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LifeTime Financial Group has been providing financial advice for more than 20 years and are now advising on Self Managed Super Funds (SMSFs). These are funds for people who can invest at least $250,000 and are able to manage their own funds on their own or with other people (called trustees).
You could open a SMSF as an individual or corporation but they all need to comply with the Australian administrative, taxation and legislative obligations. Since the obligations are quite complex, this is where LifeTime Financial Group can be of assistance.
As mentioned above, LifeTime Financial Group SMSF requires a minimum investment of $250,000 in order to cover high management and consulting costs since law and tax consultants will be involved in this process. As a trustee, please bear in mind that you are responsible and you need to comply with the applicable laws, besides following the rules stated with the other trustees (if applicable).
You should also be an experienced trader or investor so you can diversify your portfolio or set investment targets or retirement targets. If you are not comfortable with this, this is when you’ll need extra support from a LifeTime Financial Group adviser.
SMSFs are different from other types of superannuation funds as:
The SMSF requirements are:
There are two types of allowable contributions:
Each member has some contribution caps, whose level depends on the type of contributions: they can be concessional (employer or personal contributions claimed as an income tax deduction) or non-concessional (personal contributions not claimed as an income tax deduction). If you exceed either of the contribution caps you could pay additional taxes.
The investment strategy of your SMSF has to be designed in order to guarantee a minimum level of performance and make your retirement savings profitable. LifeTime Financial Group will help the trustee or trustees set a plan to find:
The permitted investments:
If you set a wrong investment strategy, you could be fined and lose tax advantages as well as put your super fund at risk.
If you would like to take advantage of the services offered by LifeTime Financial or have any questions regarding your new or existing SMSF, please complete the enquiry form above this page. When you’ve submitted your enquiry, a consultant from LifeTime Financial will get into contact with you promptly.
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I am a registered nurse and have been on sickness benefits for the last 6 months. I understand that it may be possible for me to access some of my super as I am in financial hardship. Please advise me how I can apply to have some money released to me.
Hi Susan,
Thanks for your question.
If you wish to learn more, please read more about our guide on early release of superannuation.
I hope this helps.
Cheers,
Anndy
I have bad credit and now a 28 thousand dollar debt from toll i don’t know what to do. I know this is my fault but my partner and i are lost and don’t know where to turn. I need help as i fear we are going to loose everything
Hi Dan,
Thanks for your question.
I’m sorry to hear about your problem. I know how difficult it could be with so much debt to handle. It might be not a good idea to get another loan since it may only bring you down deeper into your debt. Moreover, your options could be limited and if ever you get a loan, you may be charged with high-interest rates.
For this reason, please read our guide on how to pay off and manage your debt. Moreover, it would be wise to contact the free financial counselling hotline service on 1800 007 007 to help you get as much information as possible regarding your situation before you apply for a loan.
I hope this helps.
Cheers,
Anndy
I have recently relocated from Australia to France to live with my parents who are both pensioners. Originally from the UK (I have dual nationality). I am not eligible for unemployment benefit in either France or the UK (I do not meet the criteria of either country). I am however eligible for a tax rebate from the ATO which is being processes but I was wondering whether or not, given my current work status (unemployed) and unable to speak French fluently, which I believe will cause a problem with finding regular employment, if I may be eligible to make an early claim from my super fund.
Kind regards
Joanna
Hello Joanna,
thanks for the question.
According to the Department of Human Services you can get access to superannuation early if:
– you experience severe financial hardship
– you have a terminal illness
– you experience permanent incapacity
– your balance is $200 or less, and
– permanent departure from Australia
– specific compassionate grounds e.g medical or dental treatment for you or your dependant, arrears on your mortgage, expenses associated with your dependant’s death, funeral or burial etc.
If you feel your reason fits into these you should speak to your superannuation provider directly.
I hope this helps,
Marc.