Self-managed super funds
You may have a self managed fund which if complying can be nominated as your chosen fund.
Assessing a self-managed fund
Managing your own superannuation well takes time, interest and skill.
In a self-managed fund, you are the trustee of the fund and are legally responsible for it. You are responsible for developing the investment strategy, managing the investments and ensuring that it complies with legal obligations. This can be beneficial if you wish to take control of how your superannuation is invested. However, you must use the money in the fund for the purpose of the fund, not to run a business or to benefit you or anyone else outside the fund.
You also need professional accounting, tax, audit and legal advice to run things properly.
It's important to consider whether you have enough money in superannuation to make the set-up and annual running costs worthwhile.
More information about self-managed funds
Visit the Tax Office website for more information about what's involved in running a self-managed fund.
Visit the Tax Office website or the National Information Centre on Retirement Investments website for more information about setting up and running a self-managed fund.
Also think about whether you need advice from a professional adviser, such as an accountant or a financial planner.