Some people like to take the wheel when it comes to their retirement savings. If you’re one of them, a Self-Managed Super Fund (SMSF) could give you that control along with the responsibility of managing it.

With an SMSF, you decide how your money is invested within the rules. That can be exciting, but there’s a lot to consider before you start.

What you need to know

An SMSF isn’t something you can set up overnight. It takes planning and an understanding of super and tax laws. You’ll need to think about the set-up and running costs, the administration involved and your investment plan. Professional advice at the start will ensure your SMSF is set up correctly, eligible for tax concessions and easier to manage.

One of your first decisions is how to structure the fund; as individual trustees or a corporate trustee. You can have two to six members, although some states have extra limits.

Why professional help matters

Ongoing responsibilities

Once your SMSF is established, you must keep accurate records, meet ongoing compliance requirements and arrange an annual audit. Staying organised will make tax time easier and help you avoid penalties.

The advantages of an SMSF:

An SMSF offers control over where your money goes, whether that’s shares, property or other assets. You can also set clear estate planning instructions, benefit from asset protection in most cases, and access a wider range of investment options for diversification. There are tax advantages, potential cost savings for larger balances and flexible payment options in retirement.

The disadvantages of an SMSF:

Running your own fund means you are responsible for following all legal and financial rules. It can be costly for smaller balances, time-consuming to manage and carries investment risks without a government guarantee if things go wrong.

When deciding whether an SMSF is right for you, it helps to compare the main benefits of managing your own fund versus staying with a standard superannuation fund. Each option has its strengths depending on your preferences, balance size and how involved you want to be in managing your retirement savings.

Here’s a quick look at the key differences to help you weigh up what suits you best:

Why consider an SMSF	Why a standard super fund might be better
More control over exactly where your money is invested	Less responsibility — professionals manage investments and compliance
Access to a broader range of investments, including direct property	No personal legal obligations — the trustee handles all rules and reporting
Tailored estate planning options for passing on your super	Lower fees for smaller balances
Potential tax efficiencies with flexible tax strategies	Minimal time commitment — no need to actively manage your super
Ability to pool up to six members’ super to invest in larger assets	Investment strategies managed by experienced professionals
Lower running costs for higher combined balances	Automatic diversification across asset classes
Flexible retirement payment options — pensions, lump sums, or both	Certain regulatory protections may apply if the fund fails

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Is an SMSF right for you?

If you want more control over your retirement savings and are comfortable managing investments and compliance, an SMSF may be worth it. If not, a professionally managed fund might be a better option. We can help you decide whether an SMSF suits you, set it up correctly and take care of the ongoing administration.

Call us on (03) 5821 9177 to book a free, no-obligation chat with our team in Shepparton or Numurkah. Let’s take control of your super together.

Read more about how we can help prepare for your future here: What lifestyle are you planning when you retire + the importance of financial advice .

You can read more about Self-managed super funds on the ATO website here.

Published September 2025
The information provided in this article is general in nature only and does not constitute financial advice.