SMSF Suitability Checklist
An SMSF can be a powerful wealth-building structure, but it isn’t suitable for everyone. Use this checklist to see whether an SMSF may be appropriate for your situation.
✔ Control & Responsibility
- You want full control over your super and investment decisions.
- You understand that running an SMSF involves legal obligations.
- You are comfortable being responsible for compliance, reporting, and documentation.
✔ Investment Needs
- You want investment flexibility (property, shares, managed funds, cash, etc.).
- You are seeking long-term control rather than a set-and-forget approach.
- You are comfortable developing or reviewing an investment strategy.
✔ Time Commitment
- You have the time to oversee the fund and meet your trustee obligations.
- You’re willing to review investment performance and compliance regularly.
✔ Financial Considerations
- Your combined super balance is generally over $150,000–$200,000 (to be cost-effective).
- You are comfortable paying for accounting, audit, and administration costs.
- You understand the risks and rewards of managing your own super.
✔ Trustee Requirements
- You are eligible to act as a trustee or director of a corporate trustee.
- You can work cooperatively with other members of the fund.
- You understand that decisions must be made for the benefit of all members.
*This checklist is general information only. Tim Cook Tax does not provide financial advice. You should seek financial planning advice before establishing an SMSF.*
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