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Set up a Self-Managed Super Fund

A Self-Managed Super Fund (SMSF) is a small superannuation trust which can be used if you’re seeking to manage your own superannuation benefits. As the trustee of your super fund, the primary motivation for a setting up a SMSF is generally the desire for total investment control. SMSFs offer greater flexibility and strategic capability, providing the member with complete knowledge of the investments held.

To support Trustees in this role, FMD's Financial Advice service covers the major financial planning facets across the 6 Pillars of advice and your FMD financial adviser will be able to assist you with ongoing advice in relation to the strategic aspects of your SMSF. As a complement to FMD's advice expertise, we have also partnered with a specialist SMSF administrator to deliver efficient and cost-effective administration of your self-managed super fund. This support enables you to focus on building and managing wealth without the headache of managing time-critical compliance and administration requirements.

The requirement that all members must be trustees of the fund means the control of the fund is shared between the members (less than five members permitted). This allows members to select specific investments and tailor their own investment strategies. In comparison with retail fund members, who have little control over their specific assets, SMSF members have a high degree of control over the assets in their super fund.

Other advantages of SMSFs include:

  • Greater control of the underlying investments and investment choice.
  • SMSFs can perform all major superannuation functions including accepting new superannuation contributions, accommodating rollovers and paying retirement income streams.
  • Greater tax planning opportunities, as the tax within the fund can be reduced by selecting a tax effective mix of investments.
  • The costs associated with running a SMSF are usually fixed, in comparison with the costs associated with public offer funds which are often calculated as a percentage of your assets.
  • As the trustees are usually the members, there is less scope for disputes in relation to trustee decisions (e.g. payment of benefits upon death).

  • The advantages of a SMSF
  • The disadvantages of a SMSF
  • How SMSFs provide you with investment control
  • The role of trustees & the trust deed
  • Investment strategies
  • Costs involved with using a SMSF
  • Regulations and penalties

Click here to download our SMSF factsheet

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