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SMSF Advisor Northern Beaches
Is it right for you?
As SMSF Specialist Advisors™ and experts in self-managed super for over 20 years, we can help you determine the best way to move forward.
What exactly is a self managed super fund?
To understand SMSF, you first need to understand super. Superannuation is, at its core, a tax-effective investment structure. There are restriction on when you can access your money as ultimately Superannuation has been designed to provide for your retirement.
Retail and industry super funds invest your money into many things, such as shares, bonds and managed funds. An SMSF provides all of that and the ability to invest in direct investments such as property as well. It allows you to create investment strategies, choose your own investments, and borrow to invest, as well as manage tax within super more effectively.
How we can help
Managing your own super gives you control of your financial future, but can be time-consuming and complex. Our role is to partner with you and provide advice and guidance on your investment strategy and investment selection. Additionally, we help manage the day-to-day paperwork, arrange your annual audit and tax returns, and ensure compliance is appropriately considered – so you have time to focus on what’s important to you.
Self-Managed Super Fund (SMSF)
A Self-Managed Super Fund (SMSF) is a type of superannuation fund where the members are also the trustees, allowing them to manage their own super investments. Unlike traditional super funds, SMSFs give individuals complete control over how their retirement savings are invested and managed. With an SMSF, you have the flexibility to choose your investment strategy, including property, shares, and other assets, providing you with greater control over your financial future. Professional SMSF advice in the Northern Beaches helps ensure that your fund is structured and managed correctly, aligning with your retirement goals while complying with all legal obligations.
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Who Needs It?
SMSFs are suited for individuals who want greater control over their superannuation investments. Those seeking flexibility and responsibility in managing their own retirement savings may benefit from an SMSF. Typically, individuals in the Empty Nesters and Retirement stages are well-positioned to establish an SMSF, as they are focused on maximising returns and tailoring investments to meet their retirement needs. However, managing an SMSF requires careful compliance, making it essential to work with an experienced SMSF advisor in the Northern Beaches.
Where – Stage Of Financial Journey?
- Empty Nesters / Transition to Retirement (TTR): As you approach retirement, an SMSF offers the opportunity to take control of your super investments, helping you maximise returns and prepare for retirement.
- Retirement: Retirees benefit from SMSFs by having flexibility in how their retirement savings are managed and accessed, allowing for tailored investment strategies that generate income throughout retirement.
How Does Navigate Financial Do It?
At Navigate Financial, our SMSF experts in Northern Beaches follow a structured process to ensure that your SMSF is set up and managed effectively:
- SMSF Setup: We help set up your self-managed super fund, ensuring compliance with legal and regulatory requirements, including registration with the Australian Taxation Office (ATO) and the drafting of trust deeds.
- Contribution Strategy: Our team assists in planning your contributions, maximising tax benefits and growing your retirement savings efficiently.
- Investment Strategy: We tailor an investment strategy that aligns with your risk tolerance and retirement goals, incorporating options like property, shares, and other assets.
- Compliance Management: Our SMSF advisors in the Northern Beaches ensure that your SMSF meets all compliance requirements, including annual audits, tax filings, and regulatory reporting.
- Ongoing Support: We provide regular reviews and updates, making adjustments to your SMSF strategy as your financial situation evolves.
Which Elements Are Crucial In This Service?
- Compliance: Ensuring the SMSF complies with legal requirements is essential to maintaining its tax advantages and avoiding penalties.
- Investment Control: SMSFs offer flexibility in choosing and managing investments, allowing trustees to tailor their portfolio to their financial goals.
- Risk Management: Managing an SMSF involves responsibility and risk, making professional advice from an SMSF expert in the Northern Beaches critical to balancing control with proper risk management.
Why Choose Navigate Financial?
At Navigate Financial, our team of SMSF advisors in Northern Beaches provides expert guidance in setting up and managing self-managed super funds. We offer services to ensure your SMSF is compliant with all legal requirements, while providing the flexibility and control needed to meet your financial goals. With our ongoing support, you can manage your SMSF confidently, knowing that your investment strategy is aligned with your retirement objectives. Whether you’re focused on wealth growth or income generation in retirement, our SMSF services provide the expertise you need.
FAQ
How does an SMSF differ from traditional superannuation funds?
A Self-Managed Super Fund (SMSF) differs from traditional super funds in that the members are usually also the trustees, meaning they are responsible for managing the fund’s investments and ensuring compliance with super and tax laws. This provides greater control over investment decisions, but it also means increased responsibility and administrative obligations compared to industry or retail funds.
What are the benefits of establishing an SMSF?
SMSFs offer flexibility in choosing investments, including direct property, shares, and collectibles. They also allow members to consolidate super assets with family members, which can improve efficiency and reduce fees. SMSFs can be used to implement advanced tax strategies, support estate planning, and align more closely with long-term wealth goals, particularly for individuals with higher super balances.
What responsibilities do SMSF trustees have?
SMSF trustees must ensure that the fund operates according to its trust deed and the law. They are responsible for lodging annual tax returns, organising audits, maintaining accurate financial records, and adhering to the fund’s investment strategy. Failing to meet these obligations can lead to penalties or disqualification, so it’s essential to understand the scope of trustee duties before setting up an SMSF.
Can an SMSF borrow to invest in property?
Yes, under a structure known as a Limited Recourse Borrowing Arrangement (LRBA), an SMSF can borrow to purchase property. This enables members to invest in assets they may not afford outright. However, strict rules apply—only specific structures are permitted, and the loan must be non-recourse, meaning the lender can only claim the secured asset if the loan defaults, not the SMSF’s other assets.
What are the costs associated with setting up and running an SMSF?
Costs include establishment fees, accounting, tax return preparation, auditing, legal advice, and financial planning. While SMSFs can be more cost-effective for larger balances, they may not suit everyone. Ongoing costs can vary widely depending on the fund’s complexity, investment strategy, and whether you use professional SMSF services for support.
How can Navigate Financial Wealth assist with SMSF management?
At Navigate Financial, our SMSF Advisors in Northern Beaches assist with everything from fund establishment and compliance to tailored investment strategies. We guide clients through trustee responsibilities, prepare necessary documentation, and ensure the fund meets ATO and ASIC requirements. We also help with investment structuring, estate planning integration, and regular reviews to align with evolving goals and regulatory updates.
Who is eligible to set up an SMSF?
Any individual over 18 can establish or join an SMSF, provided they are not disqualified due to previous breaches of super laws or insolvency. Up to six members are allowed, and all must be individual trustees or directors of a corporate trustee. All members must act in the best interest of the fund and be capable of understanding and managing trustee responsibilities.
What investment options are available within an SMSF?
SMSFs offer extensive investment flexibility, including listed shares, residential and commercial property, fixed interest, term deposits, and even alternative assets like artwork (with strict conditions). The investment strategy must be clearly documented and reviewed regularly to ensure it meets the retirement objectives of all fund members. Trustees must also consider diversification and the liquidity of assets.
Can I transfer existing superannuation funds into an SMSF?
Yes, most superannuation funds allow rollovers into an SMSF. This is a common strategy to consolidate multiple accounts, reduce fees, and gain direct control over investments. It’s important to check whether any insurance or benefits may be lost in the process and ensure that the SMSF structure is correctly established before initiating transfers.
What are the potential risks associated with managing an SMSF?
Managing an SMSF involves risks, including regulatory compliance, investment underperformance, lack of diversification, and potential legal penalties for breaches. The burden of administration and decision-making lies with the trustees, which can be time-consuming and complex. With guidance from an experienced SMSF Expert in Northern Beaches, these risks can be effectively mitigated through structured planning, professional support, and proactive compliance management.
What are the long-term tax advantages of using an SMSF for property investment?
An SMSF can provide significant tax benefits when investing in property, particularly over the long term. Rental income generated by the property is taxed at a concessional rate of 15% during the accumulation phase, which is often lower than an individual’s marginal tax rate. Additionally, if the property is held for more than 12 months before being sold, the SMSF may receive a one-third discount on any capital gains, reducing the effective tax rate on the gain to 10%. Once members enter the pension phase, income (including rent) and capital gains from the property may become entirely tax-free, offering substantial savings and supporting tax-efficient retirement income.
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