TSS 06: SELF MANAGED SUPER FUND (SMSF) – YEAH OR NAH
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In this episode I chat to Troy Smith about Self Managed Super Funds (SMSF)
Troy works as a manager in the Onepath Tech Team. He’s the guy I ring if I want to bounce a strategy idea or check the latest rule changes (he’s got a lot of patience to answer all my questions)
He is of course very qualified with a Graduate Certificate in Financial planning, and a Graduate Diploma in Applied Tax Law, as well as a Bachelor of Commerce.
Troy also has a keen interest in Self Managed Super Funds (SMSF) as he runs his own SMSF with his partner, mum and dad so I thought he would be a great guest for this episode where we deep dive into SMSF.
In this episode we cover:
- How a SMSF differs to a “normal” super fund
- The set up and ongoing costs of running your own fund
- How much you should have in super before your start a SMSF (Troy has some different thoughts on this to what the government suggests and I love his rationale)
- The downsides to having a SMSF
- Borrowing in SMSF
- Who can you have a SMSF with & why Troy choose to start one with his mum and dad
- Common mistakes people make when they run a SMSF
- Who a SMSF is right for and importantly who its not right for
The information (including taxation) provided in this blog is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider the Product Disclosure Statement. The author, Adele Martin, is a Certified Financial Planner at Firefly Wealth which is an Authorised Representative of RI Advice Group ABN 23 001 774 125 AFSL 238429. The views expressed in the blog are solely those of the author, they are not reflective or indicative of RI licensees’ position and are not attributed to RI Advice Group. They cannot be reproduced in any form without the written consent of the author.