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Is an SMSF right for me?
Self managed superannuation funds (SMSFs) are an increasingly popular option for investors seeking greater control and flexibility of their superannuation. At the same time, you need to consider the wide–ranging reporting requirements and compliance obligations when deciding if an SMSF is right for you.
SMSF set up
While there is no statutory minimum required to set up an SMSF, you generally need a minimum of $200,000 of assets to make it cost effective. However, cost is only one consideration. Your obligations as an SMSF trustee are extensive.
What you need to know
Before deciding whether an SMSF is right for you it pays to consider the key advantages as well as the drawbacks of an SMSF.
Advantages
Drawbacks
Establishing and maintaining an SMSF involves:
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