More than $700 billion of Australia’s $2.5 trillion superannuation investments are held in SMSF, making them an important part of the nation’s financial landscape.
Self Managed Super Funds (SMSFs) can be a great option for some people and business owners often find many advantages to structuring their super in this way, especially with technology helping to lower costs and improve ease of meeting compliance and reporting requirements.
As business and life distract us, however, the attention you give your super fund often wanes and this can mean you’re not getting the most out of your SMSF. The new year is a great time to take a look at your super and address any niggling worries you may have. Here are four common signs that it may be time to make changes to your SMSF:
SMSF set-up/administration and investment management have evolved rapidly in recent years, and if you’ve had an SMSF for a long time, it’s certainly worth evaluating regularly whether it’s keeping up with your needs or whether it’s time for a change.
Consider why you started an SMSF in the first place – the potential benefits and disadvantages can be very different depending on the kind of business you run and how your SMSF has been set up. Ultimately, your time and involvement are a key requirement of having an SMSF. Your superannuation is one of your most valuable and important assets, so you deserve to feel confident and comfortable about how it’s being managed.
Pat Garrett, CEO, Six Park