SMSF Superfund - Is a Self Managed Super Fund (SMSF) right for me?
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Is a SMSF Right for Me?

is SMSF Self Managed Super Fund right for me

Whilst there may be many benefits associated with running your own self managed super fund (SMSF), it is also important to understand and recognise that with the additional flexibility and control, comes greater responsibility.

 

SMSF trustees are typically people from vastly different financial and cultural backgrounds but they generally share a common characteristic, in that they want to make the most out of their super and are prepared to take an active role in building their retirement security. There are a number of questions to consider when you are thinking about setting up a self managed super fund (SMSF), such as:

 

  • Do you have the time and inclination to maintain your knowledge of investments and legislation changes associated with your SMSF;
  • Do you understand what your responsibilities and requirements are as a SMSF trustee?
  • Is your fund balance of an adequate size to make a SMSF a suitable option?
  • Are you looking to invest in asset classes not usually covered by the typical industry funds?

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A SMSF is generally suitable for someone who has a willingness to learn and comply with the rules associated with SMSFs, enjoys being actively involved in decision making and has an interest in investment markets.

 

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Here’s a quick checklist to see if you are suitable to be a SMSF trustee:

 

  • Are you confident in making decisions affecting your financial future?
  • Do you have time to understand your responsibilities as a SMSF trustee?
  • Are you organised and good at keeping copies of important paperwork?
  • Are you familiar with different types of investments?
  • Do you have time to monitor your investments on a regular basis?
  • Are you willing to seek investment and compliance advice if you need it?

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Running your own super fund can be a very rewarding experience and a hugely beneficial wealth creation vehicle. If you want to enjoy the benefits of a SMSF without all of the burden, then we can help guide you on your journey and take the compliance work and worry off your hands.

 

For more information see the Australian Taxation Office document

“Thinking about self-managed super”

ThinkingAboutSMSFATO