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The ATO has released new guidance on the management of the SMSF across its lifecycle, along with processes and responsibilities involved when running the fund.
The ATO has published the first of its SMSF lifecycle publications. The guidance will help individuals decide if starting a self-managed super fund (SMSF) is right and how to set it up.
“An SMSF can be an attractive option for people who seek control over their retirement investment,” the ATO said.
“However, managing an SMSF is a major responsibility and getting it wrong can have financial impacts. Make sure it is your best option before you start.”
The guidance provides detailed information across key processes such as choosing a structure for the fund, an outline of trustee obligations, along with information on registering the SMSF and getting professional advice.
It includes updated details on SMSF establishment through new SuperStream requirements and the need to consider future plans, such as insurance and death benefits.
“There are many benefits to having an SMSF, however, it’s a major responsibility and getting it wrong can have financial impacts so it’s important to ensure you understand your obligations,” the ATO added.
“You may need an SMSF professional to help establish your fund and for the ongoing running of your fund. While you can do a lot yourself, some professional support will be required.”
The new guidance can be viewed here.
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