GLR Accountants - a friendly team of professionals specialising in taxation and business services. Our commitment to excellence is evident in the exceptional service we provide to all our clients.
Smsf Pros Cons
Self Managed Super Funds
Benefits
- Control over your own Super money.
- The tax rate on earnings is only 15%.
- Can be cheaper to administer. eg Most Fund Managers charge 1% +. On $300,000 invested this is $3,000 pa.
- Can fully utilise Tax Credits that are often lost in Managed Funds.
- Up to 4 people can be members of the Fund.
- After 1 July 2007, if you are over 60 y/o and retired, you can access the funds tax free with no restrictions. Either in lump sums or as a pension.
- After 1 July 2007, if you convert the fund to a Pension Fund (that is take a pension) the earnings are tax free.
Disadvantages
- You have to be prepared to make the investment decisions.
- No nice quarterly or half yearly reports unless you do them yourself, or ask us to do them.
- No investment advice provided. Unless you source this separately.
- No one to blame if the investments crash. Except yourself.
- More work in keeping investment information for us to prepare accounts and audit.
- As Trustees you are liable for the correct operation of the Fund.
GLR Accountants Pty Ltd is a Corporate Authorised Representative (ASIC Number 315869) of SMSF Advisers Network Pty Ltd (AFSL No 430062)
ABN 64 155 907 681
www.smsfadvisersnetwork.com.au