Life can be so unpredictable, one day you can have a well-paid job with certain future prospects, and next day you can you find yourself in dire straits with your future put at stake. It is not surprising our wise ancestors came up with the idiom “save money for rainy days”, because you never know what the future holds. With so much accent placed on consumerism in the world as it is today, money is one of the basic needs for a life of stability. It is important to know how to keep a good balance and stop yourself from indulging in overspending money on unnecessary things. More often than not we catch ourselves thinking how good it would be to have a life of certainty.
Luckily, as times are changing, we are not far from this. The closest you can get to having a certain well-secured future is the option to invest in an SMSF. SMSF (short for Self Managed Super Fund) was created to give people the chance to manage and save their money and say goodbye to the worries of not having enough money once retirement comes. It is important to do your own research to find the reliable providers of a Self Managed Super Fund Australia wide and avoid getting scammed by the unregistered ones.
The reason this kind of fund has become so popular is because unlike with other funds, you get to manage it. SMSFs can have up to four members and each of them is a trustee. You have to have in mind the fund has to be managed according to ATO (Australian Taxation Office) regulations and it is all for the purpose of investing money which you will later on use in your retirement. The great thing about this fund is its convenience so that even self-employed people can run it. The trust deed is a document that holds the operation plan of the trustees and once signed you are advised to keep up with it. The fund can be set up with assets, including your own benefits and contributions. You can claim the personal contributions on your tax return at the concessional rate of 15%.
On the plus side as well, you can use the fund to invest in property (also overseas), cash or shares as long as the investment serves the sole purpose of providing for the retirement of each member. It is always advisable to hire an SMSF professional to make the most of your retirement investment if you are not sure about your fund strategy or management because you know what they say: better safe than sorry.