A Self Managed Super Funds is all about control
The difference between a self-managed super fund (SMSF) and other superannuation funds is that the members of a SMSF are also usually the trustees.
Put simply, this means that the members of a SMSF are responsible for complying with all the laws governing superannuation and how it's taxed, but at the same time, they are directly in control over how and where their savings are invested.
Creating a SMSF is an important financial decision; you need to have the time and the skills make it work properly.
If you want to set up a SMSF we recommend making an appointment to see a qualified and licensed professional to help identify if a SMSF is right for you. Running A self managed super fund can require a great deal of financial and legal skills to get the most out of it.
Typical requirements for starting a SMSF:
- Become a trustee or a director, which comes with a number of legal obligations
- Create and follow an investment strategy that demonstrates it's ability to meet your retirement requirements.
- Only use funds to provide retirement benefits (these areas can be quite complex)
- Keep detailed and comprehensive financial records and be prepared for yearly financial audits.