Managing your own super is a big responsibility, so it’s important you make sure it’s the best option for you. Starting your own Self Managed Super Fund (SMSF) will require you to make some important decisions about how to run your fund and structure it.
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 professional advice.
2. Ensure you have sufficient assets, time and 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.