Ready to finally take control of your take control of your retirement savings and stop leaving your future in someone else’s hands? Book your free call with our team today to find out more: https://www.bcsmsf.com.au/contact-us/In this episode of SMSF Insider, host Troy, founder of Blue Chip SMSF Services, discusses the critical reasons why individuals should never attempt to set up their own Self-Managed Super Fund (SMSF). Drawing from his extensive experience over the past 20 years, Troy highlights the complexities involved in managing an SMSF and shares cautionary tales of those who have tried to navigate this process without proper guidance. He emphasizes the importance of establishing the SMSF correctly, including ensuring the deed allows for borrowing and that assets are purchased in the fund's name. Follow us:Instagram – https://www.instagram.com/bluechipsmsf/Website – https://www.bcsmsf.com.auPlease note: The information provided in this recording is for coaching and educational purposes only. It should not be considered personal financial advice. Everyone’s situation is different, so before acting on any of the content discussed, please seek independent financial advice tailored to your specific circumstancesTimestamps: 00:00:00 - 00:00:00: Introduction00:00:31 - Why You Shouldn't Set Up Your Own SMSF00:01:52 - Common Mistakes in SMSF Setup00:02:40 - The Importance of Professional Guidance00:03:54 - End of Year Reporting Requirements00:04:36 - Understanding Borrowing and Investment Strategies00:05:29 - Compliance and Legislative Changes00:06:58 - Property Purchase Regulations in SMSF00:07:51 - Asset Purchase Guidelines for SMSF00:08:38 - The Role of Professionals in SMSF Management00:09:39 - Next Steps After Establishing Your SMSF00:10:54 - Legal Documentation and Investment Decisions

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