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Is SMSF right for me

Before you decide to set up a self managed superfund you should think about whether it is suitable for your personal needs, objectives and financial circumstances.

There are a number of things that can help you decide whether self managed superfund is suits you.

Your objective

Will your objectives be best met by a self managed superfund?

Sufficient superannuation

You will need to determine whether you have enough in superannuation for a self managed superfund to be cost-effective and achieve investment diversification. Opinions vary as to how much superannuation money you need to make a self managed superfund effective. As your fund balance increases, it reduces the relative costs. Generally, it is agreed that above $200,000 is needed, however, this may be lower. It can be the sum of superannuation from up to 4 members.

Financial knowledge

Generally, you will need to have some financial knowledge and experience or use a financial adviser to assist you in running your self managed superfund.

Time

You will need to dedicate some time to making sure your self managed superfund is properly managed and records are kept in order.