SMSF
1 min read
Is a self-managed super fund right for you?
An SMSF gives you control over your retirement savings — but it comes with real responsibilities. Questions to ask before you start.
A self-managed super fund (SMSF) lets you and up to five other members decide how your retirement savings are invested. That control is attractive, but every member also becomes a trustee with legal responsibilities.
Questions to ask yourself
- Do I have the time and interest? Trustees must make investment decisions, keep records and follow the super rules.
- Is my balance large enough? An SMSF has fixed yearly costs, including accounting, the independent audit and the ATO supervisory levy.
- What do I want to invest in? An SMSF must have an investment strategy, and investments must be for the sole purpose of providing retirement benefits.
What every SMSF must do each year
- Prepare financial statements and member statements
- Have the fund audited by an approved SMSF auditor
- Lodge the SMSF annual return with the ATO
How we help
We can talk through whether an SMSF suits you, set up the fund and trustee correctly, and look after the yearly compliance. See SMSF & Wealth Planning.
This article is general information only and is not personal financial advice.
Need advice on your situation?
General information only — speak with a Registered Tax Agent before acting.
