Starting Out

If you’re looking into starting a Self Managed Super Fund for your family, there is a lot of information to take in, and a great deal of it is contradictory and confusing.
First and foremost, don’t be apprehensive. Self Managed Super is not the scary, dangerous beast that some financial commentators would have you believe. Mostly they do this for two reasons:
  • Either they want you to remain invested in retail or industry funds, because that is how they make money from your Super, or
  • They are highlighting the unethical practices of a minority of service providers who pervade any industry where significant money is available. You certainly need to be wary and do your due diligence - but you shouldn't allow fear to stop you taking sensible action. Like a lot of areas the old maxim - If it seems too good to be true it probably is - would be a good one to keep in mind.
SMSFs have become the biggest sector in this country’s superannuation industry. There are now well over 500,000 SMSFs in Australia, with tens of thousands more being registered every year.
Self Managed Super (or DIY super as it is sometimes called) is no longer the exclusive province of the wealthy.  So systems and software have now been developed to allow Accountants and Financial Advisers to perform routine compliance tasks quickly and efficiently.
All of that said - not everyone should establish a SMSF and it is absolutely certain that not every SMSF should borrow to invest in property.  In that regard it is essential that you take appropriate Financial Advice prior to establishing your SMSF or making a decision to borrow through it.
See our Advice Page for more information.
And, before you even think about borrowing - why not have a look at our "10 Most Commons Mistakes" Page.   Probably better to read it now and avoid making any of them in the first place.
You may also want to review our Frequently Asked Questions page.