Self Managed Super Fund (SMSF) Legal Advice:

You should always seek legal advice, financial advice and accounting advice before you decide to start your own SMSF. With the correct advice, you will be able to determine whether an SMSF is the best option for you, or whether it would be better for you to place your superannuation in a commercially managed fund.

Generally speaking, to establish a Self Managed Super Fund (SMSF) that would achieve similar results as a commercial super fund, you will need to have considerable superannuation savings to invest in the SMSF and have the time to be able to manage the fund properly. It is also critical that you obtain Financial Advice, in order to determine whether you have sufficient Superannuation funds to justify the establishment of an SMSF, having regard to establishment and ongoing operations costs and benefits.  A financial advisor can also advise you some of the main risks associated with the establishment of an SMSF, so that you can consider whether you have the requisite skills and time to operate an SMSF. Whilst the general day-to-day management of an SMSF is not overly difficult, you may need the assistance of a tax lawyer or SMSF accountant depending on the nature of the SMSF.  

As with all investments and financial choices, deciding to operate an SMSF generally carries some form of financial risk. You need to balance the potential financial return you may receive against the risks associated with operating an SMSF. You will also need to ensure that you follow the SMSF regulations and guidelines so that the investments you make through the SMSF are not against the law.