Just to clarify you don't need to be self employed to have a...

Just to clarify you don't need to be self employed to have a SMSF.

You just need to go to a lawyer to arrange the deed, member applications, trustee declarations etc, apply for an ABN and TFN and then apply to the ATO as a "complying fund".

Once you have done that you can either roll money out of your APRA regulated fund or you can contribute to your SMSF up to limits.

Be careful though because SMSF's are not for everyone and a typical rule of thumb is it's not worth it unless you have around $300k+ and you are either very good at following stock trends or you have a plan for the money. Some people purchase commercial properties in their SMSF and then use them in their personal business. This is allowed as long as all transactions are at arms length. Please note you cannot buy or rent a residential property to a related entity.

It is also important to note that the main goal of a SMSF is to provide a retirement pension to the members once they reach preservation age. If you invest heavily in one stock or all risky stocks you may be questioned by your auditor if you are actually meeting that requirement and you may have to adjust your investment strategy.

There are many rules regarding what you can invest in and what I have provided is the extremely basic version. Please seek your own professional advice before making decisions.