannuation team comprises a group of well trained and highly experienced accountants and superannuation specialists.

If you would like more information on self managed superannuation funds or to discuss superannuation matters generally, speak with your usual HC adviser or contact Chris Campbell or Clive Todd on 07 3218 3900.