Self-managed super funds (SMSFs) are an excellent method for investing towards for your well-earned retirement. The regulator of SMSFs, the Australian Taxation Office, is accountable for safeguarding the retirement income system by making certain that any SMSFs adhere to the rules that are stipulated in the income tax and superannuation legislature. So if you have taken the decision to set up self managed super fund, then it is imperative that you understand any duties and commitments that come with being a trustee.
Is a very important financial decision to set up self managed super fund as the individuals acting as trustees will have accountability for administering the fund and conforming to any appropriate regulations. While SMSFs may be ideal for many Australians, they do not always appeal to everyone as managing your own super can be time consuming. Before setting up an SMSF, investors should research the answer to the following questions:
Investors must always evaluate any costs and advantages of running an SMSF with those of other retirement saving opportunities before making their decision.
More information on the setting up of self managed super funds can be found at: http://www.ato.gov.au/superfunds/content.aspx?doc=/content/00182478.htm