Many believe that Self Managed Super Funds or also known as SMSF are absolutely and excellent tool for wealth building, saving tax, asset protection, and protecting your family when you die. SMSF is perfect if you want to o have a full control of your own fund, investing it wherever you like. However, SMSF is not for everybody.
There are a number of reasons why somebody simply shouldn’t have a SMSF. If you want to run smoothly with your SMSF, you need to have significant commitment and a bit of hard work. Before you start, you should think about it many times, or visit Baggetta.com.au for a quick overview on how to set up SMSF.
Keep in mind that setting up SMSF in Perth is like marriage as it requires long term commitment. If you are the kind of person that hates getting involved into long-term commitments, then SMSF is not the right kind of investment for you.
An important key right here is to be honest with yourself trace your history: have you previously jumped around between several jobs, companies or places to live? If you have, chances are this kind of investment is not the right one for you.
An SMSF is an excellent strategy if you want to build wealth. However, you need to ensure you are setting one up for the right reasons. Talk to an accountant or expert financial planner, take your time, and educate yourself. Being an administrator, you must need to know everything about the investment to give you the utmost benefit or you may hire yourself a skilled and reliable investment broker or adviser.
Filed under: Accounting