Is an SMSF right for me?

Before you decide to set up an SMSF you should think about whether it’s suitable for your personal needs, objectives and financial circumstances. There are a number of things that can help you decide whether an SMSF is right for you.

What are my investment goals?

With an SMSF you can invest in assets that are generally not available in other types of super funds. For example, if you want to borrow to buy a property with your super you can only do this with an SMSF.

Do I have enough super?

Generally, it’s agreed that more than $200,000 is needed to make an SMSF cost-effective. Not every member is required to have $200,000, the fund balance can be made up of the total super savings of up to four members. This figure is a general guide only.

How much do I need to know about superannuation?

You need to have enough financial knowledge to understand and undertake your responsibilities as trustee. You don't need to be an expert but you do need to be willing to learn about the rules of your fund or work with someone who can guide you such as Heffron, a financial adviser or a lawyer. Heffron are experts in SMSFs and can help ensure you follow the rules and meet your responsibilities.

How much time do I need to manage my SMSF?

You will need to dedicate time to making sure your SMSF is managed in an effective and compliant manner. The amount of time you spend will depend on who you partner with. By partnering with Heffron, you will save time on ensuring your fund is compliant with the rules because we do all this for you. 

For more information on whether an SMSF may be suitable for you, refer to the ATO website.