Supervision Superannuation Services specialise in self managed superannuation funds (SMSF) and SMSF administration. We offer our SMSF services throughout Australia.
(prHWY.com) January 12, 2013 - NYC, NY -- Self managed super fund is becoming a common practice in managing superannuation. More people are taking the self management route to not only start their superannuation funds but managing them and seeing it through to retirement and beyond.
Superannuation is the most preferred financial plan opted for by people from all walks of life to save for post retirement days. It is an extremely rewarding practice where the risk factors are reduced to unprecedented levels while ensuring significant returns on investments and funds during the golden days of retirement.
What Is A Self Managed Super Fund
Self managed superannuation is a concept that defines a scenario where the members of a fund, those who are investing in the fund, are also the trustees, managers and sole decision makers. A self managed super fund would have no independent trustees, no employees and would not have to pay remuneration to the members who themselves act as the trustees of the fund.
A self managed superannuation can be formed by a group of friends, family members and relatives, people with same financial interests and goals or by a company. Colleagues in a company or the company itself can form a self managed super fund. In the latter case, the directors of the company would be the members and the company as a whole would be considered as a trustee.
There are strict guidelines as to what can be called a self manager super fund. It must have less than 5 members. Every trustee must be a member of the fund who has investments in it. Also, every member of the fund would be a trustee. None of the members must be employed by another member and no one would be eligible for any remuneration for their services as a trustee.
If a company has to form a
self managed superannuation then all the above criteria stand as they are. Additionally, it is required for every member of the fund to be a director of the company and every director of the company must be a member of the self managed super fund.
Other aspects of a
self managed super fund remain the same as that of a normal superannuation fund such as investments would be made to generate returns on the fund, the fund covers retirement of the members, disability and the immediate nominee in case of an unfortunate death of the fund member.
Due to the freedom of decision making, flexibility in making investments and also cost effective operation and management of the superannuation fund, self managed super fund is becoming more popular among all and sundry.
For additional information visit the website at:
http://www.supervision.com.au/
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