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SMSF
More and more Australians are putting their retirement savings into a self-managed super fund (SMSF). They do this because they want more control and freedom over their money than if it were in a third-party fund that handled it for them.
So why do you need to talk to an SMSF accountant? A self-managed super fund (SMSF) can make a big difference in your retirement if it is set up properly.
SMSFs let you invest in a lot of different things, such as real estate, high-yield cash accounts, term deposits, income investments, unlisted assets like real estate, and even foreign markets. One of the lowest tax rates in Australia is 15%, which is one of the lowest for any company.
But an SMSF might not be the best vehicle for everyone because it takes a lot of time and work to manage it properly. So, you should talk to an SMSF lawyer to see if this is a good idea for you.
According to www.moneysmart.gov.au, there are also downsides to be aware of, such as:
- To keep your most valuable things safe, like your family home.
- Protecting yourself from lawsuits and other liabilities.
- To make organisational changes that will work in the future, that is, to be able to scale up if your business wants to grow.
- To pay the least amount of tax possible.
-- smallbusiness.wa.gov.au lists the different types of business forms that are used in Australia.
- To pay the least amount of tax possible.
-- smallbusiness.wa.gov.au lists the different types of business forms that are used in Australia.