Responsibility- As a trustee of your SMSF, you are responsible for making decisions based on the fund’s best interest and with the end goal of maximising your capital for retirement. All this needs to happen while you make sure you keep the fund compliant and up to date with Australian legislation. For example, if your SMSF acquires any debts, as a trustee, you are in charge of having the proper risk mitigation strategie(s) such as the right insurances in place to avoid any penalties on the fund.
Time management- As an SMSF trustee, properly organising and administrating your fund is crucial. While this superannuation tool is time-consuming and tedious, most clients find this sense of involvement rewarding. You will need to make sure you have the availability to look after your fund appropriately.
Contact us if you are interested in gaining more knowledge about SMSF, and our specialist will be happy to discuss this with you.