SMSF or self-managed superannuation fund provides you with optimum control with regards to your retirement and super planning. However setting up a SMSF is not that easy rather on the contrary there are many things that need to be kept into consideration. Some of the major things that need to be considered before setting up SMSF are discussed in the headings below.
Things that need to be considered
- First of all you need to see whether you have enough funds? According to the Australian Law to set up an SMSF you need at least $200,000. To get the optimum amount you surely need a financial advisor.
- The second thing which should be kept into consideration is time as there are many activities involved in SMSF such as monitoring of investment strategy, the reporting obligations, aligning with the changing superannuation laws and other such tasks. You need to see whether you can perform all these tasks or not
- You need to do analyze yourself and your abilities. You need to check whether you can manage the SMSF or not, generally a financial advisor is required.
These were some of the major aspects which you must look into before going for a SMSF. Once getting started you need to look for a reputable Bathurst audit firm as well. There are a lot of such Bathurst audit firms which you can find in Australia. However before choosing the firm, you need to check whether it has the mandatory experience and reputation or not. GPP audit is a good name as far as Bathurst audit is concerned. The firm is being run by Benjamin who has a fair amount of Audit Experience. You can get more information about the firm from its website.