We can’t stress the importance of self managed super fund (SMSF) education enough – many SMSFs are found to be in breach of SMSF rules and regulations every year whether it was intentional or unintentional. Either way, it shows that there is a lack in proper education for SMSF trustees and members.
People are attracted to SMSFs as they provide more control and transparency in managing their retirement funds. Another benefit would be lower management costs but if you are not properly informed it could result in heavy fines.
Where to educate yourself about SMSF
There are several sites that you can visit to keep yourself informed regarding SMSFs.
The ATO website is a great source of information with education videos to help you understand your SMSF better.The website is also provides information about SMSF statistics and other SMSF resources.
The MoneySmart website has tips on scams to look out for, questions to ask financial planners/advisers, licence searches and calculators to help you understand your investments and advisers.
While you can handle your SMSF’s investments on your own, it is highly recommended that you seek professional financial advice from a financial adviser if you do not have the financial know-hows.
It is highly recommended that SMSF trustees and members complete an ATO approved SMSF Trustee Course online to be well informed about what their SMSF can and cannot do. The courses are administered online and are free.