Self Managed Superannuation Funds (SMSF)

We are accredited with SPAA (Self Managed Superannuation Fund professionals Association of Australia), the peak professional body for Accountants, Financial Planners and Lawyers who offer specialised services and advice in this complex area of Investing.

Anthony Stedman and Stephen Blackhall hold SMSF Specialist Advisor™ financial planner accreditation.

We constantly come across clients who have been talked into setting up an SMSF arrangement. And more often than not, for completely the wrong reasons.

Whilst the technicalities of an SMSF are quite complex, there are a few simple common sense rules that should always govern your decisions.

Do you have a minimum of $200,000?

This is the recommended minimum as noted by the ATO for anyone considering an SMSF arrangement. We believe that $200,000 is not enough. We firmly believe $500,000 is an absolute minimum. If for no other reason than the initial and ongoing costs can be prohibitive as a percentage of the total funds held in SMSF. Please visit the ATO to read their publication on this.

Don’t hold all your eggs in one basket…

Whilst this seems to be sensible, we are continuously meeting clients who have set up an SMSF arrangement to hold a property. We are extremely concerned about this if the only asset you own in the SMSF is property. Particularly if you have had to borrow funds to complete the purchase.

We often meet clients who have been sold the idea of a Self Managed Superannuation Fund by “Advisors” who are spruiking property ownership in Superannuation. Particularly those who want to sell you a property that is still in the construction phase. On the surface, this may seem attractive. Stamp duty savings etc. However, we strongly recommend that a client seeks the services of a suitably qualified Financial Planner who specialises in Self Managed Superannuation Fund Advice prior to committing to a purchase such as this.

Whilst Anthony Stedman and Adam Watts are accredited SMSF specialist financial planners, the SPAA website is a great starting point to find someone local who is accredited. Another great way to find someone to assist is to speak to friends who may have already found an Accredited planner that they are comfortable with

My friends have a Gold Coast apartment in their SMSF which they use during the school holidays…

There is one really simple rule that will answer a lot of your potential questions…

If you use or enjoy an asset in Superannuation before you have retired, then it is in all likelihood against the law.

Self Managed Superannuation Funds are really complex…

Whilst it is true that Self Managed Superannuation Fund rules are complex, a SPAA accredited financial planner is professionally trained and qualified to assist you in getting the most out of your Self Managed Superannuation Fund.

Understanding what you are doing makes all the difference and Superannuation can become an engaging experience.

We have prepared a set of Pros and Cons that may help in gaining a better understanding of whether SMSF is right for you. Click here for a summary of the pros and cons of Self Managed Superannuation.

Why not take the next step and talk to a qualified financial planner? 

LifeTime Financial Group are specialist (holding appropriate accreditations) advisors who are ideally positioned to assist you with your SMSF requirements. 

If you would like to discuss your wider financial planning needs, why not call us today on 03 9596-7733? There is no cost or obligation for our initial conversation/meeting.

Alternatively, please make an appointment using our online Book an appointment (Blue button above)

LifeTime Financial Group. A leading privately-owned Melbourne-based Financial Planning practice with no ties to any financial institution.