Everyone plans for their future because everyone wants to have the same standard of living even after they retire from their jobs. After retirement, there will be no regular source of income and therefore, it is of utmost importance that you should save money so that you will not have to depend on anyone else for the kind of life you want to enjoy.However, the traditional methods of saving money many not offer you such returns which may allow you to enjoy your life in a way you want to enjoy it. There is another option of investment which is called as the Self-managed super fund.
As the name suggests, these funds are managed by the members of that fund only. It means that if a few members come together and set up a super fund, the members themselves will manage the money accumulated in the fund. Investing the money, calculating the risks, assessing the tax liability and paying the taxes will all be the responsibilities of the members only. However, sometimes it is not possible for the members to manage all these things because everyone is working at their jobs and businesses. Secondly, they may not have enough knowledge of the market to understand where to invest in order to get better returns.
There are some agencies which offer the services of helping you in managing self-managed superfunds. These services can do various tasks which you may find complicated and tiresome.
How can the tax consultant agencies help you in relation to the self-managed super funds?
- The expert chartered accountants in such agencies can compile the information regarding the investments and returns on them from your self-managed super funds.
- They will also conduct an audit of the super funds and their returns for you and then submit it to the income tax office.
- They can also offer you advise as to which investment options will be better for you and which will provide you better results.
It is important to note that there are various tax concessions offered for investing in the self-managed super funds, but there is one condition to this. The fund is the money which is saved and invested as retirement benefits for the member or the dependents of the member. If anyone tries to use the amount in such self-managed super fund for any other use like purchasing another home or spending it for a foreign trip etc., then it is considered as totally illegal use of such fund.