In the past 5 years Self Managed Superannuation Funds (SMSFs) have become the new must have tool for anyone looking to self fund their retirement and take advantage of tax minimisation strategies along the way. You are never too young or too old to open a SMSF, but it's not for everyone. However with the latest Federal Government rulings towards retirement ages everyone should be asking if a SMSF is suitable for them.
Unlike other superannuation funds, a SMSF is a great strategy for self funded retirement and tax planning. The fundamental difference between an SMSF and other types of funds is that the trustees of the fund are in full control of what the SMSF invests in (within the limits of the SIS Regulations).
Having super fund specialists provide the right advice you will be able to utilise the tax advantages of contributing, investing and receiving pensions from your SMSF.
As the trustee of an SMSF there are several administration, reporting and record keeping obligations, including an end of year tax return and audit, it sounds complicated, but at Ganci Accountants & Auditors we handle all the obligations for a SMSF from start to finish.