Who are self managed super funds for?

Self-Managed Super Funds don't suit everyone. There is a great deal of time and work involved, from keeping immaculate records ready for audit and meeting all reporting requirements for regulatory returns and income tax, to making sure the fund is correctly structured. Fees can cost upwards of $1,700 per annum. Proper, legal investment advice can cost more.

If you have a managed super fund but want to change to an SMSF, then you need to examine closely the benefits, fees and services that will change. Make sure that you don't lose important benefits such as life insurance - or other insurances you may need. You will naturally try to keep all fees and costs down to a minimum.

Remember that you will be held legally responsible for everything to do with the SMSF. If your investments drop in value, then you have to bear the loss yourself. If there are mistakes, the buck stops with you, even if you took advice from someone else. Members of other types of super funds can complain to the Superannuation Complaints Tribunal if things go wrong; you cannot. And you are not eligible for any compensation should you be the victim of fraud or theft.

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