As previously outlined, a self-managed super fund (SMSF) is a super fund that a member(s) manages and controls themselves.

All members of the fund generally must be trustees of the fund and the fund must have no more than six members in the fund at any time. 

There are many benefits to starting your own SMSF however, running your own super fund places some important compliance responsibilities on you (as Trustee), so understanding your responsibilities is critical.

It is also worth considering that generally you may need to have as a minimum $250,000 in a SMSF to make running your own SMSF cost effective ignoring any other reasons for having the fund. However, the amount of funds may vary depending on how you operate your fund.