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Running a self-managed super fund (SMSF)
Start taking control over the growth and security of your future wealth today using a range of Suncorp banking products to manage your self-managed super fund.
What is a self-managed super fund?
A self-managed super fund (SMSF) is a flexible and personalised superannuation fund that helps its members save for retirement.
One difference between other super funds and an SMSF is that members of the SMSF have a greater degree of control over the investment strategy of the fund.
Think of it as a ‘DIY super fund’ because, while SMSF members can invest in a wide range of assets, members are also responsible for running the fund, paying expenses, keeping records, and ensuring it’s legally compliant.
Understanding self-managed super funds
A self-managed super fund must have a detailed investment strategy and a trust deed – a legal document establishing the fund and outlining how the fund must be run.
SMSF trustees are, among other obligations, also required to keep accurate records, prepare annual statements, take minutes of trustee meetings, keep copies of annual returns, and have the fund audited annually by an independent auditor.
Find out more about self-managed super funds at www.ato.gov.au/super.
With an SMSF, you can invest your super in a diverse range of assets including cash, property and shares. Before you do so, the fund must have a written investment strategy.
The strategy should take into account:
- the goals and objectives of the members of the fund
- the members’ risk tolerance and circumstances
- members’ ages and investment time frame
- the fund’s liquidity requirements
- investment powers of the trustee (as detailed in the trust deed)
SMSFs are highly regulated. You should seek independent financial advice and legal assistance prior to making any investment through your SMSF.
Find out more about self-managed super funds at www.ato.gov.au/super.
Why choose Suncorp Bank for your self-managed super fund needs?
By choosing Suncorp you’ll have access to a range of products that integrate with self-managed super funds.
We have a choice of easy-to-use transaction, investment and borrowing options that make setting up and managing your SMSF simple.
Our business bank accounts can help track your fund’s transactions, cash contributions and dividend payments. You can also roll-over existing superannuation benefits into a single account, or lock in interest-rates for a fixed term.
Other Suncorp SMSF compatible accounts
Suncorp share trade, borrowing & investment loans
Investing in shares for your SMSF can be a relatively inexpensive way of trying to build and grow assets in your portfolio. Plus, many shares can be bought and sold relatively quickly providing an element of liquidity for your portfolio. Depending on your circumstances, receiving dividend income from your investment may also have tax advantages.
- Benefit from the secure purchase and sale of shares for your SMSF
- Trade what and when you want from your desktop, smart phone or iPad
- Enjoy instant access to live prices and dynamic charting as well as analysis and trading webinars
- There aren’t any account keeping fees or minimum account balance required
As a trustee of your SMSF, you’ve got the potential to enhance the success of your fund by borrowing to invest in property provided it is permitted by the fund’s trust deed, investment strategy and subject to superannuation law requirements/limitations. Our investor home loans can assist SMSF trustees to invest in real estate. They offer competitive interest rates, with your choice of variable rate, fixed rate, or split rate options.
If you intend to borrow against your SMSF to invest in property, before you do, you should obtain independent financial and legal advice to ensure this is the right strategy for your SMSF.
Seeking advice and further information
Setting up a SMSF is subject to specific rules and government regulations. It is therefore important that you obtain independent financial and legal advice to ensure a SMSF is right for you.
Find out more about self-managed super funds at www.ato.gov.au/super or talk to a Suncorp specialist on 13 11 55.
Related tools and resources
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This is general information only and doesn’t take into account your personal objectives, financial situation or needs. Before making any decision about whether to acquire or continue to hold any financial product, please read the relevant information and the Product Disclosure Statement (PDS) and obtain professional advice.
Financial product advice is provided by representatives of Suncorp Financial Services Pty Ltd ABN 50 010 844 621, AFSL 229882.
Past performance is not an indication of future performance.
Suncorp Share Trade is a service provided by CMC Markets Stockbroking Limited ABN 69 081 002 851 AFSL No. 246381, a Participant of the ASX Group (“CMC Markets Stockbroking”) at the request of Suncorp-Metway Ltd ABN 66 010 831 722, AFSL 229882 (“Suncorp”). For a copy of the terms and conditions relating to the Suncorp Share Trade service and the Financial Services Guides for CMC Markets Stockbroking or Suncorp (or other relevant disclosure documents), contact us on 1300 156 299 or via email at clientservices@sharetrade.com.au. Neither CMC Markets Stockbroking nor Suncorp are representatives of each other. To the extent permitted by law, Suncorp will not guarantee or otherwise support CMC Markets Stockbroking’s obligations under the contracts or agreements connected with the Suncorp Share Trade service.
Various products and services are provided by different entities of the Suncorp Group. The different entities of the Suncorp Group are not responsible for, or liable in respect of, products or services provided by other entities of the Suncorp Group.
Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 trading as Suncorp Bank. Eligibility criteria, conditions and fees apply and are available on request. Please read the relevant Product Information Document before making any decision about this product. Contact us for a copy.
FlexiRates
flexiRates allow you to earn higher interest rates by locking away a portion of your savings within your account for periods up to 12 months.
