Your superannuation has been working hard for you, but you are looking for a little more control. A Self Managed Super Fund (SMSF) may be the answer.
Unlike standard super funds, SMSFs offer more flexibility and control over where and how you invest your superannuation. It essentially gives you the keys to unlock your super’s true potential.
An SMSF can provide greater risk management, investment management, retirement planning and estate planning. However, it’s essential to seek expert SMSF advice on the Gold Coast before establishing your own self-managed fund.
Our Gold Coast SMSF specialists will help navigate you through the challenging aspects of an effective SMSF and provide you with the right advice and investment strategies to maximise your return on investment. Our goal is to support and educate you through the lifecycle of your fund to maximise the benefits. After all, isn’t that the point of having an SMSF?
As at March 2020, the nearly 600,000 SMSFs in Australia had a combined total of 1.119 million members and accounted for $676 billion, or about 25% of the $2.7 trillion invested in superannuation.
Get in touch with our team of expert Gold Coast SMSF Advisors today to unlock its true potential.
There are many benefits to setting up a Self Managed Super Fund, but you can avail greater benefits by investing in professional advice. True, an SMSF can provide you with greater control over your money, tax-effective investments, costs and flexibility, but unless you have the right advice, you may be no better off than having your superannuation in a standard super fund. And this is where Centaur’s Gold Coast SMSF specialists can help!
When offering SMSF advice on the Gold Coast, we look beyond your fund; we take a holistic view of your financial position, life stage, family, and business, to develop a strategy that works best for you. We take the time you understand your current situation, and where you want to be in retirement, and work together with you every step of the way.
Centaur Financial Services isn’t just another Gold Coast financial advice and planning firm. You’re not just another client. We get to know you on a personal basis, to deliver a first-class service that is unmatched by our counterparts. Your success is our success, and we don’t take this for granted.
Our Gold Coast SMSF advisors have a wealth of knowledge to help you maximise your superannuation nest egg. We have the experience and know-how to devise personalised SMSF investment strategies to ensure you capitalise on your fund.
When you meet with our advisors, we undertake a winning six-step planning process. The result? A successful SMSF investment strategy that arms you with the advice, education, and actions needed to maximise your returns.
You’ve already made an important decision in wanting to set up an SMSF, why not make another by entrusting our expert Gold Coast SMSF advisors with your financial future? Contact Centaur Financial Services today.
In the right situation, SMSFs can be very lucrative. However, it’s important to understand the risks before establishing a fund. Generally speaking, SMSFs are beneficial to those with a large super balance (over $200,000), investing and legal experience, and enough time to manage a fund.
Self Managed Super Funds are just that; self-managed. Therefore, you need to have the time and expertise to do just that. If you lack either, a SMSF can be detrimental to your financial future. For this reason, many turn to expert Gold Coast SMSF advisors, such as Centaur Financial Services.
For an SMSF to be worthwhile, the general consensus is that you need to have accumulated at least $200,000 of superannuation. However, a report from The Productivity Commission found that on average, SMSFs with balances below $500,000 have lower returns after expenses and tax compared to APRA-regulated funds (a standard superannuation fund). This being said, there are times when starting balance, under $500,000 may be financially beneficial and that a starting balance of $500,000 may not be helpful. It depends on your circumstances, experience, and investment goals.
To find out if you have enough money to establish an SMSF, arrange a complimentary meeting with one of our SMSF advisors Gold Coast.
One of the main attractions of setting up an SMSF is to use your superannuation to purchase property. The incentive here is that you are only taxed 15%, which can be substantially lower than your personal tax rates.
However, you can only purchase property through a SMSF, if you follow the rules.
Any property you invest in must:
A SMSF provides the financial freedom to invest your superannuation where and how you like, so long as it complies with the investment restrictions. In general terms, you cannot acquire assets from, or lend money to fund members or relations, and your fund cannot borrow money. However, it can invest in the following investment opportunities:
It’s tempting to withdraw money from a SMSF, and you can; however, you should be aware of the penalties first. SMSF can pay benefits by means of an income stream, lump-sum figure or a combination of both, but if you withdraw money from your super fund without following the rules and regulations, you may face heavy penalties.
The ATO states, “As a trustee, if you knowingly allow illegal access to super you may incur penalties of up to $504,000 and jail terms of up to five years, or fines of up to $2.52 million for corporate trustees.”
Less-severe penalties include higher taxes or disqualification from being able to operate as a trustee of an SMSF.
It’s always best to talk to your SMSF advisor before withdrawing money from your super fund.
SMSF withdrawals can be either a lump-sum payment or a pension, where you receive periodic payments. To receive pension payments, you must first reach the preservation age, which varies depending on your date of birth. Pension payments can be either Account-Based Pension or Transition to Retirement (TTR). You can receive TTR payments as soon as you reach the preservation age, however, to receive Account-Based Pension payments, you need to be over 65 or retired, and have reached the preservation age.
To receive a lump-sum payment, you must meet the condition of release specified by your fund. Be mindful though; there are tax consequences of taking $200,000 or more as a lump-sum payment.
Find out more on our Centrelink and Age Pension page.
It’s best to talk to your Gold Coast SMSF advisor to see which option is best for you.
Once you are fully retired, you can possibly live in your SMSF property if you are structured properly. You cannot, however, live in the property until you retire or reach the preservation age. And there are more conditions and aspects to think about.
For more information on SMSFs, visit the Australian Taxation Office (ATO) website.
The information provided on and made available through this website does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances. Centaur Financial Services do not warrant the accuracy, completeness or currency of the information provided on and made available through this website. Past performance of any product discussed on this website is not indicative of future performance.
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