There are a number of issues to consider. In respect to financial considerations, it is recommended by ASIC you have at least $200,000 in superannuation before commencing an SMSF. You and your partner can be members of your own SMSF. Other issues to consider include (but are not limited to);
- The requirement to maintain a folder with all your SMSF documentation, including bank statements, dividend statements, broker statements…etc. You will need to maintain some simple bookkeeping.
- The requirement to develop an investment strategy. We can assist you with drafting and implementing an investment strategy.
- Whether or not to have a corporate trustee for your SMSF.
The 2 major advantages of an SMSF are that you are in total control of your investments within the fund, and secondly, your fees can be significantly lower compared to a managed super fund. We can determine whether or not an SMSF is beneficial in your case.