Thinking About A Self Managed Super Fund

The following article aims to give you a more detailed introduction and understanding of how a self managed superannuation fund works and the considerations before establishing and setting up a SMSF.

The Australian Taxation Office (ATO) regulates self-managed super funds (SMSF’s). The Australian Securities and Investments Commission (ASIC) regulate financial services and company laws to protect you.

The article was produced by the ATO and ASIC to ensure you gain a good insight into self managed super funds and covers the following:

Six steps to work out if managing your own super is right for you.

1. Consider your options and seel 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 obligation
6. Make sure you understand your annual auditing obligations

There are strict rules surrounding how you can use a self managed super fund and how you can invest your money,  it is important that you consult with SMSF professionals and financial advisors.