If you’re going to live off your self-managed superannuation fund, you had better commit to it. Sadly, it’s common for DIY funds to go astray through lack of effort. Some accountants say it’s all too easy for years to tick by between tax lodgments, for old super funds not to be rolled over into the SMSF, no advice sought and funds left uninvested – all because the trustees have other things to do.

But this is serious money we’re talking about. The SMSF pool was worth $868 billion in June, on data from the Australian Prudential Regulatory Authority, or 26 per cent of all super assets. According to the Australian Taxation Office the median SMSF in June 2020 was worth $734,000 and member balance $415,000.