Self-managed Isn't easy #InvestingTips #moneygoals

Self-managed super funds are often seen as the “shiny” superannuation option because they offer more control. But that control comes with added cost, responsibility and time commitment.

When you are invested through a retail or industry super fund, you are part of a larger pool. The fund takes care of trustee duties, compliance, reporting and administration behind the scenes. You pay fees for this, but much of the complexity is managed for you.

In an SMSF, you become the trustee. This means you are responsible for meeting regulatory obligations, completing annual reporting, managing compliance requirements and ensuring everything is kept up to date. There are also ongoing costs to consider.

For an SMSF to be worthwhile, there generally needs to be a sufficiently large asset base so that the structure is cost-effective compared to remaining in a retail or industry fund. You also need to meet certain eligibility requirements and be willing and able to manage these responsibilities each year.

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