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Ballarat Financial Planners: Setting Up Your SMSF

Ballarat Financial Planners: Our goal is to empower you to become a better, more finance-focused and well-rounded individual or entrepreneur. Contact us at or 1300 328 855

self-managed super fund or SMSF is a private superannuation fund that you can

manage yourself. SMSFs are different from retail and industry super funds. When
you manage your own superannuation, you put money that you normally put in an
industry or retail super fund into your own SMSF. You choose the insurance and

You can have up to four members in your SMSF. You can be the trustee of the fund or you can
get a corporate trustee but you are still responsible for the fund. While
controlling your own super may sound exciting, it comes with a lot of work and
risk. Set up your own super fund only if you are 100% committed and know what
is involved.

All SMSF members are responsible for the decisions and compliance of the fund. You are
personally liable for these decisions even if a member or professional made the
decision. Your investments may not give you the returns you expect but you must
still manage the fund even if your circumstances change. Relationship
breakdown, illnesses or death may negatively impact your SMSF and if you lose
money through fraud or theft, you won’t be able to access any special
compensation schemes or go to the Super Complaints Tribunal. You may lose
insurance if you move from a professionally managed fund to an SMSF as well.

Managing an SMSF requires a lot of work and time so it’s ideal to get professional help.
You need time to set up the fund and manage ongoing activities, including
investment research, setting and following an investment strategy, keeping
records, accounting and arranging audit. SMSF trustees spend about eight hours
per month to manage their SMSF. Ongoing costs of setting up and running an SMSF
include investing, accounting, auditing, tax advice, legal advice and financial

Ballarat Financial Planners: Our goal is to empower you to become a better, more finance-focused and well-rounded individual or entrepreneur. Contact us at or 1300 328 855

You need financial and legal help to understand various investment markets and manage a

diversified portfolio. You must manage an investment strategy that matches your
retirement needs and risk appetite, comply with tax, investment and super
regulations and laws and organise insurance for fund members.

If you’re totally sure that you want to manage your own super fund, you can ask a
professional to know your investment options. You can control and have access
to a wider range of investments but there are very strict rules about what you
can invest your super in. It’s always best to get financial advice before you
make any investments or decisions.

Ballarat Financial Planners

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

PS. Here are two other ways we help business owners grow their business:

1. Take our free online assessment and see how much your business is currently worth (free 30page detailed report included)

2. If you are looking to change Accountants or need advice on how to grow your business, organise a 1on1 session with a Sky Business Expert here


Email Address:

Ballarat Accountants | Business Accountants Ballarat | Bookkeepers Ballarat | Mortgage Broker Ballarat | Ballarat Financial Planners

Phone: 1300 328 855
Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia
Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Melbourne Accountants | Business Accountants Melbourne  | Bookkeepers Melbourne | Mortgage Broker Melbourne | Melbourne Financial Planners 

Sunbury Accountants | Business Accountants Sunbury | Bookkeepers Sunbury | Mortgage Broker Sunbury | Sunbury Financial Planners

Gisborne Accountants | Business Accountants Gisborne | Bookkeepers Gisborne | Mortgage Broker Gisborne | Gisborne Financial Planners

Phone: 03 97444522
Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429, Australia
Gisborne Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437



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