Just like DIY around the house, DIY super is not for everyone. SMSFs can provide you with a greater level of control over your super, but it comes with added responsibilities.
Australians have a love affair with investing in property and so it’s no surprise that the only form of super that allows you to invest directly in property, has been the fastest growing sector of the super industry.
A downside to having an SMSF is the increased time and effort you will be required to meet the added responsibilities under the law that you will have as Trustee of your own fund. Even if you employ professionals such as accountants and financial planners to help you, at the end of the day you are still the one responsible in the eyes of the law.
There are some fixed costs in setting up and running your SMSF, and various studies have shown you generally need over $250,000 in super to make it worthwhile from a cost perspective.
So, if you have over $250,000 in super, you want to take more control over your super or you want to invest in direct property through your super fund, and you are prepared to the added time and effort in managing your own super, we can help you set up and manage your SMSF. Our particular expertise is in advising on and managing your SMSF investments.
*Australian Taxation Office 2015, Self-managed super fund statistical report – June 2015. Available from: ATO Website