At Paris Financial, we love self-managed super funds. Despite the strict red tape that surrounds them today, they are still a favourite structure for all of our small business clients. As tax champions, we understand why they bring so much joy to our client base.
Not only do they allow you to make your own decisions on your superannuation and gain more control, but they are a brilliant place to hold commercial property.
As I have mentioned before, it is essential that you engage with a SMSF advisor before you take any action with your super. They can give you expert advice and guide you through many of the complex details.
There is one quick tip that I can offer right now in relation to initially setting up your SMSF.
Before you do anything, you should get a corporate trustee to run your super fund. There is a couple of key reasons for this.
Firstly, if you kick the bucket, your partner can go on with that super fund as a sole director and a sole trustee. This is a smart way to enable some estate planning.
Secondly, you need to be particular with the naming of anything for SMSFs. An investment in that super fund will be a heck of a lot easier to handle if you have propriety limited on the end of it. Trust me.
If you haven’t got a corporate trustee in place already, it might be something you want to change as soon as possible.
While this tip mightn’t sound like much, it can make a huge difference. Particularly when you’re growing your investments in a super fund, you will definitely want the one name.
Self-managed super funds are excellent and it is obvious why our clients love them. However, you need to be careful. First are foremost, get a corporate trustee to help with estate planning and naming investments.
If you want more information on securing and simplifying your SMSF investments, you can chat to our SMSF team. Give us a call on 03 8393 1000 and we will be happy to arrange a meeting.