Self Managed Super Funds

Self-managed super funds (“SMSF”) allow people to control their own super investments while building their super’ for retirement.  If you establish an SMSF, you are responsible for managing it in accordance with the superannuation law and reporting to the Australian Taxation Office on its operation.

Managing your own super can be a significant responsibility.  There are rules that govern how you can use a SMSF, how you can invest the funds, and when you can access the money invested.

Before deciding whether to manage your own super, think about the following:

  • Consider your options and seek professional advice.

    If you are not confident you can achieve a better result by managing your SMSF than another type of super’ fund, you may be better off not establishing an SMSF.

  • Make sure you have enough assets, time and skills.

    To establish a competitive fund you need a reasonable level of superannuation funds to invest and be willing to manage the fund.  At times you may need to consult with professionals and advisers, which adds to the cost of managing your fund.

  • Understand the risks and laws.

    All financial decisions carry risk. It is important to think carefully about your investment options so that you balance the risk against the level of financial return. You also need to be sure your super investments comply with the law.

"Australian Government - Understanding your money - SMSF"