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SMSF – Your questions answered, day three – what should I ask before setting up a SMSF?

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Before you create your SMSF, ask yourself:

  • Do I have the skills and time to manage my SMSF?
  • Am I diligent and organised with an eye for detail? Or, am I willing to pay for those who are?
  • Do I have adequate funds to pay for accountancy or legal advice in helping establish the fund?
  • Am I a confident and knowledgeable investor?
  • Am I keen to become my own fund manager and do the research?
  • Am I happy to read all the rules from the ATO to ensure I’m legally compliant?
  • Will I keep to those rules?
  • How will I set up the fund’s strategy?
  • How will I get the advice for buying the assets in the fund?
  • Will I get a greater return than what I could get in a regular super fund?

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Wednesday, December 22, 2010

The Switzer Super Report is a newsletter and website for self managed super funds. With exclusive commentary from Peter Switzer, Roger Montgomery, Paul Rickard and Charlie Aitken the Switzer Super Report will help you maximise your after tax investment returns and grow your DIY Super. Click here for a free trial or subscribe today.

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