Get Superannuation Advice in Brisbane
Give Your Retirement Savings the Attention it Deserves
Should You Switch Your Superannuation Fund?

Never switch your Superannuation Fund without analysing your circumstances, ideally with an experienced investment adviser. 

Take note that as you grow older, your financial needs change and so you need to regularly review your Superannuation strategy. This ensures that your super investments are still aligned with your life goals. 

For example, those nearing retirement may have a bigger super balance but limited time to invest in riskier assets like property and shares. So in these cases it may be preferable to switch super to safer asset options like bonds and fixed-rate assets. NOTE: every case is different, and this example does not constitute financial advice. 

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Industry Fund, Retail Fund, or SMSF?

The primary difference between retail and industry super funds is what they do with their proceeds. Industry super funds basically return profits to their members while retail super funds return their proceeds to investors and shareholders. 

Meanwhile, Self Managed Super Funds (SMSF) will allow you to control your own investments. You can set up your own SMSF, and you’ll be responsible for running it in accordance with Australian laws as well as local regulations in Queensland. 

The difference between an SMSF and other types of funds is, generally, that members of an SMSF are the trustees who run the fund for their own benefit. 

There are significant tax benefits for SMSFs, but trustees need to follow the tax and super laws to receive these concessions. 

The assets and money in these funds are solely for retirement benefits and are not to benefit the trustee/s or anyone else outside the fund.

Qualified and Experienced Financial Advisers in Brisbane

Your Superannuation Fund is an important enabler for having a comfortable retirement. There’s a lot of risk in handling your
superannuation, so getting help from an adviser is highly recommended. 

Unless you have experience and expertise in managing superannuation, you should work with an adviser who can help you explore
your options and provide you professional insights to set up your fund for faster wealth accumulation.

Consult an Expert in Superannuation Brisbane Today

Do you have your SMSF yet? The Vault team of accountants can arrange for the transfer of administration from your existing accountants and will inform ASIC and the ATO of the change. We understand that transfer requirement vary from client to client depending upon the agreement with existing accountants. We are flexible and will work with you to facilitate a smooth transfer.

To learn more contact us here or call us on (07) 3608 6800.