Why You Need an SMSF – And How to Start Today

Hi, it’s Grant Abbott, SMSF Guru. Let me take you on a quick journey into the world of self-managed super funds—what they are, how to start one, and why they’re a game-changer for Aussie families looking to take control of their financial destiny.

Since 1994, SMSFs have empowered Australians to step away from faceless union and bank funds and take charge of their own super. And that’s what it’s all about—control. With an SMSF, you and up to five others (that’s right—six members per fund!) can pool your super and invest in what you believe in—property, shares, even crypto.

So, how do you get started?

Step one: log in to your current super account—whether it’s an industry fund or a retail one—and check your balance. Most people are shocked at how much they’ve actually accumulated. Next, come see me at LY Legal or speak to your accountant and we’ll get you set up. That means a modern SMSF deed (like ours), a corporate trustee, an ABN, TFN, and a bank account. You’ll be good to go—though be aware the ATO takes about 5–6 weeks now to process a new SMSF setup.

And the big question—how much do you need?

That depends on your age and goals. If you’re 30 and you and your spouse have $150K between you, perfect. You could borrow $800K through your SMSF to buy a $1M investment property. You’ve just turned your SMSF into a property powerhouse. But if you’re 65 with $200K, maybe it’s not the best move. SMSFs are a strategic tool, not a one-size-fits-all solution.

Now, young people ask me all the time—can I join Mum and Dad’s SMSF?

Absolutely. Not only will they likely cover the admin and audit fees, but you’ll also have your own investment room inside the fund. You can invest in crypto while they stick to blue-chip shares. Everyone’s in the same fund but running their own show.

Speaking of crypto—yes, your SMSF can invest in it. Just make sure it’s bought directly from an exchange and not transferred from your personal wallet. And don’t forget—every SMSF must have a solid investment strategy, especially when it includes volatile assets like crypto.

Now here’s a killer tip—negative gearing inside an SMSF is up to 10x better than doing it outside. Why? Inside the fund, you’re using tax-deductible super contributions to build your deposit. And once retired, rental income and capital gains can be completely tax-free if you’re in pension phase. Try getting that deal outside super!

And finally—life insurance? Always hold it inside your SMSF. Premiums are paid with pre-tax dollars and the fund gets a deduction. If there’s a claim, the payout has tax concessions and can provide massive support to your family when it matters most.

So, if you’re ready to take control of your super, protect your family, and build your wealth—then an SMSF is the answer.

📧 Want tailored advice?

Contact Grant directly at grant@grantabbott.com

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