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Learn about the pros and cons of running an SMSF
A self-managed super fund (SMSF) is a private superannuation fund that you manage yourself. Unlike super funds, the members of an SMSF are responsible for all parts of the fund including taxation, investing, and compliance.
Essentially, an SMSF is a way of saving for your retirement that gives you ultimate responsibility over your superannuation.
While there are some benefits of opening an SMSF, it's important to understand some of the risks involved as well.
Did you know?
SMSFs with balances below $500,000 generally have lower returns after expenses and tax compared to other types of super funds (Productivity Commission, 2018).
According to MoneySmart, you should only set up an SMSF if you are 100% committed and understand the level of work and risk involved. You should also speak to a financial adviser about whether it is the right option for you before taking action. The Australian Taxation Office (ATO) website has some good questions to ask yourself if you're thinking about setting up an SMSF.
Before you set up your SMSF, make sure you have a plan for how and when you want to close your account. If you decide you don’t want to manage your SMSF anymore, consider rolling over your money to a QSuper account, if you're eligible. More information about how to close your SMSF.
SuperStream is an online messaging system between SMSFs, APRA funds, and the ATO to process rollovers of super.
You don't have to set up an SMSF to choose your own investments. If you want more control over your super, you can choose from a range of investment options without having to worry about the administration, compliance, and reporting obligations that come with managing an SMSF.
If you're already a QSuper member, it takes less than 5 minutes to sign up for Self Invest in Member Online.