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An SMSF can have up to six members.
Benefits of an SMSF include greater control over investments, flexibility in investment choices, potential cost savings, and the ability to pool family assets.
To set up an SMSF, you need to set up the fund, create a trust deed, appoint trustees, register with the ATO, set up a bank account, and create an investment strategy.
There is no minimum balance required to set up an SMSF, but it usually becomes cost-effective once you have a balance of $250,000 or more.
Yes, an SMSF can borrow money to purchase assets through a Limited Recourse Borrowing Arrangement (LRBA), subject to strict regulations.
Yes, you can transfer your existing superannuation balance to an SMSF, but we advise to seek professional financial advice to ensure compliance with regulations and SMSF product is suitable to your circumstances.
Yes, you can invest in property through an SMSF, but it must align with your investment strategy and comply with specific regulations.
To ensure compliance, follow ATO regulations, maintain proper records, have annual audits, and consider seeking professional assistance from an SMSF specialist.
Yes, an SMSF is designed to provide for your retirement, and you can access funds under prescribed conditions.
Yes, seeking professional advice is highly recommended to ensure understanding of obligations, risks, and benefits.
Yes, but it’s complex and must align with your investment strategy and comply with local and international laws. Professional advice is advised.
Yes, you can wind up your SMSF if you wish. You’ll need to notify the ATO, pay out or roll over all assets, and fulfill other legal and tax obligations.
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