Not necessarily. An SMSF gives you more direct control over how your super is managed, but it also comes with more responsibility. A super fund may be more suitable if you want professional management, simpler administration and less day-to-day involvement.

Yes, an SMSF may be able to invest in property, but strict rules apply. 

For example, residential property owned by an SMSF generally can't be lived in or rented by members or their related parties, even if market rent is paid. In most cases, an SMSF also can't buy residential property from a related party.

Property can create risks, including concentration risk, liquidity issues, additional costs, and, where borrowing is involved, borrowing risk. Consider seeking professional advice before using your super to invest in property.

For more information about SMSF property investment rules and restrictions, read the ATO's guide to SMSF investment restrictions

Not automatically. If you transfer your super out of your current fund, any insurance linked to that account may change or end. Before making a transfer, check what cover you currently have and whether you'll need replacement insurance. 

You can pay professionals to help with administration, accounting, audit, advice or investment management. However, as trustee, you remain legally responsible for the fund.  

For more information about trustee responsibilities and getting professional help with an SMSF, visit the Australian Taxation Office (ATO) website.

Generally, no. Super is designed for retirement. Be wary of anyone who says an SMSF can help you access your super early unless you meet a legal condition of release.

For more information about when you can legally access your super, visit the Australian Taxation Office (ATO) website.

There isn't a minimum balance that makes an SMSF right for everyone. The costs, complexity, investment needs and your personal circumstances all matter. Before deciding, compare the costs, responsibilities and features of an SMSF with what your current super fund offers.

You may be able to wind up an SMSF and transfer your super to another fund, but the process can be complex. Depending on the fund's investments, you may need to sell assets, complete final accounts, arrange audits and meet tax obligations.

If you decide an SMSF is no longer right for you, you can generally transfer your super savings to another complying super fund. 
 
If you'd like to move from an SMSF to AMP Super, you'll generally need to:
 

1. Open or join an AMP Super account.
2. Arrange for your SMSF balance to be rolled over to your AMP Super account.
3. Ensure all SMSF obligations have been met, including any reporting, audit and tax requirements. 
4. Once all assets have been transferred and obligations completed, wind up the SMSF in accordance with ATO requirements.

Before making a change, consider any investment, insurance and tax implications, and seek professional advice if you're unsure what's right for your circumstances.

For more information about winding up an SMSF and rolling your super to another fund, visit the Australian Taxation Office (ATO) website.

For information about joining AMP Super, visit the AMP Super website or speak with an adviser. 

Your employer may be able to pay super into your SMSF if it is a complying fund and you provide the required details. You’ll need to make sure the fund can receive contributions and meets all requirements. 

If you set up an SMSF, you generally become responsible for: 
 

• Investment decisions: You need to decide how the fund invests, monitor performance and make changes when needed.
• Investment strategy: You need to create, follow and regularly review an investment strategy that considers risk, diversification, liquidity, member needs and retirement goals.
• Legal and tax compliance: You need to make sure the fund complies with superannuation and tax laws.
• Record keeping: You need to keep accurate records of decisions, transactions, financial statements, member balances and trustee documents.
• Annual audit: You need to arrange an independent audit each year.
• Tax and reporting: You need to lodge annual returns and meet tax obligations.
• Insurance considerations: You need to consider whether members should hold insurance through the SMSF and arrange cover if needed.
• Separating fund and personal assets: You need to keep SMSF assets separate from personal or business assets.
• Acting in members’ best financial interests: You need to act in the best financial interests of all members and use the fund only to provide retirement benefits.


You remain responsible for these obligations even if you pay an accountant, administrator or financial adviser to help.

For more information about your responsibilities as an SMSF trustee, visit the Australian Taxation Office (ATO) website.