𝐒𝐨 𝐲𝐨𝐮 𝐰𝐚𝐧𝐭 𝐭𝐨 𝐡𝐚𝐯𝐞 𝐲𝐨𝐮𝐫 𝐨𝐰𝐧 𝐒𝐞𝐥𝐟 -𝐌𝐚𝐧𝐚𝐠𝐞𝐝 𝐒𝐮𝐩𝐞𝐫𝐚𝐧𝐧𝐮𝐚𝐭𝐢𝐨𝐧 𝐅𝐮𝐧𝐝..

So what does that really mean? It does give you the control you are wanting. However, it does come with a lot of responsibilities. You will have to open a new bank account, you will have to manage this bank account, to a level similar to a small business owner. You can never take money for yourself personally. It’s your money, but not yet.

You will have to record all the income generated and expenses paid by the superannuation fund. You will need to keep documentation on all expenses for the superannuation fund. 

The paperwork in running your own superannuation fund can be overwhelming, especially if it’s not your forte. As a controller, you are a Trustee, (individual or director of a corporate trustee). You are personally responsible for the funds operations. If you manage the superannuation fund adversely, the ATO can deem the fund is not complying. The fund can be taxed at the top marginal bracket (45%) of the fund's assets. Also as a trustee, you can be fined.

Your self-managed superannuation fund is required to be audited each year, in order for it to remain a complying superannuation fund.

It’s a big step to run your own superannuation fund, make sure you get some great advice setting it up. Think about the help you may need on operating your fund as well.