A SMSF is not appropriate for everyone and the ATO warns that you should consider the following challenges before proceeding to set one up:
 

• Managing your own super is a big responsibility. There are strict rules that govern how you can use an SMSF, how you can invest the fund’s money and when you can access your super. The law governing super includes but is not limited to the following:

  • Superannuation Industry Supervision Act and associated Regulations

  • Income Tax Assessment Acts and associated Regulations

  • Corporations Act and associated Regulations

  • Family Law Acts and associated Regulations

  • are imbedding mainly in the Superannuation and Investment
     

• Consider your options and obtain professional advice if you are not confident in your knowledge of the super industry, investment options, financial returns and the associated levels of risk.
   

• Make sure you have enough assets; the industry generally agrees that an amount of $150,000 to $200,000 is required to run a cost competitive fund.
   

• Make sure you have the time and skills required to run your fund. You can engage professionals to assist you with the running of your fund but you can’t delegate your legal responsibilities as a trustee.