What is a Self Managed Super Fund (SMSF) and how do you go about setting one up?
The general consensus is that there are less fees and you have greater control on how your money is invested and so by taking control of your Superannuation YOU can make more money and retire on a larger amount. It’s also a tempting prospect for small business owners who are keen to utilise their own bookkeeping skills and save on those dreaded admin fees.
However there is a different set of fees and regulations involved which are very different to running a business. And as with everything which is regulated for the benefit of society as a whole, you need to make sure you’ve got your ducks all lined up in a row and do your homework BEFORE you dive down that rabbit hole.
What do you need to consider if you are a small business owner thinking about setting up an SMSF?
In the following Small Biz Matters podcast, Dana Fleming, the ATO’s Assistant Commissioner talks about what’s involved in setting up and running a Self Managed Super Fund.