Self-Managed Super Funds

For those unsure of whether an SMSF is right for them, the following checklist provides important considerations:

• Do you have enough money in super to make it economical?
• Are you eligible to be a trustee – i.e. not an undischarged bankrupt or have not been convicted of an offence involving dishonesty or a civil penalty order?
• Are you based in Australia so that control and management rests within Australia?
• Do you have the time and willingness to accept and understand the trustee responsibilities?
• Do you wish to have total control over your superannuation savings?

* These questions need to be answered for anyone thinking of commencing or joining an SMSF.

If the answer to any of these questions is no, an SMSF is unlikely to be suitable.

If all questions are answered yes, the next level is to drill down into the motivations that may make an SMSF a more effective choice for you than another superannuation fund type.

This might be based on your personal motivations or strategy advantages. It pays to seek professional advice to assist you with this decision-making process.