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Revise your SMSF investment strategy

Self-managed super fund members should revise their strategy regularly to ensure it continues to reflect their circumstances and the fund’s investment objective. A self-managed super fund requires a clear, well-documented investment strategy to be successful. Characteristics of these SMSF investment strategies include:

– ability to pay benefits when members retire. A member must be able to maintain their standard of living when they leave the workforce.

– consider member needs and personal situations. The strategy takes on board the member’s age, their expected retirement date and identifies an appropriate investment option.

– liquidity of the fund assets. It is crucial for members to ensure they have sufficient cash to pay fund expenses.

– identifies the likely returns from investments to manage the risks associated with the investments.

– Adequate diversification of investment to help with handling the risks and returns.

Posted on 15 June '15 by , under Super.

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What to consider when consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
  • Insurance policies
  • Investment options
  • Ongoing service fees
  • Performance of the funds

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

  • Your tax file number.
  • Proof of identity. This could include your driver's license, birth certificate or passport.
  • Your fund's superannuation product identification number (SPIN).
  • Your fund's unique superannuation identifier (USI).
  • Details of your previous fund.

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