Managing your own super is a big responsibility.

Super is meant for your retirement, so there are special rules about how it is managed and when you can get it.

If you want to manage your own super, there are many factors you need to consider. To work out whether an SMSF is right for you, it is important you take the following six steps:

1. Consider your options and seek professional advice.
2. Ensure you have sufficient assets, time and skills to manage your own fund.
3. Follow the super and tax laws and understand the risks.
4. Tailor your trust deed and investment strategy to suit the members of your fund.
5. Be sure you can meet your record keeping and reporting obligations.
6. Make sure you understand your annual auditing obligations.

There are strict rules that govern how you can use an SMSF and how you can invest your money. It can be difficult, so at More Group Accounting, we help you all areas including initial set up and ongoing management.

The Australian Taxation Office (ATO) regulates self-managed super funds (SMSFs). The Australian Securities & Investments Commission (ASIC) regulate fnancial services and company laws to protect you. The ATO and ASIC want to ensure anyone considering setting up or joining an SMSF has the information they need to make the right decisions. You must seek financial advice from a financial planner to determine if a SMSF is suitable for you.