Superannuation Advice

How can I grow my superannuation?

It is never too early to understand how your superannuation works. There are many things to consider, so we’ve listed a few below.

How your super is invested
The investment options available
The fees you are paying
How your super’s performance is tracking compared to alternative funds
The various contribution limits and strategies you can take advantage of
The potential tax benefits available
Do you have unclaimed super?
What happens to your super when you pass away?

With a team of financial planning experts, the Inovayt Wealth team can provide personalised superannuation advice and services to help you create your dream financial future.

Self-Managed Super Fund (SMSF)

A Self-Managed Super Fund (SMSF) is a super fund where you, as the trustee and member, control the management, investment strategy and administration. Like regular industry and retail super funds, SMSFs are established to build retirement savings. Below we have more information to help you understand the pros and cons of a Self-Managed Super Fund, so you can make an informed decision.

Is an SMSF right for me?

Understanding whether or not an SMSF is right for you is something that can be quite complex. A financial advisor can partner with you in shaping your financial future, offering superannuation advice tailored to your unique needs and goals. An investments advisor can go through the intricate details of superannuation policies, investment strategies, and tax implications, ensuring that every decision aligns with your retirement aspirations.

Do I have enough super?
How much will an SMSF cost?
What is the sole purpose test?
Do I need a firm grasp of investment knowledge?

You generally need to have a reasonable amount of super to justify the costs of an SMSF. The ATO suggests a minimum balance of $200,000 for an SMSF to be competitive.

There are costs to set up an SMSF as well as ongoing running costs. The running costs of an SMSF vary depending on how you choose to manage your SMSF and the investment strategy you implement. The more complex the investment strategy, the more it is likely to cost.

This means that your SMSF and its assets are used solely to provide you and other members benefits for retirement. A common misconception is having an SMSF allows you early access to your super or to buy a holiday home or artwork to decorate your house. These things are illegal.

A firm grasp of investment knowledge is highly recommended as you’ll need to monitor your investment strategy, research investment options, keep on top of how your investments are performing and keep up to date with regulatory superannuation changes that may affect you.

Whether you are thinking about setting up an SMSF or would like guidance on managing your established fund better, please get in touch with our team to guide you in the right direction.

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