It carries a lot of responsibility to monitor your own super funds. In fact, it requires considerable time and effort.
If you have a lot of excellent and comprehensive knowledge of tax and legal matters, a self-managed super fund (SMSF) may be fit for you.
You need to recognize your legal responsibilities and the investments that you make because even though you employ experts to help you, you're still the one that ultimately controls your own SMSF.
Do-it-yourself Super Fund
The word “Self-Managed Super Funds” basically means to create your own superannuation fund. Having an SMSF is gaining full control of your super - how it is invested and utilised. This has become a popular way of saving for retirement.
While SMSF merits a do-it-yourself procedure, it is absolutely incorrect to assume that managing a super would be as easy as 1, 2, 3. It is essential to note that you must be aware of the compliance requirements and regulations set by the Australian Taxation Office (ATO) and the Australian Securities and Investments Commission (ASIC).