SMSF’S – IT’S WHAT YOU DO WITH IT

Back to News
SMSF & Superannuation

smsf, its what you do with it

“The Castle” (for those of you old enough to remember it) left us with some classic quotes and “ideas” that are out of the ordinary. Antony Monaldi of Optima Partners (BLOG found here) touched on this recently, so it only goes to show that there is more to this classic still to come. Take it straight to the pool room.

A lot of value in an SMSF can be achieved by thinking outside the square! And, like “The Castle”, even though living right next door to the airport isn’t exactly real estatelocation, location, location.  What can be achieved in an SMSF where the investments may not necessarily be what you would find in a public offer fund, but are strong investments and make sense and will help you meet your retirement goals – puts you in a win win position.

Another reason to consider setting up an SMSF that is a little left field is asking yourself this question. “Have you ever suffered from the frustrations of try contacting your superannuation fund to speak to a ‘real person’?” You could be forgiven in thinking that a ‘real person’ is a mythical creature that resides only in a foreign country. This isn’t much good to you if you need action and answers quickly.photo from 'THe Castle'

For example let’s assume that you are uncomfortable with the investment mix that you thought was a great idea 12 months ago, and are now concerned because the markets are going a little crazy and you want action to reset into something a little less volatile. The intervening period between contact and action could cost you. In fact just thinking about that – just when is the last time anyone from these organisation’s contacted you to see if you were happy with how your superannuation was going? Presumably they are quite happy to see your contributions turn up on a regular basis but don’t see the necessity to keep in regular personal contact. Annual statements are not regular contact and only give you historical information rather than anything strategic.

However, if you are going to go into an SMSF on this argument you need to be prepared to be actively “in control”. For some this will be a drawcard, while others will simply not be interested. It’s most likely fair to say that as with everything else, all things being equal, reward is directly related to effort. The more actively you take interest in what is happening the more likely you are to be better off at retirement. Hence – SMSF’S – it’s what you do with it that counts!

The most often promoted reasons for setting up an SMSF, are tailoring your fund to meet the specific needs of your family situation, control and flexibility along with broad investment choice, tax efficiency, flexible pension and estate planning options, to mention a few.

Contact your accountant at Optima Partners if you wish to discuss this issue further.

Liz Gibbs

 

 

 

 

LIZ GIBBS

SMSF MANAGER – OPTIMA PARTNERS

Optima Partners offers support to all businesses. Whatever your requirements

For more information on how Optima Partners’ services can help your business, contact the team at info@optimapartners.com.au for a consultation.

Latest News

Cash flow crunch: SIC, GIC and super guarantee increase
Small and medium businesses could be facing a cash flow crunch in the wake of...
Planning for EOFY 2024-25
With the end of the 2024-25 financial year in sight, the time has come again...
2025 Federal Election: Key tax changes under Labor’s second term
The Australian Labor Party has declared victory in the 2025 Federal Election, establishing a second...
Sustainability reporting: ASIC urges SMEs to brace for impact
The Australian Securities and Investments Commission (ASIC) has reminded small and medium entities to be...
Key Dates: May 2025
15 May: Lodge 2024 tax returns for all entities that did not need to lodge...
Understanding business structures: tax, liability and asset protection
Your chosen business structure has massive implications for your tax liability, asset protection and cost....
New GST reporting rules for small businesses
The Australian Taxation Office (ATO) recently announced that over 3,500 small businesses will be moved...
Optima Partners to host 4th annual Perth Car Club meet
Optima Partners is proud to host Perth Car Club’s fourth annual anniversary meet-up at our...
Key Dates: April 2025
21 April: Lodgement and payment of March 2025 monthly business activity statement 21 April:...
Selling your business: Best practices
Selling your business is a major decision and a milestone in your career. Whether you’re...