Is a Self-Managed Superannuation Fund (SMSF) Right For Your Finances?

Considering setting up a SMSF? Establishing your SMSF can get you access to greater flexibility over your finances and more control over your asset investment allocation with customised investment opportunities. Be it investing in property, shares, cash, or futures, you can rest easy knowing that you’ve laid down the groundwork for your retirement.

This is an advantage for those who want full control over their superannuation but it also means the members are responsible for complying with all superannuation laws – and administrative penalties can apply for non-compliance.

While having control over your own super can be appealing it is not without risk. Personal responsibilities and liability can take on forms such as:

  • You are personally liable for all the fund’s decisions — even if you get help from a professional, or if another member made the decision.
  • Your investments may not bring the returns you expect.
  • You are responsible for managing the fund even if your circumstances change — for example if you lose your job.
  • There may be a negative impact on your SMSF if there is a relationship breakdown between members, or if a member dies or becomes ill.
  • If you lose money through theft or fraud, you won’t have access to any special compensation schemes or to the Superannuation Complaints Tribunal.
  • You could lose insurance if you’re moving from an industry or retail super fund to an SMSF

Setting up a super fund may seem like a daunting task because of the compliance and ATO requirements, but that’s where we come in. Our superannuation experts at Locmans Advisors can assist you with the creation and paperwork of setting up a SMSF, we’ll also openly communicate what we’re doing, the process of how it will affect you and your business.

Get in touch with one of our experts today.


Ph: (03) 8393 1450