It is essential that anyone considering setting up or joining a Self Managed Super Fund (SMSF) has the information they need to make the right decision.
If you want to establish your own ‘Do-It-Yourself’ super fund, there are many factors you need to think about.
The following are some of the important matters to take into consideration when establishing or running your own fund:
- Make sure you have enough assets, time and skills (or a suitable adviser) to run your own fund.
- Keep up-to-date with the super and tax laws and understand the risks.
- Tailor your trust deed and investment strategy to suit the members of your fund.
- Make sure you can meet your record-keeping and reporting obligations.
- Make sure you understand your annual auditing obligations.
There are strict rules that govern how you can use an SMSF and how you manage the fund’s investments. Your fund must be maintained, at all times, for the sole purpose of providing retirement benefits to your members.
It can be difficult as well as time consuming to manage an SMSF, so it is crucial you consider all of your superannuation options. Make sure you seek professional advice before establishing a fund and have your support team in place to assist with the ongoing management and running of the fund.
Starting an SMSF is a very important decision, so we recommend you see a qualified and licensed professional like the team at OBT Financial Group in Gatton to help you decide if an SMSF is right for you. Call us on 5462 2277 today.