The merits of a self-managed superannuation fund (SMSF) are redoubtable. Not for nothing has it earned a name for itself. The kind of control it can offer you over your investments and the range of assets it allows you to invest in is laudable. This said, there are minuses, too.
For instance, there is no point getting yourself an SMSF until you have something like $200,000 in the kitty. Add to it the running costs of the fund — nothing short of $1,000 to $1,500 annually. Leaving aside the debate over merits and demerits, let us discuss the protocols of setting up a self-managed super fund.