SELF-MANAGED SUPER FUNDS - FAMILY SUPER FUNDS (FSF)
Deciding to establish your own Self-Managed Super Fund (FSF - a Family Super Fund) is a critical step in seizing control of your financial future.
WHAT IS A FSF?
A Family Super Fund is a flexible, tailored, tax effective fund that allows members of a family to plan for and live in their retirement.
WHAT ARE THE BENEFITS OF A FSF?
a. Family Fund
b. Control
c. Diverse Investment Choice
d. Creditor Protection
e. Potential Tax Savings
f. Income In Retirement
g. Permanency
h. Portability
i. Low Fees
a. Family Fund
A Family Super Fund is the only fund that allows Multi generations of a family to aggregate their wealth to provide a comfortable income in retirement. Up to four members of your family can be in one fund.
b. Control
One of the key benefits of a Family Super Fund is the ability of members/trustees to control the fund’s investments. You have control and responsibility over the management of your fund.
c. Diverse Investment Choice
A Family Super Fund provides greater investment choice. Permitted assets owned by members can be transferred to your FSF.
d. Creditor Protection
The assets of your FSF are normally protected from bankruptcy and other legal claims
e. Potential Tax Savings
A FSF gives you the opportunity to take advantage of the generous tax concessions available.
f. Income In Retirement
A FSF provides flexible options for taking benefits in retirement such as a lump sum or pension.
g. Permanency
A FSF continues unless you elect to wind it up. The fund can provide benefits to you, your spouse, children and grandchildren.
h. Portability
The fund is totally portable. It is not necessary for each member to live at the same address or even reside in the same state. It is necessary for the majority of members to live in Australia.
i. Low Fees
The costs of running your own FSF are often lower because you control the administration duties.
IS A FSF RIGHT FOR YOU?
While the benefits are enticing and you may find the idea of managing your own super appealing you should consider the following before you decide on a Family Super Fund:
Deciding to establish your own Self-Managed Super Fund (FSF - a Family Super Fund) is a critical step in seizing control of your financial future.
WHAT IS A FSF?
A Family Super Fund is a flexible, tailored, tax effective fund that allows members of a family to plan for and live in their retirement.
WHAT ARE THE BENEFITS OF A FSF?
a. Family Fund
b. Control
c. Diverse Investment Choice
d. Creditor Protection
e. Potential Tax Savings
f. Income In Retirement
g. Permanency
h. Portability
i. Low Fees
a. Family Fund
A Family Super Fund is the only fund that allows Multi generations of a family to aggregate their wealth to provide a comfortable income in retirement. Up to four members of your family can be in one fund.
b. Control
One of the key benefits of a Family Super Fund is the ability of members/trustees to control the fund’s investments. You have control and responsibility over the management of your fund.
c. Diverse Investment Choice
A Family Super Fund provides greater investment choice. Permitted assets owned by members can be transferred to your FSF.
d. Creditor Protection
The assets of your FSF are normally protected from bankruptcy and other legal claims
e. Potential Tax Savings
A FSF gives you the opportunity to take advantage of the generous tax concessions available.
f. Income In Retirement
A FSF provides flexible options for taking benefits in retirement such as a lump sum or pension.
g. Permanency
A FSF continues unless you elect to wind it up. The fund can provide benefits to you, your spouse, children and grandchildren.
h. Portability
The fund is totally portable. It is not necessary for each member to live at the same address or even reside in the same state. It is necessary for the majority of members to live in Australia.
i. Low Fees
The costs of running your own FSF are often lower because you control the administration duties.
IS A FSF RIGHT FOR YOU?
While the benefits are enticing and you may find the idea of managing your own super appealing you should consider the following before you decide on a Family Super Fund:
- Discipline and responsibility of adhering to compulsory regulation and compliance
- Putting your investment strategy in writing
- Having the time to manage and administer your fund
- Are there sufficient funds to make the administrative costs worthwhile?
- Keeping all records for each transaction made
- Providing all records for annual audit
- Are you able to separate your personal and superannuation finances?
There are more things to consider when setting up your own FSF. It is important to get the right advice to make the decision work for you.