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Self Managed Superannuation Funds – Background

Self Managed Superannuation Funds (SMSFs) are a growing and popular alternative to traditional superannuation funds. According to APRA as at 31st March 2011 SMSFs are the most popular with almost 32% of total superannuation monies invested via SMSF some $392 billion.

Life Strategies Financial Services was established in 1995 to provide the freedom to recommend Self Managed Superannuation Funds when they were not as common as they are today.

The team at Life Strategies bring over 20 years of experience in providing Financial Planning advice and Accounting services to SMSFs.

The main reasons given for starting up a SMSF include greater control, flexibility to acquire certain assets including direct property and lower costs.

However they are not appropriate for everyone and we recommend you discuss SMSFs with your Adviser and do your research.The following links provide background information on SMSFs.

ATO – Thinking about self-managed super

ASIC – MoneySmart Self-managed super

The joint accounting bodies have built an online education tool – complete with multiple choice tests and a certificate at the end – with the aim to boost the understanding of your role as a Trustee of your SMSF.

This training has been structured around the Trustee Declaration form that all new Trustees of SMSFs have had to sign since 1st July 2007 and can be found here.

If you take the time to do this we recommend you retain a copy of your Certificate with your Fund’s original statutory documents.