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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.

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Please 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 circumstances

Timestamps:

00:00:00 - 00:00:00: Introduction

00:00:31 - Why You Shouldn't Set Up Your Own SMSF

00:01:52 - Common Mistakes in SMSF Setup

00:02:40 - The Importance of Professional Guidance

00:03:54 - End of Year Reporting Requirements

00:04:36 - Understanding Borrowing and Investment Strategies

00:05:29 - Compliance and Legislative Changes

00:06:58 - Property Purchase Regulations in SMSF

00:07:51 - Asset Purchase Guidelines for SMSF

00:08:38 - The Role of Professionals in SMSF Management

00:09:39 - Next Steps After Establishing Your SMSF

00:10:54 - Legal Documentation and Investment Decisions