Thinking about Self-Managed Super

Managing your own super is a big responsibility.  Super is meant for your retirement, so there are special rules about how it's managed and when you can get it. 

The Australian Taxation Office (ATO) regulates self-managed super funds (SMSFs).  The Australian Securities & Investments Commission (ASIC) regulate financial services and company laws to protect you.

The ATO and ASIC want to ensure anyone considering setting up or joining an SMSF has the information they need to make the right decisions.

If you want to manage your own super, there are many factors you need to consider. 

To work out whether an SMSF is right for you, it's important you take the following six steps:

1. Consider your options and seek professsional advice.
2. Ensure you have sufficient assets, time an skills to manage your own fund.
3. Follow the super and tax laws and understand the risks.
4. Tailor your trust deed and investment strategy to suit the members of your fund .
5. Be sure you can meet your record keeping and reporting obligations.
6. Make sure you understand your annual auditing obligations.

There are strict rules that govern how you can use an SMSF and how you can invest your money.  It can be difficult, so at times you might need to consult with professionals and advisers, which can add to the cost of managing your fund.  You should consider if such costs and other regular fees and charges will affect the benefits you may get from having an SMSF.

Starting an SMSF is a very important decision, so we recommend you come and see our qualified profesionals to help you decide if it's the right super fund for you . 

• Super is the way most Australians save money to retire.
• Borrowing Through as SMSF
• Carrying on a business in a self-mananged superannuation fund
• SMSF Business Advantage Article
• SMSF trustee education program