SMSFs are favoured by many business owners as an investment vehicle offering greater control over their life savings and presenting unique opportunities for wealth creation, asset protection, and estate planning. Many SMSF operators however, may not be sufficiently prepared for the additional responsibilities that come with managing your own super fund.

It is our experience that some SMSF operators demonstrate strong management capabilities, while others are surprised to learn that they are not taking the steps required by law to meet their responsibilities as trustees. Here are seven common mistakes that we see SMSF trustees making.

SMSFs are capable of doing a lot more than just helping you save for retirement. By incorporating other family members into a SMSF and making it a ‘family super fund’, there is the ability for younger members of the fund to receive taxation benefits normally only available to retirees.