Luke on 2CC – Benefits of a Self Managed Super Fund – Part 3
03/30/20 • -1 min
What are the benefits of a self managed super fund?
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 27 March 2020 and the topic: Benefits of a self managed super fund. They begin the discussion though about the ongoing Covid-19 crisis and the financial impact it’s having on many Australian families right now.
Super access and Covid-19 discussion
In this episode Financial Planner Luke Smith joins Leon from 2CC via telephone given the ongoing social distancing requirements that have come into play. They started the conversation about accessing $10,000 this financial year and $10,000 next financial year – an initiative implemented by the Federal Government. But what are the implications? Super is a long term savings vehicle regardless of which type of super fund you use. Luke suggests looking at other options before this one.
The topic for this episode – Self Managed Super Funds – Part 3
In today’s topic we continue the to take a closer look at self managed superannuation funds. In part 1, we looked at how to set up a SMSF. In part 2, we looked at what’s involved in running a SMSF. In part 3, we look at the benefits of a self managed super fund. The key benefit is flexibility.
Key highlights include:
- Greater control over the investments within your fund, compared to other super fund vehicle options
- Price and cost issues, it might be cheaper depending on what your individual circumstances are compared to other funds
- You also control your risk profile and asset allocation
- As a result you also have greater control over how the income is generated, including franking credits and tax issues
- Luke’s top 3 benefits of a self managed superannuation funds
- Strategy considerations of SMSF in the current environment
- You should consider your own situation and needs before choosing a self managed superannuation option. Financial planning advice can assist you make informed decisions.
Listen to the Podcast right now
Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’Would you like to discuss if the benefits of a self managed super fund are right for you?
Make an appointment to catch up with Luke over the phone or via video conference. Appointments at the office will return once the Covid-19 has passed.
Envision 2CC offer: Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your super and financial 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.
What are the benefits of a self managed super fund?
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 27 March 2020 and the topic: Benefits of a self managed super fund. They begin the discussion though about the ongoing Covid-19 crisis and the financial impact it’s having on many Australian families right now.
Super access and Covid-19 discussion
In this episode Financial Planner Luke Smith joins Leon from 2CC via telephone given the ongoing social distancing requirements that have come into play. They started the conversation about accessing $10,000 this financial year and $10,000 next financial year – an initiative implemented by the Federal Government. But what are the implications? Super is a long term savings vehicle regardless of which type of super fund you use. Luke suggests looking at other options before this one.
The topic for this episode – Self Managed Super Funds – Part 3
In today’s topic we continue the to take a closer look at self managed superannuation funds. In part 1, we looked at how to set up a SMSF. In part 2, we looked at what’s involved in running a SMSF. In part 3, we look at the benefits of a self managed super fund. The key benefit is flexibility.
Key highlights include:
- Greater control over the investments within your fund, compared to other super fund vehicle options
- Price and cost issues, it might be cheaper depending on what your individual circumstances are compared to other funds
- You also control your risk profile and asset allocation
- As a result you also have greater control over how the income is generated, including franking credits and tax issues
- Luke’s top 3 benefits of a self managed superannuation funds
- Strategy considerations of SMSF in the current environment
- You should consider your own situation and needs before choosing a self managed superannuation option. Financial planning advice can assist you make informed decisions.
Listen to the Podcast right now
Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’Would you like to discuss if the benefits of a self managed super fund are right for you?
Make an appointment to catch up with Luke over the phone or via video conference. Appointments at the office will return once the Covid-19 has passed.
Envision 2CC offer: Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your super and financial 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.
Previous Episode
Luke on 2CC – Running a Self Managed Super Fund – Part 2
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.
Next Episode
Luke on 2CC – Costs of a Self Managed Super Fund – Part 4
What are the costs of a self managed super fund?
Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 3 April 2020 and the topic: Costs of a self managed super fund.
In today’s topic we continue the to take a closer look at self managed superannuation funds. In part 1, we looked at how to set up a SMSF. In part 2, we looked at what’s involved in running a SMSF. In part 3, we look at the benefits of a self managed super fund. Part 4, this episode looks at costs
Key highlights include:
- What does a SMSF actually cost?
- What should you look for when looking at the fees of your non SMSF fund?
- Membership / Administration fees
- Internal Cost Ratios (ICR)
- Super splitting fees and separation fees.
- Fees in SMSF should be explicit.
- Luke compares costs of a SMSF with other types of funds
- Are there any other fees within a SMSF that you should be aware of?
- Actuarial certificate and company fees (if a company is used for the super trust structure)
- SMSF’s are probably not appropriate for smaller account balances
- What are some strategies to think about when investing in a SMSF?
- You should consider your own situation and needs before choosing a self managed superannuation option. Financial planning advice can assist you make informed decisions.
Listen to the Podcast right now
Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’Would you like to explore the costs and benefits of a self managed super fund?
Make an appointment to catch up with Luke over the phone or via video conference. Appointments at the office will return once the Covid-19 has passed.
Envision 2CC offer: Your first appointment is at our cost – even over the phone or by video chat. Make an appointment to confidentially discuss your super and financial 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.
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