Once you have set up your SMSF with iCare Super, you will be responsible for managing your super money and complying with the relative legislation.Accumulation PhaseYou and other members will organise rollovers of your super money into your SMSF. Also, you will get the employer contributions, member contributions and other contributions transferred into the self managed super fund.
While your super fund balance grows by more contributions, you may need to invest your superannuation money to maximise the returns. You need to invest in accordance with the SMSF investment strategy and ensure the investment risks have been considered carefully and the level of the risks can be accepted based on your circumstance.
Once you reach the preservation age, you can start taking out money from your SMSF. You can commence a transition to retirement pension while you are still working full time. After you reach your preservation age and are fully retired, or have reached the age of 65, you can then have access to the full balance of your super money.
Find out more on what iCare Super can do for your SMSF Pension Administration
Superannuation laws require that trustees take the responsibilities for running a SMSF, including:
- acting honestly in all matters concerning the SMSF,
- exercising skill, care and diligence in managing the SMSF,
- acting in the best interests of all the members of the SMSF,
- ensuring that all the SMSF assets are kept separate from your personal assets, and
- keep members informed and allow access to information.
- Ensure financial reports for SMSF prepared
- Lodge the SMSF tax return and regulatory return by due date
iCare Super’s Role in Running a SMSF
iCare Super provides full compliance service for SMSF trustees. Find out more about our SMSF Accounting Services