Do Doctors need to have an Self Managed Super Funds(SMSF)?
I was recently at a medical conference in Melbourne and I talked to dozens of medical professionals about their financial situations. One topic that came up a lot was Self Managed Super Funds (SMSF) and if it was suitable for them. Let me explain.
A self-managed super funds (SMSF) is a private super fund that you manage yourself. SMSFs are different to industry and retail super funds. When you manage your own super, you put the money you would normally put in a retail or industry super fund into your own SMSF. You choose the investments and the insurance.
Given that it is a pretty sophisticated instrument and the advice differs for each person’s circumstances I thought I would approach the topic by answering the most common questions I get about SMSFs and how they can relate to medical professionals specifically.
- How much super do you need to justify? (Google these answers)
- Is it more tax effective?
- Can you purchase a property?
- How do you get a loan?
- How does capital gains tax work?
- Is it expensive to run?
- Is it a good choice for medical professionals?
These are the most asked questions I get but if you have other questions please message me and I will do my best to answer them for you. The bottom line is, if you want the flexibility and control to add a property to your portfolio an SMSF is a good choice.
Next blog I will be discussing tax-effective investments so keep subscribed for that information.
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