A bit of a warning to people who are considering setting up an SMSF. The “SM” in “SMSF” stands for “self-managed”. So you actually have to be actively engaged in making decisions about what you invest in, about doing the documentation and the compliance side of things, and making sure you’re doing the steps needed to look after your money.
As accountants, our role with the SMSFs we look after, is to hold our clients hands through that process – but it definitely isn’t us doing everything. You do need to be actively involved in that. There’s things that we need to make sure you’re up for when setting up an SMSF – it’s not a “set and forget” thing, but the benefits are huge. Huge, huge, huge – if it’s done right.
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