SMSFs have lots of great tax advantages, which can even drop to zero when you reach 60 and meet the conditions of retirement. What may be new to some people is realising that the ATO taxes all super income at 15 per cent. The ATO charges this regardless of whether the super is in an SMSF or industry/retail fund. The difference is that the industry/retail fund pays the 15 per cent on the Member’s behalf and may only notify the you in the annual Member Benefit Statement (which you might not pay much attention to). With an SMSF, as a Member, you are involved and must pay it to the ATO directly. Certainly, there is a lot to get your head around with running an SMSF. The great news is that there are still lots of reasons to use an SMSF as an investment and retirement plan vehicle, and in no time with our help you’ll be a pro at taking direct control over your super.
