Superannuation & Retirement Planning
Are you capable of organising your superannuation? We can help you with Fehons Superannuation Services
We can do:
- New Self-Managed Superannuation fund establishment
- Administration of Self-Managed Superannuation Funds (SMSF)
- SMSF taxation
- SMSF audits
- Pension establishment (Transition to Retirement and Account Based Income streams)
- Assistance with trustee company acquisition
- Variation of existing SMSF Trust Deeds
- Borrowing strategies
- Estate planning strategies
- Tax effective strategies to minimise tax
- End of year review
Why are self-managed superannuation funds (SMSF) such a popular alternative to traditional super?
An SMSF or DIY super fund is a great way to invest for your retirement. Self-managed super funds allow:
- Greater control over your money
- You to choose where to invest and when to invest
- For greater savings as our SMSF administration fees are low
- Significant tax benefits
- Security and peace of mind knowing where and how your money is invested
Our approach
Fehons, as an authorised representative believes that:
“Everybody needs to give superannuation some thought…….…not only for retirement but also as a tax-effective vehicle.”
Our approach consists of 3 different phases:
Set up phase
- establishing the SMSF
- providing an investment strategy and
- collecting documentation to transfer monies from an existing fund to SMSF
SMSF management – along the way phase
- SMSF reviewing
- Keeping your superannuation funds compliant
- informing you on any taxation issues
Pension phase
- Checking if there are sufficient monies to pay the pension
- Paying the pension and ensuring payments are being made
- Providing yearly review
Why do you need an SMSF authorised representative?
You may wonder why you need an authorised representative to run your Self-managed Superfund. You may wonder why you can’t do it by yourself. To answer this question, you need to consider how self-managed superannuation works, what are the benefits, and what you need to start an SMSF.
How does self-managed super work?
You can definitely set up your own private super fund and manage it yourself, but only under strict rules regulated by the Australian Taxation Office (ATO). They are sometimes called a ‘self-managed superfund’ (SMSF). An SMSF can have one to four members. Each member is a trustee. Running your own fund is complex so think carefully before setting one up by yourself. If you set up a self-managed super fund you must:
- Carry out the role of trustee, which imposes important legal duties on you
- Use the money only to provide retirement benefits
- Set and follow an investment strategy that ensures the fund is likely to meet your retirement needs
- Virtual CFO with your business
- Keep comprehensive records and arrange an annual audit by a qualified auditor
What do you need to run a self-managed super fund?
If you’re considering setting up a self-managed super fund make sure you do your research and understand your obligations. If you’re running a self-managed super fund, you will typically need:
- A large amount of money in the fund to make set-up and yearly running costs worthwhile –usually at least $250,000
- To allow for ongoing expenses such as professional accounting, tax, audit, and legal advice
- Plenty of time to manage the fund
- Financial experience and skills so you are more likely to make sound investment decisions
- Separate life insurance, including income protection and total and permanent disability cover
Think carefully about your decision!
Are you capable of organising all the above on your own? If not, we can help you! Ask for your first free SMSF consultation!
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