6 reasons why you should start your own SMSF

6 reasons why you should start your own SMSF

Over one million Australians choose to manage their own superannuation, and every quarter this number grows by the thousands*. Here’s why you should consider joining this trend and starting your own SMSF now:

  1. Save money. Superannuation funds will often charge you based on a percentage of your fund balance, whereas the costs of running your own SMSF are fixed to the services you choose.
  2. More control. Start your own SMSF and make the key decisions such as choosing when and how you invest your money.
  3. Invest in more asset classes. Choose from a wider range of investments such as property and art through your SMSF. You may like to read our post How to buy property with your SMSF
  4. Borrow money to purchase assets. SMSFs give you the ability to borrow to purchase assets such as property.
  5. Flexible estate planning. Death benefit nominations can be set up in a specific way that is tailored to your situation.
  6. Tax advantages. With a flat rate of 15% tax in accumulation phase and 0% in pension phase, SMSFs are an excellent vehicle for managing yours and your family’s personal tax situation.

Ready to get started? Read How to set up your SMSF in 7 easy steps

Is there anything else you’d add to this list? Let me know what you think in the comments below.

And please note that, while there are many benefits of starting your own SMSF, there are also many factors and risks you should consider in relation to your personal circumstances. You can book a call with me to discuss the options here.

*ATO Self-managed super fund statistical report, December 2013.

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