How do Self-Managed Super Funds work?
As you can see from the diagram, there are a number of aspects to consider when managing a Self-Managed Superannuation Fund (SMSF). Trustees can choose to do a lot of this management themselves or, alternatively, they can engage professional service and product providers to minimise both the burden and the risk. A typical SMSF will engage the services of a lawyer to draft the trust deed and an accountant and auditor to facilitate annual taxation returns. The use of an administrator can be useful to reduce the day-to-day administration burden and legal risk of the trustees by assisting in the record keeping, minute taking and annual compliance returns.
What role does a financial planner have in running an SMSF?
A financial planner has a pivotal role to play and can assist you by:
- Co-ordinating all of the allied services including accounting, audit, lawyers and administrators
- Providing SMSF Advice on the initial SMSF setup and trust deed requirements
- Developing, implementing and providing ongoing optimisation of the investment strategy of the fund
- Structuring benefit payments
- Facilitating estate planning strategies
- Setting up borrowing arrangements for property investments
- Doing all the above with taxation minimisation strategies in mind
How can Blueprint Wealth help me do this?
Blueprint Wealth provides a comprehensive, one-stop shop approach to helping you set up and run your SMSF. We pride ourselves on delivering a complete SMSF package to you for every service that you will need to run a successful SMSF. Read about our services here.