Superannuation

Self-managed super funds (SMSFs) are a way of saving for your retirement.

 

The difference between an SMSF and other types of funds is that the members of an SMSF are usually also the trustees. This means the members of the SMSF run it for their own benefit and are responsible for complying with the super and tax laws.

 

If you set up a self-managed super fund (SMSF), you’re in charge – you make the investment decisions for the fund and you’re held responsible for complying with the super and tax laws. It’s a major financial decision and you need to have the time and skills to do it. There may be better options for your super savings.

Rick Carson Partners can help with all aspects of superannuation including

  • Establishing a Self-Managed Superannuation Funds (SMSF)
  • Allocated pension funds incorporating retirement planning
  • Fund administration
  • Fund accounting
  • Audits of superannuation funds (work with SMSF auditor)
  • Monitoring of legislative changes and issues
  • Work with associated financial planners to establish your future retirement goals and implementing tax effective strategies to achieve them.

Compare SMSFs with other super funds (source from ATO)

SMSF Other super funds
Members and trustees Can have a maximum of four members. All members are either individual trustees or directors of a corporate trustee of the fund. This means all members are involved in managing the SMSF. Usually no limit on the number of members. Professional, licensed trustees are responsible for managing the fund.
Responsibility Trustees are expected to have a knowledge of tax and super laws and must make sure their fund complies with those laws. Compliance risk is borne by the SMSF trustees, who can be personally fined if their fund breaches the law. Compliance risk is borne by the professional licensed trustee.
Investments Trustees develop and implement the fund’s investment strategy, and make all investment decisions. Most allow you some control over the mix and risk level of your super investments but you generally can’t choose the specific assets your super will be invested in.
Insurance Trustees must consider whether to purchase insurance for their members. Insurance premiums may be higher than in other super funds. Most offer insurance cover to members. Member insurance usually costs less as large funds can get discounted premiums.
Regulation Regulated by the ATO. Trustees are required to engage with us to manage their fund. Regulated by the Australian Prudential Regulation Authority (APRA). Generally members don’t have to engage with APRA.
Complaints/disputesn We are not involved in resolving disputes among members. Disagreements can be resolved through alternative dispute resolution techniques or in court, at the members’ own expense. There is no government compensation scheme. Members have access to the Superannuation Complaints Tribunal and may be eligible for statutory compensation.
Fraudulent conduct or theft No government financial assistance is available to SMSFs. Members may have legal options under Corporations Law but there is no guarantee that compensation will be awarded. Members may be eligible for government financial assistance in the event of fraud or theft.