The Strategy Stacker - Luke Talks Money - Luke on 2CC – Running a Self Managed Super Fund – Part 2

Luke on 2CC – Running a Self Managed Super Fund – Part 2

03/23/20 • -1 min

The Strategy Stacker - Luke Talks Money

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

https://www.envisionfinancial.com.au/wp-content/uploads/2020/03/20.03.2020-The-Strategy-Stacker-Luke-Talks-Money.mp3

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.

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

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

https://www.envisionfinancial.com.au/wp-content/uploads/2020/03/20.03.2020-The-Strategy-Stacker-Luke-Talks-Money.mp3

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.

Previous Episode

Luke on 2CC – How to set up a Self Managed Super Fund – Part 1

What should you know before setting up a SMSF?

Luke Smith joined 2CC Talking Canberra 1206AM.
The Money Show aired on Friday 13 March 2020.

In this episode Financial Planner Luke Smith joins Leon from 2CC take a closer look at self managed super funds and specifically how to set one up. It’s been a popular topic with radio and podcast listeners so Luke’s going to take a closer look. They start the show though by talking about the continued volatility of the share market. On Friday at the time of the show, Australian Shares had bounced back following a Government announcement about Covid-19. Clearly volatility is going to continue and Luke warns about the dangers of emotional decision making during times of volatility.

Key highlights include:

Where do you start setting up a SMSF?
The importance of understanding your ‘Why’ before you begin?
Do you have a corporate trustee or joint partnership of a self managed super fund
Pick a name for your fund, self managed super funds names are not registered, however the corporate trustee is a registered name if you use one. There’s often a role for a solicitor here.
Creating the deed, it’s the rule book for how your self managed fund will work.
New binding death nominations for your fund, what are they and what do they do?
Tax file numbers and ABN – they’re also required
You’ll also need a bank account for the fund
Rolling over and contribution issues to consider
You’ll also have a legal requirement to create an investment strategy
There’s also responsibilities as a trustee that you should be aware of
You’ll also need to open a trading account, if you intend buying and selling shares
You’ll also need an accountant to help you meet your ongoing accounting SMSF obligations and Luke shares some tips on finding the right accountant.

Listen to the Podcast right now

https://www.envisionfinancial.com.au/wp-content/uploads/2020/03/13.03.2020-The-Strategy-Stacker-Luke-Talks-Money.mp3

Also available on Apple Podcasts ‘The Strategy Stacker – Luke Talks Money’

Would you like to talk about setting up a self managed super fund or managing one?

Make an appointment to catch up with Luke at his office over a cup of tea or coffee.

Next Episode

Luke on 2CC – Benefits of a Self Managed Super Fund – Part 3

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

https://www.envisionfinancial.com.au/wp-content/uploads/2020/03/27.03.2020-The-Strategy-Stacker-Luke-Talks-Money.mp3

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.