Why Do I Want An SMSF

Common myths surrounding self-managed super funds (SMSFs) are highlighted, and individuals are advised to seek advice from an SMSF professional before deciding if it’s suitable for them. Blindly following others who have an SMSF is discouraged as individual circumstances must be considered. Investing in an SMSF may require time, interest, and capability to run it successfully, and there are rules and potential serious consequences for mistakes. Forming an SMSF with family and friends is not recommended, as relationship breakdowns can significantly impact the fund. The importance of research and seeking professional advice before starting an SMSF is emphasized.