The Ideal Way To Boost Your SMSF

Self Managed Super Fund is a type of superannuation fund with a goal to provide great retirement benefits to its members. The members are also the trustees and they have the chance to run and manage their own super. Because of the ability to control own fund, the SMSF is one of the most popular methods to save for retirement in Australia.

Once you set up an SMSF, you become a trustee of the fund, and you will be able to manage and control your own funds according to ATO – Australian Taxation Office. Since the members have the entire control over their assets, they can make investment decisions and develop excellent investment strategies for the benefit of all members. The SMSF members can invest also in residential and commercial properties, shares and many other financial assets.

Regular contributions combined with compound earnings can significantly boost your SMSF. Have a look at some of the ways that can help you improve your superannuation fund.

Personal Super Contribution – Personal contributions to superannuation are assets or cash amounts contributed to comply superannuation fund for a person who is under the age of 75. Personal contributions to superannuation is available to you after you make business profit or pay tax.

Government Co – Contributions – Benefit from the Government’s incentive and turn each invested dollar into super as much as two dollars;

Salary Sacrifice – Increase your super and minimize your tax by permitting more of your pre – tax salary to go directly into your super;

Transforming Assets To Super – By selling your assets and paying into your super, you can benefit from effective tax treatment;

Concessional Contributions – If you are 50+ years old, you can allocate around $50 000 per year to your own super;

Consolidating Your Super – If you have worked in several companies, probably you may have more than one super bank account. Consolidating will make a huge difference to your final balance and will lower your fees, so you will be able to easily manage your super.

The personal super contribution and government co-contribution are some of the ways that can help you improve and boost your SMSF. For more information on how to improve your super, consult with a professional finance adviser.