SMSFs are not suitable for everyone and one should take decisions carefully before deciding to set one up. It is a critical financial decision and you need to have the time and skills to do it. Also while SMSF may seem like a lucrative option, their are better options for your super savings.

Licensed financial advisers, tax agents and accountants at Taxvisors Financial Group can also help you understand what is involved.

If you decide that an SMSF is the appropriate vehicle for your super savings, you need to ensure the fund is set up and maintained correctly so that it is eligible for tax concessions, can pay benefits and is as easy as possible to administer.