You can manage your own SMSF — but it’s not as simple as just opening an account and buying whatever you want. Managing an SMSF comes with real responsibilities, strict ATO rules and ongoing admin you can’t ignore.
Most people choose a specialist SMSF service provider or accountant for the management and administration, but if you’re considering going it alone, here’s what it actually involves so you know what you’re signing up for.
You can manage your own SMSF, but you’re legally responsible
Even if you outsource the admin, the ATO still sees you as responsible for the fund.
Every trustee must understand:
- what the fund invests in
- the rules around contributions and payments
- the separation of personal and fund assets
- the SMSF’s investment strategy
- the annual reporting, audit and compliance requirements
You don’t need to be a finance expert, but you do need to be willing to learn and stay engaged.
You choose the investments
Managing your own SMSF means you make all investment decisions.
You can invest in things like:
- shares
- ETFs and managed funds
- cash and term deposits
- property
- cryptocurrency
- some alternative assets (with strict rules)
The upside: full control.
The downside: you have to live with the decisions you make.
You still need a formal investment strategy
The ATO requires every SMSF to have a documented investment strategy.
It must cover:
- risk
- diversification
- liquidity
- insurance considerations
- how your investments support your retirement goals
This isn’t a “write it once and forget it” document — trustees must review it regularly.
You must keep the fund compliant
Running your own SMSF comes with ongoing compliance work. Each year the fund must have:
- financial statements
- an SMSF annual return
- an independent audit
- accurate records
- proper documentation for all transactions
If something goes wrong — like mixing personal and SMSF money, breaking the sole-purpose test or holding assets incorrectly — the ATO can issue penalties, remove tax benefits or even shut the fund down.
If you like the idea of Jarospace managing the administration and compliance of your SMSF
You can outsource the admin and still ‘manage’ the fund
Many trustees handle the investment decisions themselves and let an SMSF tax agent manage:
- the accounting
- the tax calculation
- the audit process
- the ATO reporting
- the compliance paperwork
You stay in control of the investment side, but don’t get buried in admin.
This is the most common setup.
You need enough time (and patience)
The biggest shock for new trustees isn’t the investing — it’s the admin and decision-making.
Managing your own SMSF requires:
- staying across rule changes
- checking contributions and payments
- reviewing performance
- approving documents
- keeping everything in line with the strategy
It’s doable, but not hands-off.
Is it worth it to manage your own SMSF?
If you want:
- control
- flexibility
- choosing your own assets
- a structure you can tailor to your retirement goals
then yes, managing your own SMSF can work.
If you want:
- no admin
- someone else making all investment decisions
- a set-and-forget retirement plan
then an SMSF may feel like way too much work. Talk to SMSF service providers to get an idea on their fees and what they do specifically to save you effort. Make an informed decision from there.
The bottom line
You can manage your own SMSF — thousands of people do — but you need to be willing to take responsibility, stay involved and follow the rules. Most trustees handle the investment choices themselves and outsource the compliance to an SMSF specialist so nothing falls through the cracks.
If you want the control but not the paperwork, that’s exactly where Jarospace comes in.
CONTACT US
You can also write to us at
info@jarospace.com
Or call us on 0489 074 123
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We will respond to your enquiry
within 2 business days.
