SMSF or self-managed super fund is a fund that you create in order to take charge of all your investment decisions, instead of leaving them in the hands of professional fund managers in mutual fund industry. Since, investments in the market are subject to fluctuations in the market, there are often huge losses which you have to bear, even though you are not directly involved in any decision making.

Australian government, in order to provide more protection to the people, allow you to form a self-managed super fund that acts as a cushion for you and your family in the years to come. Through this super fund, you can buy property, invest in the market, or create a corpus for your family and you in the years after retirement.

Although, there are institutions set up by the government that takes care of your investment decisions to create a healthy corpus for you after retirement, you have the choice to move out of the option and create a self-managed super fund for the same purpose.

However, there are many complexities involved in running an SMSF, which may be difficult for you to understand, and also maintain records that may be necessary according to the laws of the land. We are going to discuss why you need the help of professionals in your SMSF.

Administration

Administration of SMSF includes many complications like setting up of an SMSF that requires completion of many documents and their submission at many places. If you complete yourself, it may take you a while before you can understand and complete the process. However, if you use services of a professional who is well versed with the working and documentation of SMSF, you will be able to start it sooner.

Taxation is also an issue with any organization. Once you set up an SMSF, you will be liable for payments of taxation on your transactions for investments. Professionals are aware of all these liabilities, and therefore will save you from future liabilities and penalties.

Australian government requires compulsory audit of all SMSF’s for which you will require auditors. These professional companies also conduct your annual audits and therefore now in advance all the requirements for a successful completion of audit, which they can maintain in the entire year.

Transparent and low cost

Many of these SMSF administration companies are very low cost, but provide you all the services that you get employing high class and big name companies. Working of most companies is very transparent, and they will inform you well in advance about all major decisions and issues that will affect you.

Their fee schedule is also on their website, and you can check for all the services that they will offer for their fee. Nothing is hidden from you and there are no charges except those mentioned in their fees schedule.

Truly independent

Most SMSF administration companies give you complete freedom to operate and make important financial decisions. They will only guide and suggest you in running the fund. They will never compel you to open an account with any particular bank or run a particular platform to make your investments.

If you are looking for a truly low cost and independent SMSF administrator, who is professional and also an auditor, you can choose iCare Super. This company does all the work of a premium company, and charges you only for the services you wish to take.