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Individuals, the October 31st tax return deadline is nearing, so if you haven't already, get in touch with your accountant to ensure you lodge on time. |
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Have you got a hold on your super? Consolidate your superannuation funds & avoid wasting your hard earned retirement money on unnessary admin fees. |
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Keep up to date on current tax rates and new ways to minimise your tax each year. Ensure you're making the most of the deductions made available to you. |
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DIY Super Funds
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A DIY Super (which is also known as a self managed super fund or SMSF) is a good way of saving for your retirement.
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You and your employer can make contributions that accumulate over time, with the money being continually invested in shares,
government bonds, property, etc. On retirement, you then receive the money (minus charges and taxes) as periodic payments, a lump sum payment, or a combination of both.
By having a DIY Super, you will gain:
Control: A DIY Super lets you make the decisions as to how your funds are invested and how the fund operates. You have the flexibility to alter your investment strategy as and when required to meet changes in the economic climate or the
changing needs of the members of the fund.
Investment Choice: A DIY Super gives you the added ability to choose from a huge range of investment opportunities for your money that not many other funds can do. You can choose exactly what to invest in and how much you want to put in
into each investment, this separates it from the large number of other funds available.
Low Taxation: A DIY Super is eligible for tax concessions, which means that you will lose less of your money to the government compared to other fund accounts. This means that at the time of releasing your money, a huge amount of money can
be saved in tax payments alone.
Protection: Having protection against bankruptcy and other legal claims means that you are far less likely to lose your money due to any fault other that your own. A DIY Super has this security in place.
So, you are thinking about investing in a DIY Super? Then remember these important points...
- Each representative of every fund must be a trustee
- Trustees cannot receive any payment for performing their duties
- Compliance with regulations is your responsibility
- It is imperative that the fund is not linked or merged to or with your own assets
- You must keep records of all transaction in the forms of receipts, statements and other paperwork for the duration of the fund
When deciding which DIY Super advisor to use, look at whether they are licensed to give you financial advice and whether their advice is appropriate for your specific circumstances. You should be willing to pay extra for someone who is more
experienced because you will make more money in the long run.
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