Can I have an SMSF with a smaller super balance?

09 AUG 2017 Promoted by DIY SMSF 2 min read Finance

Promoted by DIY SMSF

When deciding on managing your super via a Self-Managed Super Fund (SMSF), there are a few things you need to consider. The main determinant as to whether an SMSF is right for you is your superannuation balance. So do you have enough in super to have an SMSF?

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It is often said that a minimum of $200,000 is needed to establish a SMSF, but due to technology improvements and increased competition within the SMSF sector, it can be much more cost effective to have a SMSF with a much smaller balance.

Due to technology improvements, a few new disruptors have entered the SMSF space such as www.DIYsmsf.com.au DIYsmsf will setup a SMSF for $275. For the annual accounting and compliance work DIYsmsf charges $695 which makes them one of the cheapest SMSF providers in the country.  This has meant that, in many instances, a superannuation balance well below the $200,000 threshold could be a viable starting balance to establish a SMSF.

www.DIYsmsf.com.au is a new entrant into the sector that combines SMSF administration, financial advice, and investing. By using the latest technology most of the SMSF accounting and financial advice is automated, which means you can save a lot of money.

In addition to providing the ongoing accounting and administration, DIYsmsf also provides their clients with free financial advice, and direct access to their purpose built SMSF Investment Trading Platform. www.diysmsf.com.au/promotion

The DIYsmsf Investment Trading Platform allows you to invest your SMSF funds directly. Because of their sheer volume of trades given the size of their client base, they have negotiated discounted trading rates with some of the largest online investment trading companies in Australia. As an example, you can trade shares for a flat rate of $9.50 irrespective of the trade value. They do not receive any commissions or kick backs from these providers. All of the cost savings that their group buying power generates are passed directly onto their clients.  

Other factors to determine whether a SMSF is right for you include; your investment experience, your ability to abide by the law, and the amount of time you have to dedicate to running a SMSF.

More Australians are becoming more sophisticated and tech savvy and as a result taking the investment decisions of their super into their own hands is becoming the preferred option.

For more information visit www.diysmsf.com.au/promotion

 

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A self-managed super fund is a private super fund that provides benefits to its members upon retirement, directly managed by an individual for their benefit and in compliance with super and tax laws.

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