Self-Managed Super Funds (SMSFs) have become a significant component of the Australian financial landscape, with over 616,000 SMSFs controlling assets exceeding $930 billion. This equates to an average of more than $1.5 million per fund. The growth and management of these funds are critical for the financial security of many Australians, and understanding the intricacies involved is essential for both current and prospective SMSF trustees.
Key Points
- There are over 616,000 SMSFs in Australia.
- SMSFs control more than $930 billion in assets.
- The average SMSF holds more than $1.5 million.
- SMSFs offer greater control over investment choices compared to traditional superannuation funds.
- Trustees of SMSFs are responsible for compliance with regulatory requirements set by the Australian Taxation Office (ATO).
- SMSFs can invest in a wide range of assets, including property, shares, and collectibles.
- Proper management and strategic planning are crucial for maximizing the benefits of SMSFs.
- Legal advice is often necessary to navigate the complexities of SMSF regulations and ensure compliance.
Hill Legal’s Hot Take
At Hill Legal, we recognise the importance of Self-Managed Super Funds in securing the financial future of you and your family. The substantial growth in SMSFs underscores the need for expert legal guidance to navigate the complexities of compliance and strategic investment.
Our team is dedicated to providing comprehensive legal support to SMSF trustees, ensuring that they can maximize the benefits of their funds while adhering to regulatory requirements. For more information on how we can assist you with your SMSF, contact Hill Legal today or call our office on 03 5976 6500 and speak to one of our experts!
2 Responses
Hello
My parents have a SMSF and have made some poor decisions and will be found non-compliant in their next audit. I am looking for possible ways in which I can help them by possibly combining their fund with my super and creating a family super trust, however I am open to all avenues.
Thank you
Hi Brodie, thanks for your message. Please give our office a call on 03 5976 6500 and set up an appointment with Chris Hill who is our SMSF specialist. Or send us a message on our website. Many thanks, Hill Legal.