Self managed superannuation funds, is a way to save money for your retirement. In Australia, superannuation funds are often used for the benefit of the people. It is generally regulated by Australian Taxation Office (ATO). It is a trust fund where money or assets are held and utilized to provide money for the retirement and the future. Usually self managed superannuation funds are run by four members or less. These members are also the trustees and all the trustees must also be the members of these funds, except for the single member funds. This means, the members are running these funds for their own benefits and are also accountable for the tax and super laws. The members can also be referred as the directors of the funds. They play a key role in management of the funds. The basis of running a self managed superannuation fund can differ a lot from the other funds.
Self management is great when it comes to managing your own funds. This type of funds allows the flexibility of the investments. They can also be government generated or in many cases by the employers. They cut out a small portion of your salary and save it for your retirement; in this case add it to your super funds. These funds also invest your money in many sectors like shares, properties, and managed funds and also offer income protection. Many of you may think that running a superannuation fund can be complex and requires a lot of money. But an average superannuation fund will charge you 1.37% of the balance in terms of administration and cost related to investment management. So, if an individual have about 200,000 AUD as their bank balance then the funds will cost you $2,740 in terms of administration and audit fees, which is quite reasonable.
On the overview of SMSF it is seen that more than a million Australians have converted their funds in SMSFs. And with the increasing numbers managing the fund single handedly is becoming rigorous. There are numerous ways you can get help in management of your superannuation funds. The NCS is one such solution for you. By consulting with NCS you can get an array of services for your SMSFs. NCS offers to prepare Electronic Lodgement of quarterly BAS/IAS returns. And formulate Annual Financials, Tax Returns, Trustee Resolutions, and also procure Actuarial Certificates. NCS also provides a number of benefits and formulates simple strategies that can benefit you on the long run.