Each year, more Australians are taking control of their superannuation savings by opening an SMSF. But that doesn’t mean an SMSF is right for everyone.
As an SMSF trustee, you need to take full responsibility for managing your fund’s investments. You also need to create and update a written investment strategy, document investment decisions, keep up to date with legislative changes, and regularly complete large amounts of paperwork.
And while an SMSF can be a highly cost-effective choice for investors with larger super balances, it can be expensive for those with less to invest. That means SMSFs are generally only suitable for active investors who have the time and experience to manage their own investments.
And if you decide to open an SMSF, we can support you with every aspect of setting up and running your new fund — creating a trust deed and investment strategy, applying for an ABN and TFN, and completing all of the regulatory documentation required for full compliance with Australia’s complex super laws.