Hi Peter,
If you want to understand more about SMSF's, one of the best places to
start is the ATO web site -
https://www.ato.gov.au/super/self-managed-super-funds/
Now and then the ATO even put on free road-shows where they explain
many of the rules and procedures governing SMSF's.
They also present some surprising statistics.
For example, the SMSF sector accounts for nearly a third
of the countries $1.94 trillion (as at Dec 2014) in superannuation assets.
Something like 99% of the total number of funds are SMSF's.
As at March 2014, that was some 1,006,975 SMSF
trustees running 528,701 self-managed super funds.
That's a lot of financial decisions being spread over a very large
number of individuals involving their own money. That has to be a
good thing.
The
average SMSF, as at June 104, was $1,035,000. That's
a lot of squirreling away by a lot of people!
At one ATO SMSF presentation I attended several years ago, when the
ATO presenter asked the audience how many attendees had their
own SMSF, probably 95% raised their hands. What was then good about
that was that the questions people in the audience tended to raise
were quite technical. These people weren't babes in the woods.
A positive impression I was left with is that many everyday Australians
from all walks of life had successfully steeped themselves in the technical
details of managing a SMSF and were incredibly savvy. And who could
blame them. It is their money. And collectively it is an enormous amount
of money.
The ATO even have a help line for SMSF queries.
Companies such as esuperfund can assist with notifying you and
lodging the annual compliance documentation. Your fund is separate
from them. You are in charge. But it needs to be compliant.
If you require more one-on-one assistance, your accountant should
be able to put you in contact with a specialist who can help you set
up the fund and do the annual returns.
SMSF's aren't for everyone. Like all superannuation, there are many
rules and if you make a mistake it could be costly and some of
your funds could be taxed at an extraordinarily high prejudicial rate.
That is distinct from the day to day decisions you will make in investing
your money and managing your fund.