Property investment goals have become so easy with the self managed super fund loans and although there are thousands of people using them, there are still many misconceptions surrounding these famous financial arrangements. For many people, the most important reason to agree to an SMSF is the chance to live with a strong financial security after retirement. The crucial step for all of them is to take control of what one day will become their biggest asset and that’s the superannuation. However, because of lack of information or knowledge about these complex funds, people often-times find themselves confused and not rarely with wrong concepts and understandings about the SMSF loans. It’s time to finally bust some of the popular myths and give people the chance to choose if they really want to be a part of these funds or not.
They Change The Rules On a Daily Basis
It’s true that you have to be informed about the latest rules and regulations and it’s also true that this is the most complex fund of all, but changes to these rules are limited. Also, if you feel you’re not too good with the financial language, you can always hire a financial adviser or an accountant that
will help you stay on the top of all the latest rules and regulation changes.
SMSF Is a DIY Super Fund
Just because you run your self managed super fund loans it doesn’t mean it’s a DIY super. First of all, you will most likely need the help of a professional. These funds can be very complex and if you don’t understand them well, many things can go wrong. The financial adviser will help you meet the legislative requirements and the accountant will make sure your tax returns are compliant, however the key is to ensure you are dealing with an accountant who specializes in SMSFs.
SMSF Is Not Working Good As An Investment
First of all, it’s important to emphasize that superannuation is not an investment, it’s a special structure for undertaking an investment. If you feel your superannuation hasn’t performed well, this means that something’s wrong with the investments you’ve chosen. Also, keep in mind that it doesn’t matter if these investments were set up through another structure, the final result would be the same: if they didn’t perform good with superannuation it means that they won’t perform good with any other similar structure.
Access Your Super
You cannot take money from your fund for personal reasons before you are allowed to. Until you reach your preservation age, you are unable to access or benefit in some kind from the investment that you’ve created. This means that you cannot take out money to invest, pay off your mortgage or purchase assets before the preservation age, although many people think otherwise.