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.
It's best to see a qualiﬁed, licensed professional to help you decide. The Australian Securities and Investments Commission website has information about choosing a financial adviserExternal Link.
An SMSF must be run for the sole purpose of providing retirement benefits for the members or their dependants. 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. These things are illegal.
Duration 2:18. A transcript of Why do I want an SMSF? is also available.
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SMSFs are not for everyone and you should think carefully before deciding to set one up. It is 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. Either way you should get professional advice.