Contact Us

A SMSF is a private superannuation fund, regulated by the Australian Taxation Office (ATO) that you manage yourself with the sole purpose of providing for your retirement. It is important to realise that they will not suit everybody. Their appropriateness depends on attitude to risk, monies available for investment and the skills of the individual/s. 

The advantages and disadvantages below compare and contrast the differences between a SMSF compared to a public offer/industry funds.

Advantages are:

  • You hold complete control
  • You’re able to invest in a range of assets such as a bank account, shares or real estate
  • Fees are generally lower as you do the trustee work. You can save ½ to 1 percent of investment
  • You could get into the property market while values are falling
  • It suits type A investors
  • Art and Bitcoin are allowed in certain conditions

Disadvantages are:

  • Requires prudence and discipline for the trustee
  • Requires an investment plan
  • Doesn’t suite type B investors, time poor people
  • More risky than traditional investment generally and can be expensive
  • No access to superannuation complaints tribunal

Important

If you decide to set up a SMSF, you are personally liable for all the decisions made by the fund - even if you get help from a professional or another member makes the decision. 

Call down to your local TaxAssist Accountants who sell SMSF at reasonable prices.

Date published 4 Sep 2019

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our multiple locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free, no obligation consultation

1300 513 332

Or contact us