What do I need to do when I establish self-managed superannuation?
When you set up a self-managed super fund you need to:
- Carry out the role of trustee, which imposes important legal duties on you.
- Use the money only to provide retirement benefits.
- Set and follow an investment strategy that ensures the fund is likely to meet your retirement needs.
- Keep comprehensive records and arrange annual finanical returns and complete audit by a qualified auditor.
- And, don’t forget to purchase separate life insurance coverage if you have a self-managed super fund.