The Importance of Having a Self-Managed Superannuation Fund

As you get older, you need to have enough money saved up for your retirement. You don’t want to worry about your expenses, you just want to enjoy your well-deserved retirement. While for others, it is important to be in a position to leave their loved ones with some money.

Having a Self-Managed Superannuation Fund (SMSF) can give you control of the money you have. This is a wise financial choice that you can make today.

You Can Pay Your Life Insurance through SMSF

Did you know that having a Self-Managed Superannuation Fund can cover any insurance you have. This may include your income protection insurance, total and permanent disability (TPD) insurance, and life insurance. These insurances can be covered with retail or industry funds. How it will be covered is based on your needs. This will be assessed by checking all of your assets, liabilities, cash flow, family structure, debts, and even your age.

It Will Protect Your Funds from Creditors

Your Self Managed Superannuation Fund can not be accessed by any creditors or lenders. Any money you put in your SMSF will be used for investments and insurance purposes. However, if you’ve opened an SMSF account for the purpose of running away from creditors, that rule might not apply to you.

You Will Be In Control of Your Investments

A Self Managed Superannuation Fund can provide amazing benefits—larger investments, property purchasing, larger shares, fixed interests, and more. You can even borrow from your fund for any investments you plan to make. Business owners can benefit a lot from this, since SMSFs can help with protecting your assets, planning your business’s success, and securing your tenancy.

It Is Very Accountable

Because you are both the trustee and member of your SMSF, you can be more aware of all the investments you’ve made and how these investments are doing now. Through the software used by your SMSF administrator, you can see everything going on inside your super fund, and you’ll have all the information you need, which makes it easier to manage. Additionally, this will also let you see all results of the financial decisions you have made with your fund.

It Will Transfer Your Money to the Future Beneficiaries

Australia’s superannuation system is very beneficial to all of its members. It provides good service, benefits, flexibility, and control over all of your assets. This fund will also make sure that your money inside the SMSF will go to the right people in the future.

If your family is pretty blended, it would be a wise decision to separate your SMSF assets from your Will. You can create your own plan on how to distribute your wealth after you die. You can leave pensions to dependents and even non-dependents without any taxes.

Getting a SMSF Is Good for Your Future Plans

Starting your Self Managed Superannuation Fund means having the funds in a safe place, where you can use it for any type of investments and insurances. 

To make great financial decisions and a good plan for your SMSF, you can ask for advice from financial experts and professionals. Here at Wardle Partners, we have all the professional business accountants and tax accountants to help you with your super fund. If you want to partner up with a good accounting firm along the Sunshine Coastcontact us now!

Scroll to Top