Before you decide if an SMSF is right for you, you should have an idea of what's really involved.
Look at these myths and facts about SMSFs before deciding if you want an SMSF.
SMSFs are often called do-it-yourself funds or DIY super – but that isn't really the case. Meet the people who you will have to work with or who can help you meet your obligations as an SMSF trustee.
- Setting up your SMSF
- SMSF trustees – individual or corporate
- Trustee declaration
- Planning for the unexpected
Here are some of the key steps you need to take when you set up your SMSF.
Deciding on the type of SMSF trustee is important. This video will help explain the difference between individual trustees and corporate trustees.
A trustee declaration must be completed and kept on file by SMSF trustees.
Life is full of surprises. Plan ahead to help your SMSF deal with unexpected issues such as a relationship breakdown, incapacity or an untimely death.
- Separation of assets
- Loans and early access
- SMSF – related party transactions
- Arm’s length
- Borrowing and limited recourse borrowing arrangements
- Business real property
SMSF assets must be kept separate from your personal or business assets. Learn more about how to protect your fund's assets.
Some people mistakenly think that an SMSF can provide them with a loan or they can access their super whenever they like. This is not the case. Watch this video for more information.
Can your SMSF have transactions with related parties? This video will help you understand the rules and the pitfalls.
Are you conducting your SMSF’s transactions at arm’s length? If you aren’t sure, watch this video and learn more about what this means.
Can your SMSF borrow to buy an asset? Watch these case studies to learn more.
What is business real property and can your SMSF invest in it?
Plan ahead before making super benefit payments to a member. Make sure your fund has enough cash to make minimum annual payments.
When can you access super from your SMSF? This video will explain conditions of release.
If a member dies, what happens to your SMSF and the member’s benefits? This video helps you to understand what you need to do.
- Annual obligations
- The annual audit
- Investment strategy
- Record keeping in your SMSF
- What happens if your fund breaches the law?
- When should I wind up my SMSF?
Make sure you meet all your SMSF obligations before lodging your fund's annual return.
What’s involved in the annual audit of your SMSF? This video guides you through the process.
Your SMSF's investment strategy is the framework that guides your investment decisions. It pays to have a good investment strategy that is regularly reviewed. Watch this video to learn what factors your SMSF's investment strategy needs to take into account.
Learn more about SMSF record-keeping requirements, the types of records that must be kept and for how long.
Has your fund breached the super laws? This video shows possible consequences and how you may be able to influence the outcome.
Thinking about winding up your SMSF? Here are some common reasons for winding up and the steps to follow to get it done.