Formation of new SMSF is decreasing in Australia, mainly because people are not aware of various advantages that SMSF offers to them. Ok, there are some complications in setting up and running an SMSF, but complications arise on every work you think of doing in life.
Complications in setting up and running can be handled with professional help from outside, so if you focus on just the benefits that you get from an SMSF, you could be more than inclined to start an SMSF for yourself.
Some of the most compelling advantages of setting up an SMSF are as follows:
Control over investments
When you invest in professionally managed funds, there is very little that you can do with your investments. But, if you set up an SMSF for yourself and some investors like yourself, you could have complete control over the investment decisions that you make to earn profits for the fund.
Also, when you set up an SMSF, many opportunities crop up to make money which you cannot even see when you are just an investor in some fund.
Buy property with SMSF
If you want to buy a property on your own, you could be facing many kinds of hurdles. But if you set up an SMSF, you have funds which you can use to buy property as an investment. Although, you will not be able to use the property to live, but you can definitely earn from appreciation in the price of property in future as well as from the rental of the property.
Reduce tax burden after retirement
If you continue to save till you retire from service, the amount that you earn from your SMSF fund after retirement will not attract any taxes; saving you precious amount of money when you need them most.
Offers Asset protection
Nothing offers better asset protection than SMSF. In case you have a business that fails, your business or personal creditors will not be able to go after the funds or assets collected by you in your SMSF, making them the only assets left with you in case of difficulties.
Savings on transaction costs
Even when you save in personal capacity, there are huge transaction costs involved in making purchases like shares, mutual funds etc. But when you transact the same business in your SMSF you save yourself from such costs as you don’t have to pay these costs.
There are many more advantages of starting an SMSF with your friends and colleagues. You save better, you invest better and moreover you have complete control over all transactions that you decide to make for the fund. Also, starting an SMSF is not as difficult as many people perceive it to be.
There are professional companies that offer their services to enable you to start, set up, run, and effectively manage an SMSF. There are hundreds of service providers in this field, but if you are looking for the best and the most experienced company in the field of offering SMSF services, you need to visit I Care Super. They are the leading company in offering SMSF services in Australia and have professionals to provide their services all over the country.