Creating and managing your own superannuation fund is a big responsibility. Superannuation is meant for your retirement, so there are special rules about how it’s managed and when you can obtain it.

The ATO regulates self-managed super funds (SMSFs) and The Australian Securities & Investments Commission (ASIC) regulates financial services and company laws to protect you.

The ATO and ASIC want to ensure anyone considering setting up or joining an SMSF has the necessary information they need to make the right decisions. If you want to manage your own superannuation, there are many factors you need to consider. To work out whether an SMSF is right for you, it’s important you take the following six steps:

• Consider your options and seek professional advice.
• Ensure you have sufficient assets, time and skills to manage your own fund.
• Follow the superannuation and tax laws and understand the risks.
• Be sure you can meet your record keeping and reporting obligations.
• Make sure you understand your annual auditing obligations.

There are strict rules that govern how you can use an SMSF and how you can invest your money. Thus, because Self Managed Super Funds can be difficult, you can choose to consult with our professionals for assistance to help kick-start your own SMSF.