Future Assist Accountants

Level 1, 1 Lawson st, Southport, QLD 4215

1300118618

Jim

https://www.futureassistaccountants.com.au

Future Assist are your local Gold Coast, Sydney and Brisbane SMSF Specialists. Accounting based Financial Planning firm incorporating legal services for a streamlined SMSF set up and administration service

What is SMSF?

Self Managed Super is when you are the money manager of your own fund. With a Self Managed Super Fund (SMSF), you can aggregate your families super into one account to add more weight to your investment.

Advantages of a SMSF

SMSFs can provide a number of advantages over traditional super funds:

SMSF assets are controlled by the trustees, who can choose exactly what the fund invests in. This includes property where the investment is made in the correct way (see below for more information on SMSFs and property).

Trustees have the flexibility to make decisions regarding investments quickly (for example when the market is moving), and select options for retirement income streams.

SMSFs may provide advantages in a family situation where up to four members are trustees.

A self-managed super fund enjoys the lowest rate of tax of any entity structure in Australia.

You are able to invest in property through your SMSF, which you cannot do through a traditional super fund (see below for more information).

Why property in a SMSF?

The main advantages of purchasing property through a SMSF are tax related.Any rental income is taxed at 15%, while capital gains are taxed at 10%; these rates are likely to be much lower than your marginal tax rate.

Furthermore, if you hold the property until after you retire (when your super fund moves into the pension phase), you will not be required to pay any tax on ongoing rent, or capital gains if you sell the property. For this reason, property investment within a SMSF may be suited to those who plan to retire in the short- to medium-term.