What are the benefits of setting up a SMSF?
The benefits of operating a SMSF include: • Control – a SMSF provides you with an opportunity to make the decisions as to how your funds are invested and how the fund is to operate. You have the flexibility to alter the fund’s investment strategy as and when required to meet the changing needs of the members or any changes in the economic climate. • Investment Choice – your fund can invest in a large range of investments including shares, bonds, property, cash or any other asset you feel suits the investment objectives of the fund (provided it meets the sole purpose test). • Low taxation – Tax concessions are available for SMSF, consequently DIY super funds have become a powerful wealth creation vehicle enabling ordinary Australians to maximise their income and lifestyle in retirement. • Protection – the assets of the SMSF are protected from bankruptcy and other legal claims up to a certain threshold. This can be a relief when unfortunate events occur.
