Over the last decade, the growth of self-managed super funds has been steadily increasing – so much so that it is now clearly the largest and fastest growing segment of superannuation, with approximately 32% of all funds belonging in this category.
Self-managed super funds only cater for up to 4 members which can provide a more personalized service, unlike many retail or industry funds, which can cater for thousands of members at a time.
- Ability to purchase property through the fund
- Greater Control – You have complete control over what investments are entered into. You retain ownership over all the assets held in the fund.
- Bank Account – Clients have their own Bank Account with superannuation contributions paid directly into the account.
- Greater Flexibility – You have an increased number of investment options to choose from. You can also change and modify these investments more freely.
- Tax Concessions – Possibility of greater tax concessions compared with retail or industry funds.
- Personalized service to ensure your financial goals are met and monitored.
The members, as trustees of the fund, make all the decisions on how the fund operates, which investments are entered into as well as the type of benefits it pays. With this greater control, also comes greater responsibility, and the trustees are required to comply with all relevant laws and reporting duties to the taxation department.
Wealth Tree Financial Planning uses referral Partner for some services depending on your requirements.