6:22PMSunday Apr 20th, 2014

SMSF Trustees to Be Educated on Super

Money147Being a trustee of a self managed super fund (SMSF) comes with a large amount of responsibility and in order to be managed correctly, trustees should be equipped with the right amount of knowledge.

To ensure this, new rules to be enforced from July 1 will see mandatory education for SMSF trustees caught breaking super laws.

The Age reported that the majority of SMSF trustees spend four hours per week managing their fund, so it’s important before you establish a fund that you ensure you have enough time to dedicate to it.

The Australian Tax Office has strict compliance regulations in place, so not only do you need to have time up your sleeve, you will also need to be clued in on the rules.

There are a lot of factors involved with establishing an SMSF , so you may need to be willing to seek advice from a financial planner before embarking on a new fund.

A planner can provide you information regarding terms of risk, diversification, liquidity, solvency and insurance.

It is recommended you don’t start an SMSF without the appropriate funds. To make an SMSF worthwhile, you should ensure you have at least $200,000.

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