How do you run a self managed super fund?
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 20 March 2020.
Covid-19 Financial discussion
In this episode Financial Planner Luke Smith joins Leon from 2CC via telephone given the new social distancing requirements that have come into play. They start the conversation about accessing super – during the covid-19 crisis – and we’ve since seen the Government bring new rules into place. To access your super early contact your super fund.
We’ve also seen that the Government has also introduced the ability for those on account-based pensions to reduce the amount of pension they need to take to help preserve the capital. Again contact your Super Fund to do this.
It’s also important to remember the impact of the market on your superannuation. Please remember most people don’t have all of your assets in a super fund invested in shares. People in balanced and diversified funds won’t rise or fall at the same rate as the share market.
The topic for this episode – Self Managed Super Funds – Part 2
In today’s topic we continue the to take a closer look at self managed superannuation funds. Now that the fund has been set up, how do you manage it?
Key highlights include:
- Consider the super fund investment strategy – must happen annually. A financial planner like Luke at Envision Financial can also help you do this.
- Consider the insurance needs of the members within the fund – must happen annually. A financial planner can also assist.
- When a pension income stream is started, you need to complete paperwork for the accountant and auditor.
- The accountant needs to complete a tax return for the self managed super fund.
- Your accountant will need information from you to complete the administration and tax requirements. Luke outlines the information requirements.
Listen to the Podcast right now
Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’
Would you like to talk about running your own self managed super fund?
Make an appointment to catch up with Luke at his office over a cup of tea or coffee.
Envision 2CC offer: Your first appointment is at our cost. Make an appointment to confidentially discuss your superannuation plans. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.
Luke will return to talk about financial planning on 2CC Talking Canberra next Friday from 4.30pm. Tune into listen live or visit our website again to catch up on the podcast. You can also check out our YouTube Channel at Envision Financial Canberra.
