To run your own self managed superannuation fund will cost you around $2,000 per year, so it should only be considered if you have investments exceeding $200,000 or want to buy real estate. Otherwise you would be better off investing in a public fund because their fees are charged as a percentage (usually around 1%) of your fund balance. If you want to invest in shares but have less than $200,000 then consider one of the public funds that allows you to select within a limited range, the exact shares your money is invested in.
The big news in SMSFs is that they can now borrow to acquire assets. Though the asset can only be borrowed against once, so there is a considerable drag on your ability to leverage. Further you will not be able to access funds in your SMSF for private use until you are at least 55 years of age. Even older for people born after the 1950s so self managed super is usually better delayed until your life is more certain, generally this is around 40 to 45 years of age.
This is only a generalisation as a way of introducing the topic, please go to the booklet link above for more detail. As trustees of your SMSF you will have very onerous responsibilities and failure could result in the fund's assets being taxed at the maximum tax rate.
BAN TACS provide audit and tax return services for SMSFs. We can also arrange for the set up of your own fund. We use deeds and paper work provided by the NTAAs.