Some people are being encouraged to set up a self-managed super fund (SMSF) or roll over their super to access a specific investment opportunity.
An SMSF is a long-term retirement structure. It should support your retirement goals, not just one investment opportunity.
If the main reason you are being encouraged to set up an SMSF is to invest in one property, cryptocurrency or another investment opportunity, stop and ask why.
Someone may approach you with an investment opportunity and suggest setting up an SMSF or rolling over your super is the best way to access it.
ASICExternal Link recently expanded its list of known businesses collecting personal details through online ads and forms. These details can lead to people being contacted about financial products, investments or SMSF arrangements.
They may describe it as exclusive, urgent or likely to deliver high returns. They may pressure you to act quickly or move your super before you have had time to properly consider the risks.
These are warning signs.
Before you act, ask yourself:
- Why am I being encouraged to set up or roll over to an SMSF?
- Do I understand what managing an SMSF involves?
- Have I checked whether the person or business is registered to give this advice?
- Have I spoken to someone independent who is not connected to the investment?
It's okay to slow down, ask questions or step back from an arrangement if something does not feel right.
As an SMSF trustee, you are responsible for your fund’s decisions and making sure it complies with the law.
Your SMSF must support your retirement, not just one investment opportunity.
Before you commit, make sure you understand both the investment and the SMSF structure.
Learn about common SMSF schemes and how to protect yourself at SMSF schemes.
If someone approaches you about a suspicious arrangement, you can report it confidentially using out tip-off form or by calling 1800 060 062.
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