Things to consider before starting an SMSF

  • Do you have enough time, knowledge and skills to manage your own super and meet your legal and other obligations?
  • Do you need the additional benefits an SMSF can provide?
  • Do you have enough super to make an SMSF cost-effective, which is generally upwards of $350,000?

You should also seek professional advice or guidance when deciding on the best superannuation solution for you.

Running your fund

There are many professionals who can help in setting up or running your fund. These include:

  • A fund administrator, who can help you set up and look after the day-to-day running of your fund. Find out more about our set up and administration service.
  • Financial advisers, who can help you prepare, implement and review your fund's investment strategy. Find out more about our Financial Advisers.
  • Accountants and registered tax agents, who can look after your fund's record keeping and reporting requirements, and provide taxation advice.

Benefits and risks of an SMSF

Benefits

  • More investment control You directly control where and how your super is invested.
  • More investment choice You can choose from a wide range of investments.
  • One fund for the family You can set up a fund for yourself and up to three other people. So you can consolidate your super balances. 
  • Borrow to make larger investments Your SMSF could make a larger investment in assets such as shares and property by using cash in your fund and borrowing the rest.

Risks

  • Fund requirements There are strict legal obligations for running your own fund, and penalties apply if you don’t meet these requirements.
  • Time and money It costs time and money to set up an SMSF, and deal with the day to day requirements of running your SMSF. There are also ongoing fees that you need to be aware of such as auditor fees and annual accounts and return preparation costs. 
  • Making investments As a trustee, you determine which investments make up your fund. If you don’t have the right knowledge to make informed decisions, you could affect your retirement savings.
  • Regulatory changes You need to be aware of any changes to the superannuation laws and make sure your fund is compliant.

Set up your SMSF

Ready to start up an SMSF? We can help.

Set up your SMSF

Research and Insights

Is an SMSF right for you? , opens in new window

Before you set up an SMSF, it's important to consider whether running your own super fund is right for you.

SMSF requirements , opens in new window

Learn more about the difference between individual and corporate structures.

Your responsibilities as trustee , opens in new window

Find out about the legal obligations of an SMSF trustee.

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Important information