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Your responsibilities
If you set up an SMSF, youâre in charge â you make the investment decisions for the fund and youâre held responsible for complying with the super and tax laws. Itâs a major financial decision and you need to have the time and skills to do it. There may be better options for your super savings.
An SMSF must be run for the sole purpose of providing retirement benefits for the members. Additionally, all decisions you make as trustee of your SMSF must be in the best financial interests of the members.
Donât set up an SMSF to try to get early access to your super, or to buy a holiday home or artworks to decorate your house. This is illegal and severe penalties apply.
Find out how we are stopping schemes to illegally access super.
You also need to be aware of anyone promoting illegal schemes to access your super early. If you have any doubts, contact us on 13 10 20.
Itâs best to see a qualiïŹed, licensed financial adviser to help you decide if a SMSF is right for you. The Australian Securities and Investments Commission website has information about choosing a financial adviser.
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Before setting up an SMSF
If youâre considering setting up an SMSF, make sure it is right for you before making your decision. See more detail on:
- comparing SMSFs with other super funds
- considering the costs, time and skills needed
- how to correctly set up an SMSF.
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QC23301 â https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/thinking-about-an-smsf
