With an SMSF you make the investment decisions, and you are responsible for ensuring your fund is in compliance with the legislation.
My accountant has suggested I set up an SMSF. I’m worried that I don’t know what I’m doing when it comes to managing a super fund, but he tells me it’s easy. Should I take his advice?
SMSFs are an alternative way to manage your retirement savings from the more common superannuation fund that you would currently be using. The name highlights their most significant attribute – self-managed. With an SMSFare responsible for ensuring your fund is in compliance with the legislation.In the past, we did a lot of SMSF work. Indeed, I wrote a book on the topic about a decade ago.
Nevertheless, there are some for whom property is their investment religion, and if that is you, then an SMSF would be a way to scratch that itch. For those with large superannuation balances, an SMSF may produce cost savings. However, this will depend on how much of the work you do yourself. If you outsource everything – investment and administration, then likely you would be better off in an alternative structure, with far less headache.
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