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  • Thinking about self-managed super

    If you set up a self-managed super fund (SMSF), you're in charge – you make the investment decisions for the fund and you're held responsible for complying with the super and tax laws. It's 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 or their dependants. Additionally, all decisions you make as trustee of your SMSF must be in the best financial interests of the members.

    Don't 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.

    It's best to see a qualified, 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 adviserExternal Link. Be aware of individuals who may be promoting illegal schemes. If you have any doubts, contact us.

    If you are thinking about setting up a SMSF, make sure you read through all of our web content, including what is involved in setting up a SMSF. You can also download our Starting a self-managed super fund publication.

    Media: Why do I want an SMSF
    http://tv.ato.gov.au/ato-tv/media?v=bd1bdiubfi6zorExternal Link (Duration: 02:18)

    If you're considering setting up an SMSF, see our resources below for more information:

    Authorised by the Australian Government, Canberra. 

    Last modified: 10 Aug 2022QC 23301