Self Managed Super Fund Investment NSW, AUS | UYFF (2024)

FAQs

Is it worth doing a self-managed super fund? ›

In conclusion, setting up an SMSF is worth the time for those who want greater control over their retirement savings, who have a super balance large enough to achieve good results, and who have a good understanding of investments.

More than 1.1 million Australians have a self-managed super fund.

At what age can you withdraw money from your super or SMSF? Super accounts are generally designed to fund your retirement. So, this means that it's only possible to access funds once you have reached your 'preservation age' and when you've permanently retired.

SMSFs with $100,000 to $150,000 are competitive with APRA regulated funds (SMSFs of this size can be competitive provided the Trustees use one of the cheaper service providers or undertake some of the administration themselves).

The median age of SMSF members of newly established funds in 2021-22 was 46. The median age of all SMSF members was 62 as at 30 June 2023. The average member balance for females increased by 23% over the five years to 2021-22, while the average balance for males increased by 19% over the same period.

The maximum amount that can be contributed to super for a home deposit, using the FHSSS, is $30,000 and any super contributions made must be within the annual contributions caps i.e. $25,000 for concessional contributions or $100,000 for non-concessional contributions.

There's no minimum balance required to set up an SMSF, but it usually becomes cost-effective once you have a balance of $250,000 or more. You will need to pay the annual supervisory levy to the ATO and arrange for an accountant to prepare the financial statements and tax return, and conduct an independent audit.

An SMSF Member can have a nil-balance as long as they have the intention to contribute to the Fund. There is no set time limit of when the Member should start contributions, as long as the intention remains.

+ How long does it take to setup an SMSF? ESUPERFUND will forward documentation to you for signing to establish your SMSF within a few minutes after submitting the online application. Once you have signed and returned the Establishment documentation, it takes approximately 4 weeks to establish your SMSF.

How hard is a self managed super fund? ›

SMSFs take time and money

Even if you get professional help, it's time-consuming. You need enough time to set up the fund, and time to manage ongoing activities, such as: researching investments. keeping up to date with changes in superannuation and tax laws.

At 30 June 2021: SMSFs had assets of almost $1.5 million on average, up 15% from the previous year and 25% from 2016–17. the median SMSF asset size was $835,000, up 18% from the previous year and 30% from 2016–17.

The answer depends on a few factors, including your age, your employment status and your super balance. Generally speaking, you can access your SMSF from age 55 if you're retired or from age 60 if you're still working. However, if you have a large super balance, you may be able to access your SMSF earlier.

Popular bank accounts for SMSF's are Macquarie CMA (our preference), U Bank , Rabo Direct Bank and the big 4 banks. When rolling over funds from a retail fund to an SMSF, the retail funds only give paper cheques. No retail fund offers electronic transfers.

There's no minimum balance required to set up an SMSF, but it usually becomes cost-effective once you have a balance of $250,000 or more. You will need to pay the annual supervisory levy to the ATO and arrange for an accountant to prepare the financial statements and tax return, and conduct an independent audit.

SMSF properties typically require a LVR (loan-to-value-ratio) of 70-80 per cent. That's a $150,000 (20%) to $240,000 (30%) deposit on a property worth $800,000. You will also need money set aside (generally around 5%) to cover other fees and charges like stamp duty and professional fees like conveyancers.