For many of us our biggest asset is our family home or our business. The next most important asset which we have which is often undervalued is our Superannuation fund balance. Superannuation is money that you put aside and saved while working, so you can enjoy a regular income later in life when you retire. While the average life expectancy is increasing it is expected that the average Australian will require income for 20 years after retirement. While Australia’s superannuation system is often perceived as complex and difficult to have control over, if used correctly it will provide a retirement lifestyle that ensures very little if any tax and provides a flexible structure for your retirement wealth.
Self Managed Superannuation Funds (SMSF) represent the most tax effective investment, wealth creation and estate planning structure available in Australia. The number of SMSFs has grown dramatically in recent years and now represents the largest superannuation segment in Australia with more than 500,000 SMSFs now operating for 1 million Australian members.
There are many reasons why a client may choose to use a SMSF to operate their retirement savings, but the main reason is control over the fund. In addition the other benefits of operating a SMSF include;
At Ryan and Rankmore the range of SMSF administration, taxation services and technical support our team can provide you includes: