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SMSF Details Explained
A self-managed super fund (SMSF) is a private super fund that you manage yourself. SMSFs are different to industry and retail super funds.
When you manage your own super, you put the money you would normally put in a retail or industry super fund into your own SMSF. You choose the investments and the insurance.
Your SMSF can have up to four members, who are friends or family. Most SMSFs have two or more. As a member, you are a trustee of the fund — or you can get a corporate trustee. In either case, you are responsible for the fund.
While having control over your own super can be appealing, it’s a lot of work and comes with risk.
Only set up your own super fund if you’re 100% committed and understand what’s involved.
When weighing up whether to seek advice, and the type of provider you should choose, consider factors such as:
- Your level of knowledge about SMSFs and investments
- The extent to which you want (or need) to outsource tasks associated with setting up and managing your SMSF.
- It’s important to understand that even if you outsource some tasks, as a member of an SMSF you’ll also be a trustee of the fund and ultimately responsible for its compliance with superannuation and taxation legislation.
