Self-Managed Super Funds — What You Need to Know

Self-Managed Super Funds (SMSFs) have become one of the most talked-about ways Australians are managing their retirement savings.
In this episode of the Home & Finance Podcast, I chat with Mark Calleja, Principal Accountant at MCA Accounting & Consulting Group, about what SMSFs offer, why they’re growing in popularity, and what responsibilities come with them.

Mark explains how, unlike retail or industry funds, an SMSF gives you direct control over how your super is invested. You decide whether to hold property, shares, or a tailored portfolio that suits your goals. But with that freedom comes accountability — as a trustee, you’re legally responsible for keeping your fund compliant with ATO rules and reporting requirements.

Mark elaborates that for many people, the big appeal of an SMSF is control and flexibility.
You can choose exactly where your retirement savings are invested, even hold direct property, specific shares, or other assets that reflect your financial strategy. For those approaching retirement, the ability to tailor the fund to your personal circumstances is a major advantage.

As Mark explained, SMSFs usually make sense when your balance is around $200,000 to $300,000 or more, as the setup and ongoing costs can otherwise outweigh the benefits. With the right professional guidance, they can be a powerful tool for growing your wealth and planning for the future.

Of course, running your own super fund isn’t for everyone.
An SMSF comes with strict compliance, record-keeping, and annual audit obligations. The ATO expects trustees to stay on top of their responsibilities, and the penalties for mistakes can be significant. There’s also the cost factor: if your fund balance is too small, fees can erode your returns.

As Mark put it during our chat, “People love the idea of control, but they need to understand it comes with obligations. You’re the trustee, not just the investor.” To understand what that means, you will need to listen to the podcast or ring Mark!

When we recorded the episode, one of the biggest talking points in Super this year has been the proposed $3 million super balance tax.
The Federal Government originally proposed adding an extra 15% tax on earnings for balances above $3 million, including unrealised gains (increases in asset value even if nothing was sold). This caused a significant stir because it meant people could be taxed on paper profits.

As of April 2025, the legislation lapsed before being passed, but with Parliament resuming later this year, many expect the proposal to come back — this time likely adjusted to remove the unrealised gains component and introduce indexing.

Mark’s take? “It’s a wait-and-see situation. We know change is coming, but it’s important not to make drastic moves until we see the final design.”

Since recording the episode, we have seen the Federal Government do a complete backflip. Maybe they listened to the episode, or perhaps they listened to great accountants who really understand the system.

The episode shows the importance of getting the right advice from experienced professionals like Mark!

If you’re one of the many Australians with a growing super balance, now’s a good time to review your investment strategy and speak with your accountant or advisor.
Understanding how your fund is structured and how exposed it is to growth assets will help you prepare for future changes without making hasty decisions.

• SMSFs offer control and flexibility, but with that comes greater responsibility.
• Compliance and costs need to be carefully managed — they work best for higher balances.
• The $3 million super balance tax is not going ahead, so keep informed but avoid rushing into changes.
• Always seek professional advice before setting up an SMSF or restructuring your investments.

You can listen to my whole conversation with Mark Calleja on the Home & Finance Podcast.
We’ve included a link to MCA Accounting on our BEHG blog page.

Here on the Home & Finance Podcast, we dive into everything that helps you buy, build, invest, and plan with confidence. Subscribe and join me next time as we unpack more insights from across the property, finance, and design worlds.

Follow the links below

Podcast https://open.spotify.com/show/2hUYBM4YaES9nYVWDHohAd

MCA Mark Calleja Accounting

https://mcaccg.com.au/