No matter at what stage of life you’re at, it certainly pays to understand how superannuation works. By the time you are ready to retire, your superannuation could have grown to be one of the largest assets you have. You generally cannot have access to your superannuation monies until you retire and reach your ‘preservation age’.

Superannuation is an investment designed to provide money for your retirement. It is an excellent way to save because of attractive tax concessions and other government benefits.

Super funds may also offer additional benefits, such as life insurance cover, and total and permanent disability insurance.

Self managed super funds perform the same role as other super funds, by investing contributions and making them available to members on retirement. The key difference is that the members of self managed funds are also the trustees and therefore control where their contributions are invested and the payment of their benefits. It is this flexibility which makes SMSF’s so attractive to many investors. Beware, there are additional administrative requirements and strict regulations to ensure a SMSF complies with superannuation law.

We can help with any queries regarding superannuation and help determine if a Self Managed Super Fund is appropriate for you.