SETTING UP MINIMUM BALANCES AND SMSF OVERHEADS
When establishing your SMSF, you must ensure that you have sufficient balance to not only cover your SMSF OVERHEADS but enough so that your SMSF is functional and worthwhile. “They say, $200,000” is the SMSF balance benchmark to run an SMSF, however, this should be considered case by case and should be tailored to your financial objectives, as such, there is no legislation as to what your minimum balance should be. However, we must emphasise that you consider your OVERHEADS which may consist of accounting fees, ATO Supervisory Levy, Actuarial Fees, Lawyer Fees, Company Fees and so on.
Whether an SMSF is right for you, boils down to your decisions -Always contemplate your Costs VS. Benefits in establishing your SMSF.
Australian Taxation Office (“ATO”) and Australian Securities Investments Commission (“ASIC”) guidance on SMSFs
Refer to the following link for information from ASIC on SMSF https://www.moneysmart.gov.au/superannuation-and-retirement/self-managed-super-fund-smsf
Guidance for advisers is included here http://asic.gov.au/regulatory-resources/financial-services/giving-financial-product-advice/advice-on-self-managed-superannuation-funds-disclosure-of-risks/#access-to-complaints-mechanisms
Refer to the following link for information from the ATO on SMSF
Here a number of links on the ATO website with a variety of important and useful pieces of info to assist you in establishing and running your SMSF
Individual links are included below:
How a SMSF is regulated smsf-regulations
Winding up a SMSF – winding-up-a-smsf
Running a SMSF – running-a-smsf
Setting up a SMSF – setting-up-a-smsf
Thinking about self-managed super – thinking-about-smsf