2 September 2022

SMSF can be a fantastic solution to one’s retirement needs because it provides a specific solution to unique problems however SMSF come with a range of questions people considering should contemplate.

You for instance can invest in:

  1. Up to 5% of in-house assets usually related to a business venture.
  2. Artwork, crypto and collectables.
  3. Both commercial and investment properties.

Control and responsibility are the common threads that these advantages share.

Members should remember that setting up an SMSF means that you are no longer just members, you are now trustees as well. The complexity, personal responsibility, and cost to run an SMSF should not be underestimated.

An SMSF means that you not only have to answer to yourself, but you must also answer to the Australian Taxation Office, as the regulator of SMSFs, through annual audits, preparing and lodging income tax returns for the SMSF, investment strategies and compliance.

Although SMSFs have specific advantages, the main question one should ask before setting up an SMSF is – do I really need one? It is a simple question, but one that is often overlooked.

Investment properties are a common theme or rationale for setting up an SMSF, but often after thorough investigation, the purchase of property through other tax effective means can prove to provide better outcomes without the additional cost or the headaches of the many compliance obligations.

Crypto currencies are another emerging theme or rationale in this space, however trustees of SMSFs have found themselves restricted due to tight investment strategies they are advised to set up to ensure they are in line with regulation that negate the control they were looking for in the first place. The question of whether you could have simply purchased Crypto currency in a less restrictive tax effective manner is often overlooked.

If you have caught yourself thinking that the additional cost and complexity of an SMSF has not really yielded a significant advantage or find yourself investing in asset classes such as cash, fixed Interest, property and shares, which are all available through super funds such as NESS Super, you should contemplate the need for an SMSF in the first place.

The most overlooked consideration with any SMSF is the time needed to be devoted to the care and maintenance of the SMSF and its investments. It is estimated that to properly run an SMSF you need to devote approximately 10 hours per week to remain up to date.  Or pay someone to run it for you.

An SMSF can be closed at any time just like any other Superannuation fund, so if you decide that after looking into your goals, objectives and needs that you are better  off closing your SMSF, you can transfer / rollover your super to NESS Super, call us 1800 022 067 and we’ll walk you through this process.

If you are not quite sure on the merits of your SMSF and would like a second opinion, feel free to call our financial planner Hernan Reyes 0460 424 234 for an obligation free consultation.

We’re here to help

If you have any questions you can contact our Member Services Team, Monday to Friday between 8.30am – 6.00pm (AEST/AEDT) on 1800 022 067, or email


Things you should know

The information contained in this communication is current at the time of its publication. However, some information may change over time.  The content is for general information only and does not constitute personal advice.  We recommend that you consult with a suitably qualified person before making any financial decisions.  Before deciding whether to acquire or hold a product, consider if it is appropriate for you.  For more information on the Fund visit our website to view our Financial Services Guide (FSG), the relevant Product Disclosure Statement (PDS) and the Target Market Determination (TMD).



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