Self-managed super funds give you control over your super. As you are the trustee, you can choose your service providers and decide how your superannuation is invested. You may have access to investments not provided in a regular super fund and, depending on the size of your account, may benefit from tax and fee savings.
However, self-managed funds don’t suit everyone. Not everyone has the time or dedication it takes to manage an investment portfolio and you may lose many of the extra benefits available with other superannuation providers.
It’s important to ask yourself the following questions:
- How much do I have to invest?
- What are the costs?
- What are my responsibilities?
- What are the risks involved?
- Can I take control of my super another way?
If you are considering taking on the responsibility for a self-managed fund, we recommend you speak with a licenced financial planner.
ASIC's Money Smart website provides information about some of the obligations and risks that super members should consider before taking on the personal responsibilities and legal liabilities of becoming a superannuation trustee for themselves.