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A comprehensive guide to understanding if managing your own super is the right choice for your financial future.
A self-managed super fund (SMSF) is a private superannuation fund that you manage yourself. Unlike retail or industry super funds, SMSFs provide complete control over how your super is invested, but they also require serious legal and financial responsibilities.
Each SMSF can have up to six members, all of whom are either individual trustees or directors of a corporate trustee. All members must be actively involved in making decisions for the fund and are legally responsible for ensuring compliance with super laws.
Learn more from the official ATO SMSF overview.
Running an SMSF means taking on responsibilities that include:
The risks include:
The cost to establish a SMSF typically ranges from $1,000 to $3,000. This includes creating the trust deed, registering for an ABN and TFN, and handling rollovers from other super accounts. Once your ABN and TFN are verified, you can open a bank account and transfer existing super balances.
Ongoing costs vary depending on complexity, generally ranging from $1,000 to $4,000 per year. These include:
The process takes around 6 weeks depending on the ATO’s checks. Issues like overdue tax returns can delay or disqualify SMSF registration.
SMSFs can invest in a wide variety of assets, including:
All investments must meet the "sole purpose test" — meaning they must solely benefit the members in retirement. You’ll also need to document how each investment fits your strategy, risk tolerance, and retirement goals.
Yes, an SMSF can invest in cryptocurrency. It has become increasingly popular among trustees looking to diversify into assets like Bitcoin or Ripple. Crypto assets must be held in the name of the SMSF — not in your personal name — and stored securely in wallets or on exchanges registered to the fund.
Trustees must ensure that crypto holdings are accurately valued and reported in tax returns and that risks are disclosed to all members.
SMSFs can buy both residential and commercial property. Business owners often use SMSFs to purchase commercial property that their business then leases — offering long-term super growth.
If the SMSF needs to borrow, it must do so under a Limited Recourse Borrowing Arrangement (LRBA), where the lender's rights are limited to the asset being financed.
You can transfer all or part of your existing super balance into your SMSF. Some members keep a portion of their balance in a retail or industry fund, particularly if that fund includes valuable insurance coverage.
Before closing your current super account, make sure you understand all exit fees and insurance impacts.
Every SMSF must appoint trustees. You can choose:
Corporate Trustees provide benefits like simpler succession and better asset protection. Most banks and lenders prefer this structure for loans.
Super funds — including SMSFs — are preserved until a condition of release is met. Most people access their super at or after age 60, when they retire or begin a transition-to-retirement income stream. At 65, access is automatic regardless of work status.
Setup includes a trust deed, choosing trustees, registering for ABN/TFN, and opening a bank account. Ongoing management involves compliance, investment decisions, and annual auditing.
Setup: $1,000–$3,000. Ongoing: $1,000–$4,000 annually. Costs vary based on fund size and complexity.
Approximately 6 weeks, depending on ABN/TFN approval and any ATO compliance issues.
Yes, if compliant with fund rules and properly documented under the SMSF’s name.
Yes, including using a Limited Recourse Borrowing Arrangement for leveraged property purchases.
Optional. Many retain other funds for insurance coverage while rolling over most of their balance.
Corporate Trustees offer succession and administrative advantages, and are required for single-member SMSFs.
Typically from age 60, once you meet a condition of release. Earlier access is illegal unless approved by the ATO.
Ensure annual audits, accurate reporting, compliance with investment rules, and proper trustee behavior at all times.
Find a trusted SMSF provider, accountant, or adviser. Choose your trustee structure, name your fund, and get started.
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