Business & Services
3 Benefits of DIY Superannuation
For those who want to take control of their financial future, DIY superannuation is one of the best ways to do it. Self managed super funds – SMSF are favored choice for business professionals. The 3 benefits of DIY super are: the ability to control your super, tax benefits and cost saving.
More Control
With DIY superannuation, you are able to take control of your super. As a single trustee, you can define investment (SMSF) strategies of your fund and choose which investment to fund. Compared to the usual superannuation, with DIY super you can choose from the wide range of available investments like residential property, precious metals like silver and gold, artworks, coins, antiques and other collectibles. This is exactly why most of Australians have DIY superannuation – a complete control over superannuation investments for their future retirement.
Tax Benefits
As a trustee, you are responsible for developing and improving your fund investment strategy. This usually means maximizing tax return on your funds. Therefore, invest in companies that pay fully franked dividends which can reduce the inside tax super and will, most likely, result in getting a refund tax.
SMSF Can Save Your Money
DIY super can be the most cost effective solution to shape and build your superannuation. This is because the trustee costs and administration fees are not paid to retail. If the SMSF account balance is larger, the fee efficiency is greater.
When running SMSF, as a trustee you have to follow and know the tax and super laws. It is important for you to use professional services which will ensure an easy access to your DIY super. The best way is to use SMSF specialist – an administrator who can administrate your super funds, which will allow you to focus on investing and developing your financial strategies.
