Self Managed Super Fund

Thinking about Self Managed Super

Generally, there are three ways you can save your super:

1. Australian Prudential Regulation Authority (APRA) regulated super funds (your super is pooled together with large numbers of other members and the fund is professionally managed by trustees in compliance with super law. This is where most people have their employer paid super).
2. Retirement savings accounts (you have your own special deposit account with a bank or other deposit-taking institution. These are not commonly held.)
3. Self-managed super funds (SMSFs) (you are responsible and the trustee of your own fund and need to comply with super law and make your own investment decisions).

You should carefully consider which option is best to provide for your retirement. If you're thinking about setting up an SMSF, follow these six steps in this introduction to work out:

• If this type of fund is right for you
• The things you will need to do to set it up and run it successfully.

Consider your options and seek professional advice	Make sure you have enough assets, time and skills	Understand the risks
Make sure your trust deed and investment strategy are tailored to suit the members	Make sure you can meet your record keeping and reporting obligations	Make sure you understand the auditing obligations

Approved auditors play an important role in maintaining the health of SMSFs.

Rogerson Kenny Business Accountants Melbourne can assist you with your auditing requirements. If you would like to appoint Rogerson Kenny Business Accountants as your approved auditor, or would like to discuss this topic further, call us on (03) 9802 2533.

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