Self-Managed Super Fund (SMSF) Regulation: Who Qualifies and What You Get
Learn how self-managed super funds work in Australia, including the level of control you gain and the personal responsibilities involved.
A Self-Managed Super Fund (SMSF) is a type of superannuation fund that allows individuals to manage their own retirement savings rather than using a large-scale provider.
Who it's for
This is for investors who are willing to take on the role of trustees to manage their own fund.
What you get
The primary benefit is gaining total control over your investment choices, allowing you to decide how your superannuation is allocated.
What it costs you
Managing your own fund comes with a high compliance burden. You will need to undergo an annual audit to ensure everything meets the required standards.
The catch to know
As a trustee, you are personally liable for every investment decision made by the fund.
How to apply
- Decide if you are ready to take on the legal responsibilities of a trustee.
- Set up your fund and appoint trustees.
- Register your fund with the relevant government body.
- Ensure you have systems in place for annual audits and compliance.