February 03, 2017 / by Emma Jones

The idea of setting up an SMSF might seem very attractive, especially now when it’s taking Australia by storm, but keep in mind that this superannuation trust is definitely not for everyone. You should consider your own circumstances and goals and you may need a financial adviser or an SMSF specialist to help you with that. Having your own SMSF comes with a lot of responsibilities so you need to make sure you’ll be meeting all the regulations such as reporting, tax obligations, administrative work etc. For most people dealing with an SMSF comes with an extra responsibility and that’s studying all the tricks of finance and economy. This is why seeking a professional advice, especially for dummies in the field, should be the first step to setting up a self managed super fund.

Professionals will help you prepare your fund account, they will assist you with the investment strategy and they will review your trust deeds and make sure they are compliant with the superannuation legislation. If you rely on experts, the road to setting up a self managed super fund will be easier and quicker. The whole process by itself can be really frustrating and rather boring, but when financial advisers and lawyers are doing the job for you, you’ll feel like the job had been finished in no time.

Many people, however, fear that professional services will have some kind of control over their SMSF, but that’s definitely not how it’s done. You will still have absolute control over it and another plus side is that all SMSF services offer an online platform which means you’ll have 24/7 access to your SMSF account. This means you can act quickly and if there’s any kind of problem you can notify your accountant or financial adviser and they will make sure no mistakes are made in the running of your fund. Another plus side of relying on SMSF professionals is that they will keep you updated with the latest investment opportunities and help you take advantage of them as soon as they arise. They can also help you with buying and selling assets such as direct property or give you the details of borrowing in order to invest in your SMSF.

There are many rules to follow when it comes to setting up a self managed super fund and most of them are not simple. Providing yourself and the other members of the SMSF with a secure future is possible in the hands of SMSF professionals who, depending on their knowledge and experience, will make your superannuation fund the best economic investment of your life.