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Post by Wayne Shultz on Sept 26, 2023 9:04:34 GMT
An SMSF is a self-managed super fund that you manage yourself, instead of relying on a professional fund manager. SMSFs can give you more control, flexibility and choice over how your retirement savings are invested, but they also come with more responsibilities, costs and risks. You need to comply with the superannuation and tax laws, and report to the Australian Taxation Office (ATO) regularly. You also need to have enough time, money and knowledge to run your SMSF effectively.
Melbourne is one of the most popular and competitive property markets in Australia, with a median house price of $1,022,927 as of June 2023. Many SMSF trustees in Melbourne choose to invest in property through their SMSFs, as it can provide capital growth, rental income and tax benefits. However, there are also some challenges and risks involved, such as borrowing restrictions, liquidity issues, diversification problems and compliance costs. Therefore, it is important to seek professional advice from an SMSF specialist or accountant before making any property investment decisions.
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